All Forum Posts by: Miho Y.

Hello mortgage professionals! We applied for refinance for our primary and investment on 9/19. It’s 12/19 and still no sign of closing. It’s the pandemic they say... Is taking more than 3 months normal?

@Ronald Mathis it is not okay you don’t have hot water in this cold weather (even if it’s warm). I suspect the management is probably struggling to maintain with what they are receiving or gross mismanagement of the budget. Either way, it’s not good. So I do agree it’s better off moving out for this reason because if anything else goes wrong again, it’ll probably the same frustration you go through. If I were you I would have an attorney whip up a letter demanding the monetary compensation 50-100 if you think it’s reasonable while looking for a place to move to. Good luck.

Ww’ve got a triplex in south central la in opportunity zone we are thinking about selling. One unit will become vacant as of 12/31/2020 so you can househack. It was appraised in November for 825K. It sits on over 8000 sqft corner lot in OPPORTUNITY ZONE. With 25% down down payment, your portion of escrow will be about 1650. Let us know if interested.

@Moises R Cosme thank you for this post. I think the foreclosure will surge in 2 years or so. With the unemployment rate so high and many jobs not coming back, 1 or 2 year after the mortgage forbearance ends, there will be many foreclosures. However, these will be picked up by the buyers/investors swiftly given the housing inventory low and the feds keep printing money decreasing the value of US dollars.

@Mahmuda L. We rent a duplex to a superhost. The return is phenomenal. I was told that Airbnb covers up to 1 mil property damage. We are very happy. Of course I suggest you do your own due diligence. It’s a hard work. Is the tenant capable?

@Melissa Argente do you mind sharing the name of the loan officer?

Has anyone raised rent these days on the rent controlled units in the city of Los Angeles? We I understand that a victim ban will expire on January 31, 2021. However we couldn’t find any update on rent freeze. Thank you.

@Sophie Latapie if you are good with people, and are comfortable with the adventure of living with roommates, I'd go for the best SFR deal with many bed rooms and bathrooms, and rent it to students and professionals. You will get the best rate and resell value will be higher than multi unit buildings. Also you may meet awesome people if screening is successful. It will also teach you what property management and problem solving is all about.

Not sure about COVID-19 effects as we aren't feeling too much with our rentals, but many people say that's what happening. We are doing refi right now. Got desperate and input the info on quicken loans. Among 5 lenders that reached out to us (I had a hard time trying to hide that I was annoyed), one gave us an exceptionally low rate. But this is a refi from FHA to conventional so it's different from your situation. What I'd like to suggest is to reach out as many as you can in finding a lender and do due diligence on them.