All Forum Posts by: Mike Chern

Basically the seller is not adjusted to the current market yet, I think you should be patient and don't force the trade. The one across street for 350k maybe is a better deal, lol.

@Jeff Shumway Thanks a lot for the information. 

I am wondering if this can be a solution for investors with more than 10 investment properties.

They claim that "The property’s cash flow may be utilized for investment properties in lieu of conventional methods". I am interested in what the rate will be. 

Thanks a lot.

@Bonnie Low

I can provide a data point. I started May 2020, first application June 2020, closed 3 days before thanksgiving. This is local credit union and refi my primary residence. Pull credit multiple times, sixth rounds of requesting more docs.

@John Simerson

If you have large enough cash reserve you can keep them. The next 12 month maybe a bumpy road ahead , I will raise my reserve to weather the storm. 

@Wei Jiang

I think your calculation is very conservative, renter like to stay for years, and maintenance will be lower than 3k a year, no hurricane, no extreme weather.

You should hire a professional agent do proper tenant screening, and manage it yourself if you can. Screening tenant is very important in CA. Screening screening.

@Stone Saathoff 

Thank you very much. Will ask you when I need some financing in the  next few months, when market rate is stabilized

Hard money loan is not reasonable at this point. When I checked with investment property cash out loan, lender refuse to make such loan. For small multi family, unless you are prepared a few months without rent income at all, it is hard to bring a deal to close at this point.

@Erik Luna I think rehab probably will be 35k to 40k, since the size is small. ARV can be a little bit higher $120k, and rent will be less than 1000. End result, compare to buying off MLS, you save 15k down payment. You can cash flow positive each month. I did one in that neighborhood, we had a nightly visitor. He ran away when my contractor show up in the morning. I was so scared new appliance got stolen. I personally will not buy anything there.

I think OP is a trustworthy person, unfortunately, this is new to everyone, including SBA and many banks. As the implementation of this new law evolves, things change rapidly.

It will be very helpful to everyone in this forum, OP can keep providing most up to date information, even it is painful “landlords are not eligible”.