All Forum Posts by: Emily Di

At some point within the last few months Redfin disabled the ability to see old listings. In the past, when logged in, if I was searching an active listing, I could go to the history and click on prior listings. For example I could see the before and after of a flip, or I could see if the home I was researching was advertised prior as 3 bed and now it's 4 bed. I can no longer do this and I realize that I really relied on this function. I am not a realtor. Can anyone recommend a website that has this functionality?

Here's some info I shared with a small group of landlord friends. 

Ok. Here is what I was able to find out:- 1 per premises, AND you can also have an ADU and companion unit on the same premises.

- Must be registered with DMV - taxed as personal prop trailer or RV
- They have to be behind the house (and you need enough space to roll them on so that's a factor. Placement min 5 ft from lot line and 10 ft from another structure
- Must connect to water, sewer and electric (nat gas not permitted)- Must remain moveable.. have to keep wheels on (but of course can cover with decking, etc) 

- Questions: is pad needed? (in case you need truly intend more temporary ie use during a build of something else), What about utilities - panel upgrades for SDGE since now you're running stove, possibly dryer, water heater and heat all on electric? How are permits working for hookups? 

So here are a couple of presentations and what I think is the most recent ordinance language:
https://onbase.sandiego.gov/OnBaseAgendaOnline/Documents/ViewDocument/O-2020-114_Strikeout.PDF.pdf?meetingId=3914&documentType=Agenda&itemId=190672&publishId=400122&isSection=false

https://onbase.sandiego.gov/OnBaseAgendaOnline/Documents/ViewDocument/Item%20335-%20Movable%20Tiny%20Houses%20presentation%20City%20Council%207.21.2020.pdf?meetingId=3914&documentType=Agenda&itemId=190672&publishId=400129&isSection=false

https://onbase.sandiego.gov/OnBaseAgendaOnline/Documents/ViewDocument/Tiny%20Homes%20Association%20Presentation%20to%20San%20Diego%20Homeless%20Committee.pdf.pdf?meetingId=3914&documentType=Agenda&itemId=190672&publishId=400126&isSection=false

@Amy A. Buy a duplex or triplex as your primary. House hack. It's a safe wave to be sure you like being a landlord and the entry cost is low. Investing out of state is tough without a team to help and you'll be able to better vet that team with landlord experience under your belt.   

I am excited about this ordinance. We need more types of housing in this city. Not everyone needs a 3/2 and not everyone wants to have roommates. With good design you can fit a considerable amount into 300 sq ft

My first job was in manufactured housing finance and I've been mesmerized by this type of housing ever since. With the financing we provided, people would roll a "double-wide" onto the lot and if it was permanently attached to the foundation then it was considered real estate. I understand the concern for long term appreciation or loss of value/investment, and I wonder if there is a similarly easy way to one day detach the home from the trailer and attach to a permanent foundation as ADU, etc... For lots that have the space and access, there is a lot of flexibility in bringing in something quickly to earn income or provide for family members.

My long-term goal is to move to micro-units and workforce housing. If you're interested in that let me know and perhaps we can brainstorm.

Yes that's correct. Is this for screening? I believe it's a state law which puts a blackout on UDs for 60 days. Sometimes though you can find prior evictions since many are serially delinquent. Also - pay close attention to current address. Living with friends, in hotel/Airbnb etc can be a red flag. Sometimes I search the prior address to see if there are rental records on zillow etc that seem to match up and often there is a contact of the owner or manager... does that match what's on application? Agree that prior landlord listed by tenant who might have eviction not great because they may list a friend as prior "landlord."

@Don Scott Thank you for sharing! I totally agree with you. I didn't move to private money until I "had" too buying a couple of trashed houses and maxing out my loan limit, but I, too, am grateful. Many of my landlord friends think I'm crazy paying rates in the 8-10% range but when the property still cashflows (and I'm in Socal!) private money is a powerful business tool. I remember my first lender wanted me to submit examples of renovations and adding value to properties. It was refreshing. Unlike the conventional lenders, who at one time were requiring 6 months reserves on EVERY PROPERTY. There was no understanding of the business. But that's because conventional loans are really geared toward homeownership. It's generous Fannie Mae even allows 10! Thanks for posting and reminding me of who to thank! Best wished in your endeavors. 

@Angeline Mentor I've done this many times. The non-QM (qualified mortgage) programs are all different so you need to ask a lot of up front questions. One lender refinanced to my LLC with a personal guarantee but still reports to my credit (Impac Mortgage) which I have taken up with the bureaus. I just closed 2 refinances with RCN Capital and after getting a better understanding of how they price loans I felt that was a good process. A new thing experienced with RCN was that they want a full Alta title policy with extra endorsements which added about $1000 to my closing costs over the regular policy most lenders use. Not a big deal, but a surprise nonetheless.

I currently am in a stalled refi with Finance of America because they are requiring that I take out a commercial insurance policy so they can be listed as "additional insured." Again, never thought to ask this question up front because it's the first it has ever come up, and now I have paid for an appraisal and had my credit run. The additional cost of the policy negates the competitive interest rate so I'm going back through my lender list. 

Others that I have spoken with, but not exhaustive because there are a lot who do not lend in California where I am, are Lending One, Lima Capital, Visio, and 5arch. I also looked at a blanket through Corevest but didn't like the idea of having to create yet another single purpose LLC and move the properties into it. PM me if you have any questions.

@Nicholas Covington I have a question about this: "correct, it wouldn't matter as you are still the personal guarantor."  I have two investor friends with multiple commercial loans for 6 and 10 unit apt buildings which technically bumped them over the 10 financed properties yet they were still able to re-finance their 4 and under traditional loan programs. Is it because the properties were 5+ and commercial loans? They definitely had personal guarantees, in fact one has loans still in personal name.  

In terms of your 2nd or HELOC - what's your loan count? more than 4 or 10 financed properties? Those seem to be the cutoffs. I know some banks will do it if you have less than 4 (pentagon federal, chase). I'm looking for the unicorn that will HELOC when the borrower has more than 10.

Thanks @Jeff S. they want to be BOTH the mortgagee and the Additional Insured. The reasoning provided was: "This is a business purpose loan made to you as an investment. The purpose of being added as additional insured FACo. wants the ability to discuss details of any claim in the event an insurance claim is filed." 

I have closed 5 non-QM loans and this is the first time I have experienced such a request. 

Somehow I don't think educating my lender will be of much value. Seems to be a take it or leave it proposition. That's why I was curious if others experienced this with FoA. They seem to be a popular lender, but my insurance cost increase is effectively a .75% bump on the interest rate in terms of what the monthly loan cost ends up being.