All Forum Posts by: Shaun Weekes

Hello,
Over the last 8 months I have purchased, rehabbed, and rented out 3 properties in Topeka. I own them all free and clear, but I am Now out of cash & would like to pull cash out of them to repeat the process.

My issue is that I can’t find a lender to lend on ~$40k properties, even at low LTVs. I found one lender that does portfolio loans, which allowed me to hit the minimum loan limit, but they required property values of $50k for each property even inside their portfolio. 

Any leads on someone who has a very low loan limit or will do a portfolio to hit it would be greatly appreciated!

Any thoughts out there?

I have a W2 job, greater than 800 credit score and only 2 mortgages. I was looking to get pre approved on a mult family today and the bank will not approve. Im using a HELOC for the down payment, which is 25%. They indicated my debt was too high. How do I go about getting this multi that I am interested in ?

Investment Single Family Home - We signed a contract with the builder 6 months ago for $640K, 1638 sqft in Folsom Ranch with closing in early September. The interest rates since signing the contract have shot up drastically.

30 years fix, 20% down it will be -$900 per month negative cash flow.

6 months / 6 months SOFR AMR at 3% rate, 20% down it will be -$200 per month negative cash flow. This loan has a 5% rate cap; that will take the negative cash flow to -$800 per month. 

Based on current market conditions I am thinking of backing out. Any thoughts on what I should do.

Should I get pre approved before I even find a deal or do people usually wait until the deal comes across there desk an then during the offer they do a finance contingency during the offer process

Is it true that 6 months of mortgage payments is needed as an emergency fund before the closing of your loan on a multi-family property? If so, is there any way around this requirement? Is this requirement for every lender or just some? 

Hi everyone!

So my question is pretty straightforward. I am a new Real Estate agent and I wonder if I should Americanize my name to gain that initial connection with clients? A lot of people have difficulties pronouncing and remembering my name, and I wonder if I would have more success if I use a more common name. I do go by Sophie sometimes, but it is not my legal name. I wanted to reach out to you guys and see if I can get any inside insights. I want to establish my name and brand in the real estate field and thought I should decide now whether I am going to go with my legal name or a nickname. Quick background on me, I am originally from Israel and moved to FL about 6 years ago. My name means Sapphire in Hebrew, I like it a lot but wouldn't mind having other people call me by a different name if it significantly improves my business. Thank you all!

I (21M) have been wanting to get into the real estate investing space for some time and am looking to purchase a multifamily to house hack. The main issue I’m facing is that I have only been working in my current job (first ever salaried position) for ~8 months, as I was in college last until last May, and I understand that 2 years of consistent income is considered a requirement for lenders. I had a few short stints in part time jobs in college, but nothing consistent. I now make 68k and have been saving like crazy, which along with some investments I made with money from my high school job gives me around 80k to play with. I also have a good (~780) credit score and no debt.

I currently have my eyes on a fourplex for $500k, which according to my calculations will cashflow ~$350 with me living in one of the units, and then ~$1,850 should I decide to move out and rent my unit (this accounts for mortgage payments based on a 3.5% down FHA loan, insurance, property tax, repairs, capX, and vacancy). My plan would be to live there for the year required by the FHA loan then move out and rent out my unit. So given this plan, what are my odds of getting approved for an FHA loan given my limited employment history? Am I setting my sights too high by pursuing a $500k house, and would I be more likely to qualify on a less expensive one? Is it worth looking into conventional loans with mortgage insurance as an alternative? I'm aware that there are other methods of creative financing (bringing in a partner, seller financing, etc) but I'd like to avoid complicating things with a partner if possible since I am able to afford the down payment and would like to manage the property myself. I also don't believe seller financing is an option for this property.

I’d welcome any comments or suggestions on the situation!

Hi,

I have bought my SFH with FHA 3.5 down. Now my property got appreciated more than 15%. Can I request my lender to remove PMI without refinancing ?

Bought on : 12/15/2021

Hello All!

I need recommendations for contractors experienced with the FHA 203(k) program in Los Angeles and Ventura counties.

Thank you!