All Forum Posts by: Timothy Jung

@James Mc Ree Thanks!

Hello all,

I own a rental property in the Seattle area where we experience frequent rainfall. Recently, my tenant reported a liquid pocket on the wall, indicating water leakage either from the roof or the gutter. I contacted a regular water restoration company, but they informed me that they couldn't assist as it wasn't caused by any plumbing issue. Could you please advise on which technician I should call to identify the source of the leak?

I have a very generic question and I just want some opinions from investors in Los Angeles. 

Let's say if you have about $200K cash, annual income of about $130K and no other loan under me, what would be the price range you would be looking at for 5+ unit multi family in Los Angeles? 

Of course I have to analyze details and every properties are different but I just wanted to get some generic numbers where brokers will not think I am not daydreaming something nonsense. 

Hello, @Nicholas Scatton thank you for your opinion! 

So my mortgage payment is $1400, HOA $575, insurance $60, property tax $ 479 and auto loan $276. Then my DTI is about 40% with the auto loan and 37% without it.

If my mortgage payment was $2000, DTI would jump to 49% with auto and 45% without it.

Is it normal for the banks to calculate monthly mortgage payment differently for ARM?

Hello, 

I am a newbie from LA california who is hoping to start a REI journey!

I bought a Condo on 2016 which is now worth about 600k( Zillow estimate) and I have a principle balance of 316k. I got 1/7 ARM at 2.87% rate back then.

Recently I applied for HELOC to buy another property and got rejected since they thought my DTI was so high. But when they were calculating it, they assumed my mortgage interest rate higher than my current rate since its ARM and they wanted to assume the worst case scenario. That ended up increasing my monthly mortgage payment higher than $2000 (currently I am paying $1400) which increased my DTI significantly.

What do you guys think is the best strategy at this situation? Should I refinance the property to a fixed rate and apply again even though I will no longer enjoy my low interest rate? Or should I shop around other banks to see if they can make it happen? 

Any opinions will help!