All Forum Posts by: Lonnie H.

In my experience, your lender and Russell Brazil are correct. I am closing soon on a property. At the beginning of the application process, my lender wanted to see at least two years in the same industry. They also asked if I was planning to change jobs or change to a different industry before closing because that could affect loan approval. The lender would not allow me to use the income from my part-time second job because I had not had it for at least two years. My advice: stick with the salaried position, get a loan approved and close on the property you want, and then switch to the new position.

Hello everyone.

I will be closing within 30 days on a 2-on-1 property near SDSU with traditional FHA financing. I am going to refinance into a 203k loan to fully rehab both units.

@Michael Conway Will you send your lender's information to me?

@Matt C. Will you share your 203k contractors with me?

I appreciate any assistance.

@Andrew Robbins

What was the actual rent for each unit when you had tenants?

Originally posted by @Clarence Johnson:

@Albert Bui I am aware of the self sufficiency rule but underwriters do not always apply it or they are not aware of it. 

@Ryan Hurd very good post and thanks for clarifying that you can in fact have more than one FHA loan at a time. If you buy multifamily you can use the FHA loan on single Family a years after. I just closed a 4 unit for my client in West LA and with seller concessions and closing credit he paid about $40k total for down payment and closing to close a building with a $1,065,000 purchase price.

@Zachary M. Get approved and then find the property.  Only use 203k fund to make properties finance-able that otherwise would not be.  I advise not to use them for aesthetic repairs.

@Account Closed Definitely sacrifice for the year. FHA has a one year owner occupant requirement but if you look up the rule there a several grey areas that would allow you to vacate prior to the year. Also, if you don't default the chances of someone knocking on your door to do an occupancy check is slim.

Clarence,

Today, I just missed out on a 2-unit incredible deal in San Diego less than 5 minutes from the beach. I am currently looking again and I am interested in finding a 4-unit property like your client in West LA. Was there any issue with that property and FHA's self-sufficiency requirement?

Thanks for any insight you are willing to provide.

@Account Closed

I'd check out this video:

https://www.biggerpockets.com/renewsblog/2015/06/3...

Also, I think you need a Pro account, but I know others have posted their deals to the Marketplace and found other BP members to partner with.

Friends and family are usually the first suggestion that I hear from others about finding a private lender.  Other than your father and brother, have you presented your plan to family and friends?

Japeth Carter Hello Japeth, In dollars, how much is a 10% down payment for your first project? Is the property already under contract?

I have not rehabbed a property yet. I am in the planning stage. The information that you all have provided has given me a general idea of the rehab costs to budget in this area. Thank you.

@Corey Fenner how are you planning to fund your property acquisition and rehab costs?

@Polar Prutaseranee @Corey Fenner

@Corey Fenner

Hello all. Polar, I am curious about average rehab costs in Los Angeles and Orange counties as well.

@Corey Fenner

Hello @Account Closed

If Redfin serves the area, they usually have listings with the last sold price. Go to redfin.com

I use zoho.com. Their service is just like Google, but free.