All Forum Posts by: Levi K.

Thank you Doug and Dion.

Here are some additional details:

I purchase an investment condo unit "for cash". I could not get the loan/mortgage on the property because out of 54 units only 23 were owner occupied. I have been told that the ratio between the owner occupied units to renter occupied units should not be less than 51%.

The property had appreciated in value and I want to pull my money out by mortgaging the investment unit. 

Hope this helps.

Regards,

Levi

Hello BP experts,

Simple (I hope) question:

How do I obtain a mortgage for the property with low owner occupancy that is paid off?

BR,

Levi

Hello @Juliette Vara,

Here my answer based on my experience:

1) If the tenant has Chase they can send you money using Chase Quick Pay. You don't need to have an account with Chase bank. It will take couple days to setup, validate, and receive the payment. Maybe even calling Chase customer services.

2) You can provide the tenant your checking account and they should go to their bank and ask the bank to deposit money in your bank account.

Hope this helps.

Wow,

@Bill Exeter Thank you All

Hello John,

Reading your story it is I am reading mine.

I have also moved from NY to heaven on earth - SD. In addition I am also I year old in the investing world.

There is one meetup today that I am going to:

http://www.meetup.com/FIBI-San-Diego-Investment-Club/

Address:

Hilton San Diego/Del Mar
15575 Jimmy Durante Blvd
Del Mar, CA 92014

Hope to see you! Welcome to BP!

Regards,

Levi

Thank you Scott and Andre,

I am not wholesaler however I am from San Diego.

Currently I am looking for multifamily property to buy or 1031 in San Diego county area.

Please let me know if you come across a deal. :)

Regards,

Levi

Hello Andre An,

Can you please share your knowledge or source of where and how do you get absentee owners?

Regards,

Levi

Hello Jessica,

Great idea.

I am planning to attend.

Regards,

Levi

Thank you Mark T.

Hello BP community,

Happy New 2014 Year!

Here what I have been thinking of:

I want to do 1031 ex on my 1bd/1bt condo. Can I use the money to:

1) buy the new property

2) pay for closing

3) and pay for renovation

Basically, I do not have money of my own (in saving) to spend on at all for closing cost, renovation....etc

Hope the question make sense!

Thank you,

Levi