All Forum Posts by: Dave Skow

@Shrikant Kakani- thanks ...if you  dont need to use financing - disreagrd the following tip ..if you will need to use a loan to acquire your 1st investment property - I would recommend getting the formal loan pre approval step completed ..this is free  and it will help answer many questions you have  and  help get you organized and  prepared . You can use a  hypothetical  purchase price and loan amount for the pre approval process  as this will get revised to the actual figures once you have located a  proeprty and have an offer accepted

@Nia Booker- good luck

@Tiffany Makiya- you wont want to refinance your priamry home and lose the 2.875%  rate .....I would suggest  getting a heloc in place for  as much as possible to use for your remodel and funds to use in your  investment plans ...... see what the highest  heloc  you can qualify and obtain .....many heloc lenders have  max limits on helocs  like  200K  250K some  are  higher

1) you have to live in peroperty to use VA loan or even a FHA or even a low down payment conventional loan ...underwriters / lenders will need to have a make sense file / reason to approve this as they are aware of the high amount ofoccupnacy fraud thats happened recently 2) managing your first property as a 4 plex from 3 hours away sounds like a recipe fro a headache/ problem

@Nia Booker- thanks ...fyi - consider conventional as well as down payment can be the same ( or better ) plus you can avoid the large upfront FHA mortgage insurance premium ( UFMIP) plus avoid needing the mortgage insurance to be permanent ...FHA rates might be slightly better but might not be that much to make up for the large UFMIP fee

@David N.there are some  lenders that  can go to 90% ltv on vacation home purchase  (  .....benefit on rental prop purchase is that you can use  a portion of the new property rental income to help with qualifying if needed ...pricing is similar for  2nd homes and rental properties 

 Providing all data needed upfront and application completed asap is crucial … getting title / escrow / appraisal ordered on a rush is possible as well 

@Mitchell Hein- maybe SPRINGEQ

@Tiffany Makiya- whats  present rate on 1st mtg ?  whats  projected value on home post improvements ?  what is realistic timeline for improvements to be done ?