All Forum Posts by: Tim Lee

@Eliott Elias No I was hoping that it might increase the value.  While my property is fenced, I never paid for a survey of the property, don't know if it's necessary.  Thanks!

I just recently received a letter about a public hearing regarding a change request of 12 acres of land from single family residential zoning to planned development zoning.  This area is within 200 feet of my rental.  As a new investor, anything I should consider?  I'm assuming this is a good thing if it comes to pass.  

@Nick Belsky  Thank you for providing that clear example!  

@Timothy Hero Thanks for the explanation. Also, good to know about non-qm/DSCR lenders!

Hi,

I recently heard that investors may not want to take too many deductions because that will affect their DTI and the ability to get loans. Can someone explain this in greater detail? Thank you!!

@Daniel Kim Good to know.  Yes, totally agree!  Prefer to have some kind of relationship with folks as opposed to responding to a computer generated email, etc.  

Just one last question - if I do a cashout refi, the seasoning period is 6 months and then I can use the ARV for the refi, correct? I definitely don't want to use my purchase price, lol.

@Daniel Kim - Thanks for the advice!  Any specific reason why going with a local lender is better?  I'm assuming it is because they know the various neighborhood, etc.  

@Michelle Foy - Thanks for the example.  Yes, will definitely shop around!  

@David M. - I'll send you a message for your loan officer!  Thanks for the insight on origination fees.  Very helpful!  

@William Miller - I got a HELOC on my primary residence, not on my rental. I used cash to purchase my first property and used the HELOC to purchase my second one. Looking to do a cashout refi to pay off the HELOC and free up the cash and look again!

I'm an out of state investor and I have 2 rentals in DFW. In 2022, I'm looking to do a cashout refinance. I purchased one with cash and the other with my HELOC. Since it's my first time doing a cashout refinance, any advice would be appreciated! Not sure if I should look for lenders in Texas or here in California and how many lenders should I talk to? My insurance agent thought that both properties could be refinanced at same time at a discount? Again, thanks for your help!

@Account Closed I'm a rookie investor in California and investing in DFW market.  Would definitely be interested in joining the mastermind.  Thanks!

If the cash on cash return is the same for 2 properties on the market, but one needs rehab and the other does not, which is better for tax purposes (deductions, depreciation)?  Sorry if this is a very basic tax question!  Thank you!