All Forum Posts by: Kelvin J.

thanks Michael. Owner occupied is on my radar but I just had to pass on the only reasonable deal I've seen in 8 months as I couldn't get a low down payment loan due to the investment property. I'm looking at 5% down minimum, plus cost of closing and rehab on a 186k house leaves me over leveraged (Without releasing capital from the investment property) I'm stuck til I can generate an off market deal and a cash buyers list. With only one recent rehab under my belt it's proving slow going. 

Any other ideas out there?

Hi all. Having bought my first property as an investment with 20% down, and tied up all my capital, I now cannot afford a second property with the MLS prices as they are in my area. I am in the process of becoming a wholesaler and building a marketing machine as there isn't any in my area supplying deals. MLS is at retail value and any deals are uninhabitable and /or going to cash buyers (160K+).

My intention is to do what i should have done from the outset, and move into the property as my primary residence, wait a year, and THEN get renters in (I would have had a much better loan and avoid capital gains should I need to sell it). Unfortunately I bought an REO and got cornered by underwriters into an investment loan when trying to buy the only deal at the time.

The lease is up in December and I want to move in and house hack. My question is this:

Should I (or even Can I) refinance my existing investment loan (4.3% with 2 points paid) to a primary at 3.8% to release the capital (costs involved) or go the Home Equity Line Of Credit route, if that's possible?

Thanks in advance, K

Thanks Andrew. I'm not sure why my broker can't find a loan. Apparently, it's the rental property I have getting in the way. Still looking for a broker to find the right loan when I need it.

thanks John. Anyone have a name of a reputable brokerage?

Hi all. Does anyone know if there is a Florida RE Broker out there I can pay a fee to that will let me hang a RE agent license with, but not work for every day? Just so I can access the MLS and view properties. I heard it was possible.

Thanks!

Can anyone point me to a lender that will loan on a primary residence I am trying to buy, with 3% down while I have a rental property. This is what my broker said "I went through every 3% down program we have. I can’t find anyone that will accept the fact that you own another residential property. It looks like we are stuck with the 5% down program"

Anyone? I'm about to counter offer...

I think my DTI is the issue. Which will influence many lenders. Borderline.

hi Jason. Not a short sale but a homepath property. My broker is struggling with 3% down as USDA criteria isn't met with another house in my name, presumably the same problem with FHA. The rent does indeed increase my income so the purchase price is covered, just trying to minimize the outlay.

Hi all

I have a rental Property (on an investment loan with 20% down) that cash flows and has increased my income and buying power for my next property. I'm now looking at purchasing a primary residence to house hack for a year and have found one 20% below market value completely rehabbed for $186K. I am struggling to get a 3% down loan due to my rental though. 5% down is all I can find. Any thoughts or suggestions?

Thanks!

thanks Ryan. I don't know how I missed this. I think I was focused too much on building an investment portfolio and misunderstood the 85% refinance option to include investment property too. Learning curve.