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All Forum Posts by: Dan Schweit

Dan Schweit has started 11 posts and replied 107 times.

Post: Los Angeles! Let's connect!

Dan SchweitPosted
  • Lender
  • Santa Clarita, Ca
  • Posts 110
  • Votes 48

Hey Minilik! I would be happy to meet up. Ill send you a DM.

Post: Hello Bigger Pockets I am excited for 2022

Dan SchweitPosted
  • Lender
  • Santa Clarita, Ca
  • Posts 110
  • Votes 48

Hi Joanna! Welcome to BP. All of the information you'll need for your journey is within these pages. I am local and am happy to be a resource if you ever need it, or if you have any questions about financing your first property. 

Post: Analyzing investment duplex deal in Los Angeles

Dan SchweitPosted
  • Lender
  • Santa Clarita, Ca
  • Posts 110
  • Votes 48

@Kareena Sharma

You need to account for Capex, repairs and maintenance and vacancy if you really want to underwrite this deal. Then check your cash-on-cash return as well afterwards. You're a few calculations short of actually vetting this deal, but you're in the right track. Let me know if you have any specific questions and I can try and advise.

Could still be a deal and you could be buying under market value as well, but just wanted to give you my feedback.

Post: Second condo purchase in my dream zip code

Dan SchweitPosted
  • Lender
  • Santa Clarita, Ca
  • Posts 110
  • Votes 48

@Imani Dormu

You know the folks of BiggerPockets love the details, so please share. If not, congratulations anyway!

Post: Downpayment Assistances on a fourplex?

Dan SchweitPosted
  • Lender
  • Santa Clarita, Ca
  • Posts 110
  • Votes 48

Hey Angel. As @Inessa Stysis said, good for you getting after it so young. Starting now will put you light years ahead in no time. Like any low down payment program, there are pros and cons. For certain situations the DPA programs are a great fit but you just need to understand how they work. Also as Inessa mentioned, there are multiple liens associated with the product, so make sure you have that understanding going in. Rates also fluctuate based on how much assistance you want to access. Lots of moving parts, so I wont go into more detail here, but if you have any specific questions id be happy to answer them for you if you message me. Good Luck on your RE journey!

Post: How do you build and permit an ADU?

Dan SchweitPosted
  • Lender
  • Santa Clarita, Ca
  • Posts 110
  • Votes 48

Hey @Sammy Lyon! Where is this being broadcast? On a public forum, or is this private? Would love to find out more, or as previous poster asked, obtain a copy.

Post: Wholesaling in Southern California

Dan SchweitPosted
  • Lender
  • Santa Clarita, Ca
  • Posts 110
  • Votes 48

Hi Taylor. The best advice that I can give is to find someone that is already doing it and learn from them. In my experience, most people are very open to helping, even if you think you seem like competition to them. You miss all the shots you don't take. So, use this platform or any other for that matter, use instagram. Reach out to people in your area doing what you want to do and ask them questions. More than likely you will get a phone call out of it. Do this to 5-10 people. On those phone conversation you'll find out who you connect with and possibly how you can bring some value in exchange for an education in the space. The mentor/mentee relationship is the most important one you could ever find, in my opinion. Do this and cut your learning curve in half. But find the right person who enjoys teaching. Other than that, consume all the information that is out there and on this site these days (forums, youtube, podcasts) and then hustle, hustle, hustle. There is so much information at our fingertips these days that you can easily generate the list of people you need. Then its just a matter of seeing them a DM, calling them on the phone, or knocking on their door. 

Post: How to start investing in Los Angeles with little money?

Dan SchweitPosted
  • Lender
  • Santa Clarita, Ca
  • Posts 110
  • Votes 48

@Luisa Alzate

Hi Luisa! Welcome to BiggerPockets. You found your way to the right place. Spend time on here reading articles and listening to podcasts and you’ll get the information and confidence you’re looking for. If you have any questions regarding specifics around monthly payments, qualifications, or just what to expect with the local buying process, feel free to message me and we can discuss. Los Angeles is tough market to start in, but completely doable with the right strategy and focus.

Post: PMI amount inaccurate?

Dan SchweitPosted
  • Lender
  • Santa Clarita, Ca
  • Posts 110
  • Votes 48

@Andrew Bissada

Sounds plausible. On conventional loans the PMI rate depends on your down payment and your fico and it does vary by lender. Sounds like you have a fairly high credit score and your PMI payment is reflecting that. I just closed a very similar loan and the PMI payment was $60 if that makes you feel better. Do some more research on PMI as it applies to conventional loans and you'll find what you are looking for.

Post: First time looking for lenders

Dan SchweitPosted
  • Lender
  • Santa Clarita, Ca
  • Posts 110
  • Votes 48

@Jack Rozema

Hey Jack! Starting here is a decent place to find a lender. Referrals can typically help accomplish this. Get maybe 2 or 3 and then reach out and see if your styles align. In my opinion, it’s best to work with someone that you enjoy talking with. As far as rates, your fico score and down payment will effect the quotes you get more than anything. Then once you find out the rate range you are in based on those, you can shop to find the best rate, or work with the person that you feel the most comfortable with. There are lots of financing options, but this is just a breakdown of the traditional lending option.