All Forum Posts by: Kenny Simpson

did you try a broker?  Our clients are having no issue.  

 @Eric Lowe you are just looking for a second mortgage?  You want get a loan that you pay off the line holder with appreciation in the future?  Is your first Locked in on a low rate?  why not just get a second loan without all of that?

 @Bora Moona you can definitely house hack in SD.  Get with a good team; agent, lender, etc that work on deals like this all the time.  You need to work with an agent that has done this themselves successfully or for clients.  Rates are higher so ALL deals are harder to make sense these days with debt.  You need to focus on buying a great deal with upside and then look for a refinance when rates come down.  If you want to chat let me know :)

 I agree with you but the issue is NOT everyone has 20% down and they need options.  The director of Fannie Mae just spoke about this at an event I was at.  Just because they don't have 20% down does not mean they don't make good money, have good credit and are not responsable.  

 Hi Carl let's schedule a call so I can get more details.  My wife has been doing commercial financing and we know where the best debt for construction is in todays market.  I send you a DM 

 Yes Sir, the NO self sufficeny is the BIG deal with this.  

 Not sure

Starting November 18, 2023. Huge NEWS!! 5% down on 2 to 4 units with Fannie Mae. NO SELF SUFFICIENCY TEST! You can now use rental income from other units unlike FHA.

49% DTI if you qualify, Mortgage insurance YES, 1 year tax return for self employed more than 5 years, use other rents to help qualify, MAX loan amount ( your county Fannie Mae loan limits), owner occupied only.

More information to come soon!  Great for house hackers :)

@Bradley Shuhart I did not read through all the comments, you got tons of feedback.  Negative cash flow with the thought of appreciation later can be a deadly game.  On top of the monthly negative, there are many other expenses, what if a tenant does not pay, what if you cannot rent out for a few months, what if something breaks.  If you are buying this purely to make an equity play, this should be a flip.  If you cannot buy, renovate and make money then you are banking on the market to go up.  What if we have a really bad recession, rents go lower and the value is no there?  What if you lose your job?  These are all the things to think about, I have been in the game 20 years and witness all the horror stories that know one said would ever happen.  If you buy a property with negative cash flow and there is nothing you can to make that positive then I would pass on that deal.  

@Brennan Guiles this really depends on what you are looking for and purchasing.  If you are investing in real estate, having a lender that is an actual investor and has worked with thousands of investors is going to a big benefit.  To many people focus on rate, rate, rate, I am not worried about someone shopping me because I am a mortgage broker and we typically have the best rates or close to it.  Find a lender that can do it all when it comes to working with buyers, has a team so someone is always available, can close on time, can fix problems quickly when they come up, has the experience to coach you through a deal, has lots of products/lenders to offer and the list goes on.  Having a great team around you made up of great loan officer, agent, insurance, title, escrow, property inspector, contractor, etc his the most important when purchasing which is most peoples biggest asset.  Rates, escrow waivers, how long yo can lock, these are all the simple things that any lender can help you with.  Having a track record, experience and the knowledge is much more valuable.  

Hope this helps!