All Forum Posts by: Grant Schroeder

@Steven Denio Investment property & second home interest rates have jumped with Fannie/Freddie in the past month, but there are still some great private and portfolio solutions in the Portland, Oregon market. I would be happy to send you some more information on private/portfolio options. Shoot me a DM and I can give you the run down if you’d like. Have a great weekend!

Hello @Jonathan Lew! It sounds like you are off to a great start with your house hack in Oakland. As far as Southern Oregon rentals go, I would get in touch with JC Jones at C21 in Grants Pass, OR. They are realtors and property managers in Southern Oregon. @Joselyn Malik is their Transaction Coordinator and might be a good person to get in touch with for starters. 

There has been a lot of volatiliy in interest rates these past couple months on conventional investment and second homes, as Fannie/Freddie are instituting new restirctions on lenders to protect their own level of risk on investment & second home loans. This is resulting in added cost and higher interest rates for borrowers. Please feel free to shoot me a message here on BP if you have questions about the lending side of things there in Southern Oregon!

@Victor Tran welcome! You’ve certainly come to the right place for networking. If you are really interested in meeting people, I would recommend getting involved with Investor Lab PDX run by @Mike Nuss & @Tyler Combs. They provide really great value and are always putting out valuable content on their social media platforms. 

If you have any lending or house hack specific questions, I would be happy to help. Just shoot me a message here on BP with any specific questions you have, and we can dive into the details.

@Cameron Hunt, thank you for providing all of this context! Couple options and questions for you:

1) Purchase as an investment property from your mother using the equity as your downpayment. Was the original appraisal done as an investment property or a primary/secondary residence? If you appraise the home as an investment property, your rate may be slightly higher than buying it as a primary/secondary home, but you can use 75% of the 1007 Rental Schedule income from the appraisal to potentially help your debt ratios qualify for the new conventional loan.

2) Add your name to title and wait 6 months while you make repairs to the property. You could then cash out refinance and pay off the 1st/2nd liens, and maybe pay yourself back for the $50k - $60k in repairs if you plan to go the route of AirBnB vs. selling right away. Typically being added to title and then refinancing 6 months later is the route to go to help your mom avoid capital gains, but if this is her primary residence on the Oregon Coast and she won't pay capital gains, then it makes more sense to purchase the property from her now.

Please feel free to message me if you want to dive deeper into any of this. I am happy to help!

@Sharon Beatty I would definitely explore refinancing into a conventional loan so you can utilize your VA loan again, but like many have said in this thread, $20k in closing costs sounds a little ridiculous! Is your current lender having you buy down the rate and bundle this into closing costs?

Another option is to take a HELOC out on your current home if you have the equity and want to avoid the closing costs of refinancing.

Please feel free to message me if you have other questions!

I Completely agree @Trent Werner. We have several rentals in Newberg that pencil with 12 month leases currently. Rents have continued to climb in Newberg these past couple years. We are seeing a lot of bidding wars in Newberg as we slowly move closer toward Sherwood/Tigard price points, but rents continue to outpace price gains so far the past couple years.

Hi @Amelia Ghold there are certainly options for loans without income and a larger downpayment. If you have an income producing property such as a 2-4 unit, you can utilize what's called a Debt Service Coverage Ratio to qualify for the property. Typically these are brokered loans that have higher interest rates than conventional loans, but if you are unable to work consistently / have steady income, a brokered loan like this may be a good option to help you get started in real estate. Please feel free to send me a message if you have other questions about the details of this.

Hi @Wa Chan, and congrats on taking the next steps toward a house hack! It is definitely best to go with a local lender who understands the local market and can tailor a loan solution to best meet your needs. Please feel free to shoot me a message if you have further questions about lending details, I am happy to help!

@Nicolas Yopp You can put 15, 20, or 25% down on an investment property. The interest rate pricing at 15% down is not as good as 20 or 25% down, and you have MI, but if you want to go the conventional route, you can put 15% down to secure the rental property. Please feel free to shoot me a message here on BP if you'd like to discuss conventional options further. I'm happy to help!

@Matthew Champion Definitely check out Investor Lab & the Newberg / McMinnville area as @Brad Hammond and @Tyler Combs have suggested. If you have any questions about the lending side or Newberg/McMinnville, please feel free to message me. I am happy to help! I own several rentals here in Newberg and it has been a great location to invest in the past 6-7 years.