All Forum Posts by: Joe Kim

Not sure what the tax records show, however, it doesn't matter.  There's an appraisal involved with most types of financing and they'll see the 2nd house.  

I have about 5 acres in a single parcel, I have a manufactured triple wide home on one side of it, and my mom's SFR on the other side. Been trying to do a refinance, but of course no lender is going to do a refi with two SFR's on a single parcel. I've been thinking about splitting it, but the cost to do so will be around 25K in total through the county of San Bernadino. Are there any private lenders that would touch this? I have it appraised for around 430K (includes both properties and land) and a single mortgage for about 250k. I have a balloon payment coming up in 3 years on my current mortgage, so I probably won't start the private money loan process till about 8 months before the balloon is up. If I could afford to split the property I would. Anyone got any financing options or suggestions? I'm all ears!

@Account Closed Grape sounds VERY familiar.  It was right next to this Mexican place.  Don Pablos or Don Juan's or something like that.  Like about half a mile away on the same street.  I haven't been back to Mishawaka/South Bend in a long time.  Making me nostalgic to go back.  Went to school at Andrews University for a little bit in Berrien Springs, MI, but would always come down to South Bend for food, and I miss the hot dogs at the dollar niles theater.  I miss a lot of things from that area :).  Its a nice trip down memory lane.

@Account Closed  I don't think its them.  There was no Joe's at the end of it and it was in mishawaka about like a mile away from the mall.  The bread and garlic and the sizzlini.  Was incredible.  That and I used to be on the wall at Wings etc, their wall of flame.  Unfortunately, I have no bribing tools as I discarded that wall of books, a long time ago along with my wall of LSAT study books.  A whole lotta money spent in knowledge I know longer use or remember.  

BTW, I lived close by to south bend for 3 years, from 1993-1996.  There was this Italian place called "Spaghetti's" and they had this crunchy garlic with olive oil and bread that they used to serve you before ordering.  Was the most amazing thing.  Are they still there?  I would love a recipe for how they prepared that garlic.  Was so amazing.  Anyways, good luck!! @Sharita S.

Not diminishing.  CPAs need college degrees in accounting in most states.  Enrolled agents do not.  CPAs have continuing ed as well, the phone book of regs for tax is repeatable.  Tax and reg were the two parts of the CPA I passed, but since I changed careers into finance and sales, I didn't do the last two parts.  EAs are specialized in tax, but just like in any profession, there are good and bad EAs like there are good and bad CPAs.  I rather enjoyed tax studies so I can't say it wasn't good or bad.  The regs changes are always band aid fixes from years before.  Its not like they come up with something revolutionary every time.  It is the IRS.  They basically just close loop holes from prior years or give mini breaks to certain areas.  Everyone's got continuing education to do.  CPA is an umbrella that lets you do 99.9% of everything an EA does, but also allows you to do financial audits as well among other things.  Just like in most states, lawyers don't need any additional certification to sell real estate, however real estate agents aren't allowed to represent you in a trial.  Same thing.

Hi Silvia Hansen! Welcome! BP is a great resource. Im in Irvine, CA and OC real estate is exploding. I see you are starting off my reading the financials and tax information. I actually was an accountant and know the financing side very well. I can give you information and strategies as well as how to get them financed. You can PM me for information or call I'd be happy to give you all the information I have at my disposal. Good luck!!

I took my CPA exams and you have to go through 6 books the size of an old New York City telephone book. It's not joke. I almost decided to go the EA route instead and lawyers have to go through a library of books to get their degree and take their bar. Don't oversell the EA qualifications. Everyone has to bust their *** to get their certs/degrees/licenses.

We offer several different kinds of loans, all for buy and holds, fix and hold, primary, and 2nd homes 1-4 unit. Nothing for Flip and Fix yet.

12-24 month Bank Statement loans, No tax returns needed for income qualification.

Asset Depletion Loans, Don't have any income but have a large lump sum? We divide the lump by 36 months and use that as your qualifying income.

