All Forum Posts by: David Dye

Hey @Rob Moran, 

Welcome to BP! I am a buy and hold investor and lender from SoCal.  The community here is an amazing resource for advice and connections. 

Cheers!
David

@Jonathan Boroda

I completely agree with @Jerry Padilla.

It all depends on your goals and current financial situation.  If you are able to afford the condo by yourself, then go for it (you could bank that extra cash away for another investment).  However, if you are going to be dependent on that extra cash coming in to pay the mortgage, I would either wait or look into a cheaper duplex (listed on title at 2 or more units and you can count PART OF the income to qualify for a mortgage, like Jerry was saying).

One thing I would not do is use the 'roommate' to qualify for a loan... This could be a setup for disaster.  I have seen too many people have 'business partners' that they do this with and it eventually goes sour.

Hope this helps!

@Hunter Byler

Yes, this is a new program that many lenders started offering.  They are marketing it as "2% Gift Equity."

Basically, you put down 1% and the lender contributes 2% for a total of 3%.  I would steer clear of this program, not because of Quicken, but rather because of how quickly you can go underwater... And yes, it comes at a MUCH higher interest rate...

@Account Closed

Never have done a deal through them.  However, I did go to one of their auctions here in LA.  If I were you I would go to one without any intentions on buying just to get a feel of how it all works.  It is amazing how much you can learn just being a fly on the wall at an auction like that.

-David

@Jonathan Watson

From the looks of it, the best way for you to get into REI would be through rentals. I love rentals because you are always making money and, if you do it right, it can be pretty hands off. Find a good unit, properly screen your tenant, and you are set. Additionally, you will be building equity and having cash flow each month.

I don't think that owning your own business is a limitation what-so-ever.  Many on here invest but still work full time (myself included).

Hope this helps!

David

@Wendy Black

You most certainly can get a lower rate than that for a 20 yr fixed. However, there are several factors that help determine how much lower such as the type of property, credit score, exact LTV, etc.

-David

@Dave DeMarco

The hardest part is going to be finding a lender that will take a loan that small.  The fixed fees alone will wipe out any savings you will be trying to realize.

@Davon Lowery

There are tons of new programs out there that are allowing for (IMO) very high leverage.  For example, there is one lender out there that is offering conventional 1% down loans where the lender contributes 2% at closing so the borrower has 3% equity (for owner occupied).  Not surprisingly, the interest rate on this loan is much higher than other programs... 

I personally would never leverage that high and my morals prevent me from recommending it to clients... but it's out there and people are using it...

-David

@Nancy Lucia

Wes Darby is your guy.  If you google Mr. Palmcaster, you can find him. Awesome agent, I wouldn't go anywhere else.  Tell him I sent you. 

Hope this helps!

-David

@Account Closed

Congrats! That is not a bad at all for less than a year.

Now on to the next deal!

Cheers!

David