All Forum Posts by: Scott B.

@Vu Nguyen I have seen many investors convert homes like you are thinking of doing into a permitted duplex. This could definitely raise the value of your property, but honestly I have no idea the specifics of your property so I'm just shooting in the dark. It is a good idea though. Plenty of properties in Seattle don't have a garage

@Sean McCluskey I could not go with SDFCU because apparently I am ineligible. Never did pursue with them and did go with BECU for our rental property. LTV was 75% and interest rate is about 6.75%

Not sure about DTI, but maybe it is similar to mortgage underwriting, ~41% or so

Gotcha, I'll be applying for BECU's rental HELOC and SDFCU's single family home equity loan and see which one I get, or, if both =)

@Nghi Leundefined

Hi Nghi,

Did you ever find a solution to your funding problem?

Very nice! Was it an owner financed property? I'd assume you saved up about 75K a year from your job, for a total liquidity of maybe 300k? That seems almost likely, but you must've gotten some good owner financing since I think it would be even harder to convince a bank let alone a realtor to lend to a 21 year old! Great job!

@Samantha Jee Any news to the outcome of this mess? It sounded like a handful and a half.

@Russell Brazil what kind of information do you need to provide the tenants for them to send rent? Only your email?

If you have used up say 60% of the VA eligibility amount, but are trying to buy another property that exceeds the other 40% of eligibility, say 60% again, can you find bridge financing where a conventional lender coves the difference?

Example:  

VA eligibility - 500K

1st SFR cost - 300K

Leftover eligibility = 200K

2nd SFR cost - 300K

Find a conventional lender for - 100K  (now no down payment needed?)

An agent can influence a novice investor into what they should be choosing to buy. If the agent specializes in TK then the investor may not get what they are looking for, especially if a exclusivity agreement is signed. Of course a solid team is needed, but for some the agent is the first stepping stone to provide guidance and deals for the new world of investing they are about to enter.

@Steve Gay I would think the type of agent you would want is determined on your goals. I would need a Turnkey agent as I do not have boots on the ground there. However, if you are a local to the area then go for ones needing a reasonable amount of work provided you can handle the stress of it.