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(former)FormerSanDiegan
ParticipantOne risk is that the whole thing gets flattened in an earthquake in the interim.
Another risk is that the financing you use later will be recourse.
Yet another risk is that someone else jumps out of an airplane to overcome their fears, accidentally lands on your house, srtikes the gas line and the whole place goes up in flames.
Then there’s that whole Apophis asteroid Earth impact risk.
January 26, 2010 at 1:08 PM in reply to: Landlords who try to sneak a home sale past tenants… #505877Participant[quote=SK in CV]They don’t know the property is for sale?
Doesn’t the for sale sign in front kinda give it away?[/quote]
Maybe the tenants are blind.
January 26, 2010 at 1:08 PM in reply to: Landlords who try to sneak a home sale past tenants… #506023Participant[quote=SK in CV]They don’t know the property is for sale?
Doesn’t the for sale sign in front kinda give it away?[/quote]
Maybe the tenants are blind.
January 26, 2010 at 1:08 PM in reply to: Landlords who try to sneak a home sale past tenants… #506432Participant[quote=SK in CV]They don’t know the property is for sale?
Doesn’t the for sale sign in front kinda give it away?[/quote]
Maybe the tenants are blind.
January 26, 2010 at 1:08 PM in reply to: Landlords who try to sneak a home sale past tenants… #506524Participant[quote=SK in CV]They don’t know the property is for sale?
Doesn’t the for sale sign in front kinda give it away?[/quote]
Maybe the tenants are blind.
January 26, 2010 at 1:08 PM in reply to: Landlords who try to sneak a home sale past tenants… #506777Participant[quote=SK in CV]They don’t know the property is for sale?
Doesn’t the for sale sign in front kinda give it away?[/quote]
Maybe the tenants are blind.
January 26, 2010 at 8:54 AM in reply to: Getting a mortgage for investment property these days #505756Participant[quote=briansd1]Residential or commercial investment?
I believe that commercial has yet to fall hard. Wait a while.[/quote]
I assumed by the term “little investment property” that enron was referring to a 1-4 unit property.
Commercial property loans for greater than 4 units play by different rules.
January 26, 2010 at 8:54 AM in reply to: Getting a mortgage for investment property these days #505903Participant[quote=briansd1]Residential or commercial investment?
I believe that commercial has yet to fall hard. Wait a while.[/quote]
I assumed by the term “little investment property” that enron was referring to a 1-4 unit property.
Commercial property loans for greater than 4 units play by different rules.
January 26, 2010 at 8:54 AM in reply to: Getting a mortgage for investment property these days #506311Participant[quote=briansd1]Residential or commercial investment?
I believe that commercial has yet to fall hard. Wait a while.[/quote]
I assumed by the term “little investment property” that enron was referring to a 1-4 unit property.
Commercial property loans for greater than 4 units play by different rules.
January 26, 2010 at 8:54 AM in reply to: Getting a mortgage for investment property these days #506403Participant[quote=briansd1]Residential or commercial investment?
I believe that commercial has yet to fall hard. Wait a while.[/quote]
I assumed by the term “little investment property” that enron was referring to a 1-4 unit property.
Commercial property loans for greater than 4 units play by different rules.
January 26, 2010 at 8:54 AM in reply to: Getting a mortgage for investment property these days #506656Participant[quote=briansd1]Residential or commercial investment?
I believe that commercial has yet to fall hard. Wait a while.[/quote]
I assumed by the term “little investment property” that enron was referring to a 1-4 unit property.
Commercial property loans for greater than 4 units play by different rules.
January 25, 2010 at 4:08 PM in reply to: Getting a mortgage for investment property these days #505581ParticipantWe refinanced our SFR rental property in December.
I believe that we needed about 70% LTV (30% down) for the best rates (we have nearly 50% equity, so I don’t know the exact cutoff), but I think you can go to 75% LTV (25% down), and not suffer signifcant rate increases.We paid about 1 extra point to get the same rate you could get at the time for owner occupied. Our rate was below 5%.
In our case, the income requirements were still pretty ridiculous (~ 50% DTI or more was allowed), so we did not even have to include the income from the rental to qualify. Our lender told us near the end of the process that this requirement was becoming more stringent, however.
Here’s what I would use for rules-of-thumb:
1. assume 25% down payment
2. Assume rates 0.25% above onwner-occ.
3. Assume you need to have a DTI below 45%, excluding the rental income from your income calculation (but including the loan PITI)I am not sure if/how rental income would be included in today’s market for purchase. In the old days (before 2003) a rental agreement was sufficient. But I think there are more restrictions now.
January 25, 2010 at 4:08 PM in reply to: Getting a mortgage for investment property these days #506134ParticipantWe refinanced our SFR rental property in December.
I believe that we needed about 70% LTV (30% down) for the best rates (we have nearly 50% equity, so I don’t know the exact cutoff), but I think you can go to 75% LTV (25% down), and not suffer signifcant rate increases.We paid about 1 extra point to get the same rate you could get at the time for owner occupied. Our rate was below 5%.
In our case, the income requirements were still pretty ridiculous (~ 50% DTI or more was allowed), so we did not even have to include the income from the rental to qualify. Our lender told us near the end of the process that this requirement was becoming more stringent, however.
Here’s what I would use for rules-of-thumb:
1. assume 25% down payment
2. Assume rates 0.25% above onwner-occ.
3. Assume you need to have a DTI below 45%, excluding the rental income from your income calculation (but including the loan PITI)I am not sure if/how rental income would be included in today’s market for purchase. In the old days (before 2003) a rental agreement was sufficient. But I think there are more restrictions now.
January 25, 2010 at 4:08 PM in reply to: Getting a mortgage for investment property these days #506227ParticipantWe refinanced our SFR rental property in December.
I believe that we needed about 70% LTV (30% down) for the best rates (we have nearly 50% equity, so I don’t know the exact cutoff), but I think you can go to 75% LTV (25% down), and not suffer signifcant rate increases.We paid about 1 extra point to get the same rate you could get at the time for owner occupied. Our rate was below 5%.
In our case, the income requirements were still pretty ridiculous (~ 50% DTI or more was allowed), so we did not even have to include the income from the rental to qualify. Our lender told us near the end of the process that this requirement was becoming more stringent, however.
Here’s what I would use for rules-of-thumb:
1. assume 25% down payment
2. Assume rates 0.25% above onwner-occ.
3. Assume you need to have a DTI below 45%, excluding the rental income from your income calculation (but including the loan PITI)I am not sure if/how rental income would be included in today’s market for purchase. In the old days (before 2003) a rental agreement was sufficient. But I think there are more restrictions now.
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