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All Forum Posts by: Jason Malabute

Jason Malabute has started 543 posts and replied 1391 times.

Post: FIRST PURCHASE DILEMA

Jason MalabutePosted
  • Accountant
  • Los Angeles, CA
  • Posts 1,413
  • Votes 660
Originally posted by @Sam Shueh:

Get another trusted person to go together. No other way around..... 

 found  1(potentially 2) Thank you.

Post: FIRST PURCHASE DILEMA

Jason MalabutePosted
  • Accountant
  • Los Angeles, CA
  • Posts 1,413
  • Votes 660
Originally posted by @Sam M.:

Also, you can use rental income from the other unit towards qualifying. When an appraiser is out there to do his/her valuation, your lender should also request a rental survey with the appraiser's report. You can use 75% of the monthly rental towards your income

 Hey Sam,

I am trying to get pre-approved right now, This is interesting that you say that the pre-approval should be based on my gross salary and not my net. I will clarify this with him.

Can you please explain more when you say that I can "use 75% of my monthly rental income towards my income"? Do you mean I can add 75% of the monthly rental income to my gross salary in order to increase the chance of getting pre-approved? If yes, how would you do so if you do not have an actual rental property yet?

Thank you,  

Post: FIRST PURCHASE DILEMA

Jason MalabutePosted
  • Accountant
  • Los Angeles, CA
  • Posts 1,413
  • Votes 660
Originally posted by @Derrick Dill:

Your issue is DTI (Debt to income): The lenders see that you have $$, but don't see that you're able to pay off the mortgage monthly.

There's a couple other factors that will come into play:

Do you have other debts? Student loans? Car? If yes, it will be harder to get the loan.

You can alleviate the DTI by getting a Multifamily, with rental income that will off-set the monthly payments. Ex. You buy a 4-plex, each unit rents for 1500$/month, you have a mortgage of ~5,000$/month. 3 units renting for 1500$=4500$/month that is offset, leaving 500$/month for your mortgage. You'll get nicer #s if rent is higher as well. Usually they only calculate 75% of projected rental incomes.

Your other options: Co-signor

Keep searching for another broker/lender (you'll probably get worse rates)

I would consider a lower purchase price multifamily if possible

Regards,

 thank you

Post: FIRST PURCHASE DILEMA

Jason MalabutePosted
  • Accountant
  • Los Angeles, CA
  • Posts 1,413
  • Votes 660
Originally posted by @Shaun Pruett:

Is the $800K property single family or multifamily? 

 I am looking for a multifamily

Post: FIRST PURCHASE DILEMA

Jason MalabutePosted
  • Accountant
  • Los Angeles, CA
  • Posts 1,413
  • Votes 660

I have kind of a unique problem as I am trying to purchase my first rental property.

I am 28 and looking to purchase my first property. I am interested in getting an owner occupied duplex. My research so far has made me interested in areas like Culver City and Hollywood because of the high rent and demand of the market. My situation is unique because I am the opposite of most investors. I can put a big down payment ($200k) and good credit. However, my agent told me that I will have a hard time getting approved for the loan because my salary is too low (net pay is $2000 a month lets say). My agent told me since I am looking for a property that is $800k in value I would have to make $8000 monthly net salary to get approved for the loan. Even for a $600k loan I'd have to have a $6000 monthly net salary to get approved.

The thing is I want to make my investment this quarter while interest rates are low, and AS MUCH AS POSSIBLE I'D LIKE TO AVOID CONSIGNORS.

1. Is there any way around this?

2. Have any of you ever been in my shoes and succeeded? How?

3. If I would like to look for duplexes in the $400-500k price range in Los Angeles (has to be in a good market) where would ya'll suggest?

Thanks!

Post: PRACTICE

Jason MalabutePosted
  • Accountant
  • Los Angeles, CA
  • Posts 1,413
  • Votes 660

Hi All,

I would like to get on a real estate broker's mailing list so they send me proformas so I can practice calculating an offer price and analysis of properties. Can you guys please suggest a mailing list?

Thanks.

Post: Audiobooks

Jason MalabutePosted
  • Accountant
  • Los Angeles, CA
  • Posts 1,413
  • Votes 660
Originally posted by @Brian Hosier:

Hey Jason Ma, another must read book for every newbie RE investor is Gary Keller's Millionaire Real Estate Investor. I try to read it every 6 months because I love the idea of "think a million", "buy a million", "own a million", and "receive a million"!

 This book is coming in today

Post: Setting goals

Jason MalabutePosted
  • Accountant
  • Los Angeles, CA
  • Posts 1,413
  • Votes 660

Excellent. Before I read it my knowledge about RE was very limited.

Post: Setting goals

Jason MalabutePosted
  • Accountant
  • Los Angeles, CA
  • Posts 1,413
  • Votes 660
Originally posted by @Account Closed:

Hi @Jason Malabute , thanks for sharing your goals. You could be more specific with what daily actions you plan to take, for example: how do you plan to decide what is a good investment area do? 

Also, look over your list and decide what is the most important action you can take to achieve your main goal. I spent months reading over legal documents and doing tasks that had little impact on actually finding deals. 

Anyway, best of luck and keep us updataed.  

By the way, what audiobook you listening to? 

 On a a macro level I want to make sure that the stadium in inglewood is a sure thing. I also wanna know how long the Rams are contracted to play in stadium. 

Then I want to see if projection of property will be in the positive.

Are you saying I should break my goals down per day? Like what I need to accomplish per day?

I'm reading abc of real estate investing by John McElroy 

Post: Audiobooks

Jason MalabutePosted
  • Accountant
  • Los Angeles, CA
  • Posts 1,413
  • Votes 660
What are some good audiobooks about buying apartment complex for first timers?