All Forum Posts by: Jeffrey Suarez

I am not building a JADU right away. That would be years away as I would like to build another garage.

Just an ADU conversion from a 3car detatched garage. I would live part time in my adu.

Jurupa valley allows up to 2 detached buildings as long as the total isn't larger than the main home. 

 The existing main home would rent easier and with better grade tenants without one, as it's in a unique neighborhood with a lot of space. Sharing a wall would deter some renters. 

But yes I plan to rent out as soon as the adu is done. 

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I used to live in La Habra for 6 years, I know the area extremely well.  


I will act as basically my own realtor. I don't even need to see the inside of the home if the neighborhood is where I want to be. I am a finish carpentry contractor by trade. Condition doesn't really matter. 
4 years lived in a 2/1 la habra slumlord special from the 1920s with a mickey mouse illegal add on +1 bedroom. Nothing can scare me.

My wife's relative who is a realtor in Northern California offered her services free.  I would also be able to waive the commission in my contingency offer. 

I am following market trends but only for a short period of 1 month. The fixers seem to sell for asking price, or slightly under unless it's Fullerton....then every fixerupper sells for 10% over. 

Thanks Marshall. 

I did reach out to my lender with this. 

I am just looking to see what others have done.  I have been told I could use projected income but only with an investment property loan moving forward. 

It matters a lot because it drops my DTI from mid 40s into 30s.

Purchased a vacation home late last year in Bullhead ( no option on location for Riverfront cities...need mods involved)

We managed to get the place rental ready in less than a month and squeezed a renter in. 

3 days of rental income from airbnb.  In 2022 Four months solid booked so far. 

We want to use rental income from this property to qualify for another property later this year. How do we file to have this qualified by an underwriter?

Since it is under 14 days rented we are being asked to file this under "uncommon income" or "other income" instead of schedule E.  

I just closed on a Home equity Loan this morning with US Bank. I only took 70%LTV but had the option to take 80%. I didn't need more for now.

My current primary home has an awesome 2.85% rate. So I am not touching that. 

I pulled a fairly small Home equity loan at 6% apr, but the paperwork costs were only $400 including the driveby appraisal, and some paperwork. Cheap access to money so it didn't matter that I paid a little bit more interest. I am using the money to fund my ADU build then will take another equity loan again when it is all done to BRRR my next home.

Looking in North Orange County/LA County area for single home fixer in the 650-700k range. 10 mile radius from La Habra.  

From listings looks doable. How much are people bidding over asking to lock in these homes. ? Do I need to get creative with financing for all cash offers? or quick closing dates? 

I have about 120k-150k for a down payment hopefully 20%, more if I need to pull from retirement account. 
This will be my 3rd home, looking to move into for owner occupancy rates, towards end of 2022. Either in a primary or secondary rate. 

1st home in Riverside currently doing detached garage conversion adu. Just took a home equity loan to pay for it, then will take another after it is done to pull more equity out after it is re-appraised. Plan is to rent the main home to cover mortgage and then some. Keep the adu for myself since I work 10 miles away. Then probably build a JADU then rent the ADU. The property is big on 1/2 acre

2nd home is an arizona vacation home that I am process of cash out refi. currently do pretty well on vrbo / airbnb short term rentals covering 80-90% of costs so far. 

The return on investment is amazing for this property. My rental gross sales are 10% per year of what I have paid for the place. 

Another question would be to find a lender that would qualify rental income since I won't have any rental history on my current Riverside home. 

So I have reached out to my lender USbank , Funding by Fannie Mae. 

Letting them know my potential plans. They have not come back with any answers, other than since the ADU didn't exist in the original loan they need to check if this would be allowed. It's difficult dealing with this bank as they just say no to anything they don't have answers for.

Anyone with any advice, or documentation showing that what I am doing is allowed?

Nothing in my original loan docs addresses this. 

 I want to rent my home in about 2-3 months, move 30 miles closer to family. 

I will be keeping part of the home for my personal belongings. garage and RV storage. ( I started another thread about building adu so I could be there part time in the future)

I currently have a primary residence loan funded by fannie mae. 

I refi in Nov 2020. I have lived in the home 4 years.  I am in the middle of a home equity loan, but need to know if there are any reprocussions. I don't want to be accused of mortgage fraud. 

Should I stop the home equity loan, or at least let them know the situation? Lender is US Bank so I am dealing with a lot of robots there that don't really have answers. . 

 Garage I want to convert was built in 2001. 

I have permit docs(online), but need to go back to the county records to see what was actually submitted and constructed.

Over the phone the clerk was ok with everything but we know how that goes once inspections come.

If the existing building & foundation doesn't pass this may be a deal breaker..... Will post update