All Forum Posts by: Miho Y.

Dear BP professionals,

I am a newbie part time investor. I would like to do cash out refi for either primary home purchase or another investment for the first time in my life DURING my out of town vacation for 3 weeks. Because I will completely be unplugging myself from searching & submitting offers during this time period, I thought it'd be nice to come back to my bank account fully funded so that I can come back at it immediately upon return.

The loan company is reluctant to start processing for me being out of country for 3 weeks out of 4 weeks they have for closing. They didn't want to take a risk for not being able to reach me or me unable to submit required documents other than basic ones below:

1. W2's & tax returns of past 2 years
2. pay stubs
3. mortgage statements for investment properties
4. insurance policy,

What documents do I need to prepare to make PDF other than 4 items above? 

Is it really such a bad idea that I should until this vacation is over to cash out refi?

Thank you always for your wisdom in advance.

Okay I will call them up tomorrow. I hope I'd sound as charming as you are :) Thanks for your guidance Sue.

That is interesting, Sue. What I need is your shmoozing skillz. But if I call, do you think they would put this property on the top of the priority list of their "go inspect, cite and collect fine"? I don't want to take that risk of becoming an "informer" though. Did it cost you a lot of money in your shmooz negotiation to legalize 2 bed?

Ugh that sounds unreasonable as tenants are happy with converted condition... Anyway thank you so much Manolo.

Hello. I'm thinking about purchasing a multi unit building under rent control in Los Angeles. My concern is that these units are legally 1 bed 1 bath, but the seller claims that the previous owner converted them into 2 bed 1 bath. I heard they come to do the inspection at least once in 3 years. Does anyone here has heard of a story where the housing inspector from the city orders to convert back into 1 bed 1 bath? In such a case, will they require the landlord to reduce the rents when the rents are already below market? Thank you.

Thank you. I have good credit which I would like to take advantage of to do the cheap home mortgage rate. If I have to go for 7-9%, that's whole different scenario.

I am so paranoid and afraid of disclosing too much info here. Is portfolio lender the same as private lender so I should expect the rate to be high? 

It has a little but positive cash flow as is and it's appreciated 80k+ since purchase. Even if I take out max I still have positive cash flow but if they slash the rental income to 75% to count as an income then it makes my dti to 70%. My question is if that is the Fannie Mae guideline, there is no conventional available?

Addition: The reason DTI is so high is that I was told I can only count 75% of rental income whether not all the units are occupied. Thank you.

Dear lenders, I put too much down payment on my multi unit as a buy-and-hold. I am receiving cash flow from this and needless to count on depreciation I am totally capable of cash out refi. However, according to my lender DTI must be under 45%. Is there anything I can do to get my down payment back without selling it? Thank you.