All Forum Posts by: Scott Raitt

Congrats on making the leap to make it happen. Cash flowing negative isn't necessarily bad if the upsides are there or likely to be there. Everyday living and servicing any other commitments are a reality though. In short - need to have a discussion in more details with a pro on what the overall picture looks like and see as on the whole - a long term hold will work out with appreciation nearly always. BUT you need to afford to maintain and service it. If that's going to hamper your finances lets get to the bottom of where you stand and what can change to improve it.

 Heloc, Heloan or Refi options are open to you. The lowest rate of which being Refi. Best to have a conversation about what real estate you own and your need for the capital to know which option is best. 

If its construction, need a contingency and stage payments over longer period might be HELOC. But rates are the highest and adjustable. Payments are int only and can re-draw for 10yrs. So as you see pluses and minuses. Same with the other options.

Fixed rate. Have to take all the funds. Can't re-draw after paying down. Etc etc. Happy to have a conversation about all the options and all of the pros and cons. DM anytime. 

For low ltv Banner Bank Escondido, SD have shown great options. No fees and lower rates.

For higher LTV I can access up to 95% but comes with a fee. If need contact at the bank I know the manager who is also the loan officer. PM for more.

 Hope there was no loss of funds for you. Mortgage rates may get a little better also now debt ceiling issues are subsiding. If you need any help with new property search or questions on Lending fee free to message.

 Hi Rene, there are lenders offering this right now. The lowest rate and fee providers aren't so its not free/cheap money but what it can do for you obviously is the trade off. Leverage to make bigger gains with the construction- good for you. Happy to talk more - feel free to DM

Hi. As a lender I analyse the max potential property/ mortgage first then would use mbs highway investment property analyser after if want to see if stacks up on its own or how much you would need to cover personally if there is a shortfall. 

please DM with any follow-ups

Not just experience to consider. Existing equity in the property that would cover the funds required is the easiest, cheapest, fastest way yo approve this. If its not there and will rely upon the future value then you may need to give up whatever rate you have on the existing and cash out refi w construction loan where can use future/finished value to support the loan but will need to be done with licensed contractor not a self build situation then. 

DM if have follow ups.

I'm in Escondido but know Realtors in the area on Hemet if you need some guidance or advice. In any case I would first look at pre-approval for Lending. Rental potential is also assessed as part of the lending / pre-qual if relying upon it so could give an idea if have a property in mind. 

I do have contacts in property management also that I'm sure could give an indication to you.

Good luck and feel free to DM if you have follow ups.

Hi Van, currently seeing the properties that are on the market a little longer than the well priced options are ones asking for top dollar. Those ones that are on for 30-90 days in SD County and are dropping prices to gain interest. Creative financing can get you into these homes at low rates for an initial period. Using the price cut or even a further credit from the seller... could secure you a 3,2,1 temp buydown which would get you high 3's low 4's rate for first year.

if you'd like to ask questions or talk more plz DM

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