All Forum Posts by: Sam M.

You are in fact assuming a lot of risk with this purchase. I think that should surely reflect on the offer price. Going to below $250k does not seem unrealistic to me 

How quickly did that 880 sq ft comp sell? What city in LA is this?

@Jason Malabute, @Ariou B., got it exactly right in his example. 

With regard to your question about how a lender can actually factor this figure in without first having the units rented out, the appraiser completes what's called a Rental Survey, which is his/her valuation for how much the units could rent for. The lender will follow the Rental Survey and use 75% of that total figure as qualifying income. Hope that helps. 

Also, you can use rental income from the other unit towards qualifying. When an appraiser is out there to do his/her valuation, your lender should also request a rental survey with the appraiser's report. You can use 75% of the monthly rental towards your income

Jason, have you gotten pre-approved by a lender yet? That's the first thing you should do before taking loan advice from your real estate agent. If you are a salaried employee, lenders will qualify you based on your GROSS monthly income. You need to have your credit run so they can incorporate your full monthly liabilities into your debt-to-income ratio. The pre-approval is free and there's no obligation to commit to a lender once it's been done. Let me know if you have any other questions. I am a former mortgage banker/broker

Hi Alex G. Sorry for the delayed response. I somehow must have overlooked your message when you first sent it. Thank you so much for offering to help. Yes, I will gladly accept your GC referrals

Hi @Nechelle Vanias. Thanks for tagging me. Yes, please PM me and let's see what we can cook up. 

Hello all! I'm new to BP, but late to this forum. Anyone still interested in a networking meetup? Hopefully we can revive this! 

I plan on working on my first flip soon and would like to get in touch with some qualified contractors in Los Angeles, CA before I begin making offers. Your referrals for qualified, experienced contractors will be very much appreciated. Thank you in advance! 

I am a former mortgage loan officer from Los Angeles who is looking to expand my existing (but small) real estate portfolio. Seeking new relationships to grow a team. I have a Bachelors degree in Business Administration with distinctions in Real Estate and Finance.