No Doc/DSCR loans - 20-25% down and 2 bank statements to source it and we fund the rest. (Can possibly fund very quickly and investment property loans only).

Have your property in an LLC? No problem. We can purchase or refi a property and keep it in the LLC.

Have more than 10 investment property mortgages? We can finance up to 20 properties.

These loans fund on average in 30-45 days. No Docs can be faster.

Better Origination than HM

Call,text, or email for more information. Let's go over your scenario and see where these programs might be able to help you - [email protected] (714)-559-2987

First off, there's some misinformation or information that can be misinterpreted in this post.  The governing body for mortgage and mortgage credit is the CFPB and the act protecting your credit is the Fair Credit Reporting Act.  My FICO although it explains it, its not explicit.  Mortgage, Auto, and Student Credit Inquires are all separate industries.  What they are saying is if you are shopping for a car you can take multiple inquires for AUTO and ONLY auto for it to count as one.   If you take a mortgage pull, auto loan pull, and student loan pull and or personal loan pull, and then a credit card pull, these ALL count as separate pulls.  They are NOT considered as one.  Now getting back to mortgage, you are allowed multiple pulls for mortgage in a 45 day period.  "You can shop around and get multiple preapprovals and official Loan Estimates. The impact on your credit is the same no matter how many lenders you consult, as long as the last credit check is within 45 days of the first credit check" - straight from the CFPB.  You can go to the website and research it yourself if you like.  And yes there are pros and cons to each one, but this is what I can tell you from my experience.  There are MANY aspects of a loan and if you are an A+ borrower who's got 800 fico median, 500K in w-2 income and no real liabilities on your credit history?  You can use anyone and your rates will be comparable and this is what I think isn't stressed enough in the mortgage loan industry.  Its like any other industry, you find an auto mechanic that you trust and is knowledgeable, and honest?  You stick to that guy.  He may be a few bucks more, but piece of mind and his ability to deliver and fix your car is worth the few bucks.  Why do stores like Macy's, Nordstroms, Bloomingdales, Neiman Marcus, exist?  Their mark up on clothing is insane? and to take that even further little boutique shops that SHOP at these very same stores and mark up their products even higher.  How do they exist?  Taste, service, the intangibles that make people pay 1000% more than what they might find at a high end outlet store.  If you find value in a 1500 dollar dress, why would you just RATE shop a mortgage which is far more complex than purchasing a dress, and the price of it is 100-10000 times more of a 1500 dollar dress?  But in a nut shell.  Brokerages can have the lowest rate but can be risky because they do not have their own underwriters.  They work with multiple wholesale banks that specialize in certain areas and because of this, funding times can be spotty.  They chase their own conditions for their processors who then when it goes to the bank are at the mercy of the underwriters who are not from the brokerage.  Furthermore each bank has their own overlays which most loan officers do not know.  Its very difficult to memorize 20 different bank's overlays for so many different scenarios.  Direct lenders have the ability to price match and usually have processors and underwriters in the same company.  Their communication tends to be better and if the Sh** hits the fan?  They are sometimes able to rush things through faster.  (and many times they are able to match broker rates if you have loan estimates) but their rates can be slightly higher.  Banks run into the same problems as brokerages but on a larger scale.  They do many more loans and might have processing on the east coast and underwriters on the west coast and things get delayed and buried.  So really? You want to find someone you really feel comfortable working with, still shop them.  This is America.  But bring them loan estimates (not quotes) and most direct lenders and brokerages will compete.  Depending on what bank they'll tell you thank you have a nice day.  Then at the end of the day work with someone who's knowledgeable and whom you can trust and will work hard to meet your expectations for your loan experience and make it as painless as possible.  This is most people's single largest purchase in their lifetime, why treat it like you're buying a certain name brand TV and check amazon and walmart and then your local best buy etc and take the lowest price, but then factor out warranty etc and you might pay 30 more for geek squad or something.  You need someone to guide you through the process more than just here's the rate + origination fees.