All Forum Posts by: Grant Schroeder

@Julian Pacheco that’s a great idea a good area for your first house hack! How did the overall numbers look that you ran on a couple of the homes?

@Carlos Lez That is my understanding with FRB loans as well. They can have great terms and make their own rules since they portfolio it on their own books, but they can also add their only restrictions like this one. I am not a lawyer, so I cannot speak to this clause. I would be cautious, and maybe look at other lending options?

@Logan Loughmiller listen to @Chace Fraser's advice! He is one of the best in this area when it comes to house hacking and putting in competitive offers in this fast appreciating market.

Appreciate the shoutout Chace! Calling the listing agent is something I always try to do to help set my client's offer stand out even more. It makes all the difference when multiple offers are similar in price and terms.

@Shane Short I say go for it! The Rental looks a little bit differnt like @Colleen F. said. But you would want to target at least a duplex in Salem and put 3.5% down with an FHA loan. You are definitely on the right path through! Don't hesitate to ask me more questions along the way. Glad to answer questions and provide feedback as I have house hacked 3 times so far and helped others house hack as well to start their REI journey.

Hello @Jake Thornton, we have connected about your fluctuating income in the past. Are you referring to your primary employment income as variable or the fluctuating nature of your STRs?

Are your 2 STRs on your 2020 Schedule E or were they both bought in 2021?

Appreciate your vote of confidence @Craig Gerulski! I really enjoyed working with you on your home and look forward to working together again soon!

Appreciate your feedback @Nick Belsky!

@Wendy Black were you able to find a good lender to help you with your SoCal refinance? Hope you are able to find the solution you are looking for!

Hey @Justin R., thanks for your response. What size loan would you be looking to take out? Cash out all the way up to 80 LTV, I assume?

Would you mind if I took a look at your 2019 & 2020 tax returns to dive into your Schedule E? I pre-underwrite loan files before ever submitting them into processing for underwriter review so you don’t get 45 days down the line and the underwriter blows it up. I just helped @Craig Gerulski with this on his primary in CA. I vetted everything up front to see if it would work and we sailed through final UW approval on the back end. I like to get it up front so it saves you time and headache later. If it won’t work, then you find out immediately, but if we can get UW sign off upfront, you can have peace of mind through the process and not be white knuckling it on day 45. I use the same worksheet to evaluate Schedule E that the UW uses and I’d be happy to show you what I come up with this. Let me know what you think!

@Logan Loughmiller If you are a first time homebuyer, you can go with a 3% down conventional loan, and like others have said, a conventional loan is always better than FHA on a SFR offer. A lot of conventional laon buyers in this market are only putting 3 or 5% down, but if you have a good lender who calls the listing agent and vouches for the strength of your offer, despite a smaller downpayment, you still have a very competitive chance when coupled with a good realtor who can help structure your offer for success in this fast paced market.