All Forum Posts by: Marina Flu

I bought a distressed property for cash in Desert Hot Springs (Riverside County). I'm in the process of fixing it up. I would like to refi and get my money back (BRRR).

1. Do I need to have a renter for 6 month before I can get a loan?

2. Does anyone have recommendations for a lender that can do a non conventional loan?

3. Does the loan get calculated based on my personal income or the property income?

Please help, any information is greatly appreciated.

Marina

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I will start with a thank you to everyone for helping me with this. I'm negotiating with a seller on 2 properties that he is selling. I sent out yellow letters and he called me. The seller is retiring and is selling off his portfolio a few properties at a time. We have agreed on the price and are now talking about the details of the purchase agreement. The purchase price for both properties is $280,000 (the seller wants to sell them as a package deal). The properties are on the same street. I would like to talk to the seller about seller financing and since this is my first purchase I don't have any experience. In the earlier part of negotiating, we talked about it but when I told the seller that I would pay $285,000 if he would do seller financing he said that it wasn't enticing enough for him and for that price he would rather do all cash for $280,000. I would like to know that I did wrong, if anything? We did not talk about the interest and the payments. I would like to come back to him and revisit the possibility one more time but I don't know what to offer him.

Can you please help me with common interest rate, term, down and anything else that may be beneficial in getting him to be more interested.

Do I need to increase the purchase price?

Maybe I need to show him the numbers that he would be getting after 1 year and after 5 years.

Any advice would be appreciated.

Thank you,

Marina Glukhovsky

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I would recommend to buy an investment first. I have found that qualifying for a mortgage on an investment property (SFR) when you have a primary residence is a lot more difficult. The prices for houses are so high in la that your debt to income ratio may not allow for another house unless you have a very high paying salary job. You should look into that with your lender. The other problem that I have found is that you will need to put around 30% down on an investment property once you own your primary residence. When you do it the other way around the down payment is lower. Then income property shows profit and doesn't count against you the same way. Sorry this is so convoluted, but talk to your lender first and go over all possibilities .

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HI everyone,

I'm a new investor. My name is Marina and I have found myself in a unique situation that I need advice on.

My cousin put an offer on a foreclosure about 6+ month ago and it just got accepted by the bank. However, she is now not in the position to take on a project. The property in Los Angeles, Toluca Lake/North Hollywood area. It’s an A class area. The property has a small single family house but is zone for multifamily. It is a small land but when she did her research she said that they can build up to 8 units. At this point she has offered me the opportunity to take over the project if I would like to, otherwise she is going to let it go. I’m new at this and don’t have the knowledge or the financing to take on a project of this magnitude. What are your suggestions?

Thank you for your help

Marina G

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what do you need to fix?

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Welcome

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Thank you very much for your advice. I appreciate it. I'm glad that we have such a great community here and that people are so helpful. I'm glad that I asked and did not make the mistake in purchasing this property.

I hope to tell all of you my successful story in the next 3 month.

Thank you again,

Marina

1 Vote