All Forum Posts by: Jinhee Hann

@Alecia Williams

If you’re buying a multi unit, you can use rental income from the other unit to help you qualify for a higher loan amount. So is your max purchase price that you mentioned including that rental income from the other units too? That price point is really really tough if not impossible in LA as you probably know! Good Luck!

@Hernando Quintero

You can use funds from your HELOC on a property that you own. No need to draw beforehand to deposit in your account. You'd be paying unnecessary interest on the funds if you do that.

Just disclose that your downpayment will come from the heloc and you’ll be asked to provide evidence of withdrawal later.

Also FHA is only for primary residence. So you would need to prove or convince the underwriter that CA will be your new primary residence.

Just saying you can work remotely now with covid might not work. They might ask you to get a written letter from your employer stating that you are allowed to work remotely indefinitely.

Underwriting concern is that post covid, you’ll have to return, making this a temporary primary residence during covid.

Lastly with the market being super competitor in CA, if your preapproval letter shows that you're putting minimum downpayment via FHA loan might not make it look as appealing as someone coming i. With 20% + down on a conventional loan. Just FYI.

@Ryan Redenius

Get it done! It will be inexpensive, keep your good tenant happy and possibly prevent an infestation. If I was your tenant, I would freak out too

@Taylor Doan

I like Summerlin. Close to Red Rock, the outdoor mall, good schools etc.

I also like the Inspirada area in Henderson. Also good schools, cozy and new neighborhood vibe. Good luck!

Anyone know a general contractor for building a cabin in Big Bear? Thinking prefab but just in the research phase and trying to figure out if the numbers even work. Thank you!

@Greg Seivert

Greg, would you recommend Hawaii for stvr investing? Or is it too expensive and heavily regulated now?

What’s your take as a local expert?

@Matthew Bailey

I’m not a CPA but I have seen many tax returns of my clients whose businesses that they own themselves through an entity (corporations/ partnerships etc) pay rent to another property that the client owns.

@Ramon Gamez Jr

I'm a lender but don't do VA loans and I like what Daniel said. VA loans are amazing so really, take full advantage on your first VA loan. Work with a lender who does a LOT of VA loans. Good luck!!

@Christian Kim

Christian, for conforming loans, you can get away with insufficient trade lines. Don’t be discouraged!

Can you try to do this as an owner occupied property? Has lower interest rate, lower down payment requirement etc. but you can’t use future rental income to qualify so your income from your job will have to be sufficient to qualify. Debt to income ratio will be very important.

You’re on the right track!

@Shane Maddux

I found the data from AirDNA and Mashvisor data to be similar and accurate. Both will pull up all the stvr properties listed on Airbnb and the annual monthly revenue per property. You can sort and filter properties as you need. It will give you a good idea. Definitely helped me. Remember thiugh, 2020 was an outlier year due to covid and the numbers reflect the popularity of local travel which might not be the same once covid lifts. 😊