All Forum Posts by: Dong Yan

I am listing my house for rent, there are a couple of applications I received are all from relocating into US therefore the applicants have no us credit reports and background check ,in us landlord reference. However all of those applicants provide the relocation letter from their company and their pay stub in the countries they lived in along with their bank statement which is in foreign countries as well.

what information shall I request for the applicants who don't have US credit report and US bank account?

In addition, one of the applicant, the rent will be covered by their company what shall I request from their company?

Thank you in advance!

Stella

0 Votes

Orange County, California

Hello,

I am purchasing a home , my loan contingency days is 17 days, however my lender haven't officially approve my loan yet. the home inspection and home appraisal and HOA documents are all ready and meet the condition. Shall I request the seller to extend the loan contingency days? what is seller reject my request? What can I do?

Thank you in advance?

STella

0 Votes

Orange County, California

thank you ! Do you think I should add the upgrade amount on top of the loan amount? Do I need that much of coverage ?

0 Votes

Orange County, California

Hello,

I am curious to know how much coverage shall I purchase for a new primary residence I am purchasing. the house has almost 300K upgrade? which section of the home owner insurance will cover the house upgrade?

Is the coverage I need should over the loan amount or less than the loan amount?

Thank you in advance!

STella

0 Votes

Orange County, California

Updates, while I am still debating whether to submit the offer for the property that is facing the major street, the seller already accepted the offer according to the seller they just listed the property on redfin for one day and get 11 offers and they accept the one in cash exceeded their asking price a lot.I guess the hard pass question is really situational, if the market is hot , demand is huge then there is no hard pass as long as it is fixable .Otherwise, it is personal preferences, some buyers hate the noises but some buyers don't care at all.

In summary, there is no rule fit all, the hard pass are all situational based.

Quote from @Dong Yan:
Alicia,
I was just about to post a question, I am facing the same questions right now.

If it is the rental properties the side yard facing the major street is the deal breaker or no? The property itself is perfect with nice layout and reasonable price and huge back lot . the only issue is the side yard facing the major street, shall I submit the offer or pass?

STella

0 Votes

Quote from @Jon Martin:

directly fronting a busy street.

you think the locating facing the busy street is a deal breaker?

1 Vote

HELOC can be using as rolling credit line or fix rate mortgage depends on your needs. I chose a fix rate HELOC

Quote from @Jonathan Stone:

@Dong Yan

I’m conservative and works use a long term fixed rate loan. Rates today are still quite low historically and if your plans change as @Kushaal Malde pointed out you have the safety of holding the property with a known expense vs a variable rate.

It's my understanding that a HELOC home equity line of credit is a loan utilizing your home equity as the security/collateral. A Home Equity Loan is another name for a second mortgage. Or second position loan typically amortized over the length of the loan often at a fixed rate.

0 Votes

Quote from @Michael Dumler:

@Dong Yan you're going to have to provide more information. I'm not familiar with the San Bernadino market, however, if it's anything similar to other high-demand markets with limited inventory, submitting an offer below asking and expecting it to be accepted is highly unlikely. Is the property on market or are you dealing with the seller directly?

San bernadino market is super competitive right now. The other property I have my eyes on which is not facing the street got 12 offers in a few days so I have to move down the ladder to this one which is imperfect.
I am working with my agent.The listing is in public

Stella

0 Votes

Riverside, California

Quote from @Heather Hatcher:

@Dong Yan If it's the perfect property and only the side yard fence is facing the street, there are things you can do to limit sound. I have a rental also close to a street, similar situation. First, we replaced the window. Second, we created a barrier between the wall and fence with plants and soundproofing mats. Last tip, we provided the tenants with white noise type equipment! One is a small fountain and the other is a tower fan. It has worked great and there haven't been any issues!

If these things can potentially help, I would consider the deal if the numbers make sense and it's too good to pass up.

Mahalo,

Heather,
Thank yo so much for your great tips. I think those tips are very helpful and will eliminate the noises.
will you worry about at the time of selling this close to street issue will deter the potential buyers?

Stella

0 Votes

All Forum Posts by: Dong Yan

Dong Yan has started 23 posts and replied 126 times.

Post: how to verify applicant's credit if they are relocated from outside of US

Post: how to verify applicant's credit if they are relocated from outside of US

Post: loan contingency extension

Post: how much coverage do I need for the property which has tremendos upgrade

Post: how much coverage do I need for the property which has tremendos upgrade

Post: QOTW: What are your "hard pass" items when evaluating real estate

Post: QOTW: What are your "hard pass" items when evaluating real estate

Post: with the skyrocket high interest rate shall I borrown HELOC ?

Post: shall I pass this deal or get it

Post: QOTW: What are your "hard pass" items when evaluating real estate