All Forum Posts by: Bryson Scott

@Miho Y. I refinanced and closed right as covid set at the beginning of March. I’m considering refinancing my first property again if it helps this new purchase. I can understand your frustration. I am on my fourth lender right now. I’m awaiting his response to my current situation and what I am trying to accomplish. I may have to wait for the beginning of the year as I keep hearing things may shift again.

@Miho Y. Thank you for your response. I’ve reached out to a few more lenders. Hopefully they are more helpful. Maybe covid has changed their stance on these types of maneuvers?

@Derrick Dill

The current one cash flows about 1200 and that’s after expenses.

Hi all!

I am currently looking for financing under fha for my second multi family property.

I’ve spoken to a direct lender and a broker who gave me the following responses:

The direct lender said: I need to find a property that I will occupy and the remaining units’ rent must cover 75% of the mortgage.

The broker said: because I purchased a property under fha in 2017 (which now is under a conventional loan) I can not use fha for another property.

Did the whole industry change last night? Or am I missing something?

Any advise is greatly appreciated.

My tenant informed me last month there were some issues they needed to handle elsewhere and would be leaving. Due to the pandemic I was fine with allowing them to break the lease and just leave with no penalty. I figured I could quickly find another tenant and continue on. I had them sign an intent to vacate stating they would leave on oct 31.

Today I received a text indicating the issue had been resolved and they would like to stay.

This is a relief but my question is this:

Can I require them to sign a new lease and provide proof of income again? I am not certain what their troubles were and I want to be sure they aren’t just deciding to stay and unable to pay.

Any ideas would be great.

My property is in the Los Angeles area under rent control.

So far I’ve been told my property is at 520k now.

The first offer I've gotten for a refinance is 4.00% which makes my payment go down about $340, increasing my cash flow and ridding of that dreaded PMI.

Ive also been told i cannot pull money out. It looks like i will be keeping the property and continuing to rent it and working on my next down payment. 

I’m waiting on another bank to see what they will offer. 

Thank you everyone for all of the input so far. I have contacted my loan officer and realtor to get some solid numbers to consider. All of these responses have been very helpful.

My goal is to build a portfolio just trying to get my footing to make the next move.

@Mike D'Arrigo

1 is stabilized and the other I am preparing to list.

If I decide to sell I think I should leave it vacant.

I have a lot of information to collect. Thank you for your quick responses. I will post an update once I have a clear picture of all the points you gave me. 

@Guifre Mora

No I have a mortgage. I got it with an fha loan. I am about to list the vacant unit but I’m hesitant if I should sell.

I owe 350k. No appraisal yet to consider the work I’ve done and removal of low renter. I’m being told generally it’s worth 500k

Rents are 1800 in occupied unit. Will be the same in the other.