Assessed value are what property taxes are based on. They often do not reflect market value. Some towns base them on a percentage of value. Some at only 90% while other set their assessed value at say 110%. Any good agent can complete a bpo and tell you what the property is worth in todays market to know if it is a deal... more
Hello Refub, you will need to qualify and have 15% down for the purchase of an investment property to rent out. You may possibly consider the 203k loan to remodel your rental properties.
You will need to be pre-approved to be able to meet an agent to view and submit offers on any homes of your choice. You will need to gather some documentation for each applicant.
Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.
If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve any agent can email listings to fit your search criteria. Your email address is needed to set you up for the automatic daily updates.
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
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You have a couple of risks, I had a customer buy a house with a converted garage about 6 years ago. The city came by and made him take it out. The thing is on a purchase the city really does not interfere, the Termite inspector or property inspector can really only say what is to code.
Permits are hard to understand, the description the city will give you of the upgrades are very vague, to know what is permitted or not you must look at the the blue prints, though the city has a copy of the blue prints they will not show them to anyone, because the architects are quick to sue the cities for copyright infringements if you do. You can just bet t hat someone has been down to the city asking about this, and if you buy the house, the city will show up and demand you pay the cost to put it back to permit condition.
If they lender catches wind of any of this, you will be declined.... more
Here's everything you always wanted to know about 90004 Real Estate numbers and trends that you never dared to ask (kidding.... you actually asked for it :) ):
When after years of cold market, a market starts growing and goes high, we may think it's time to sell. Unless it's only the beginning. I think it's going to grow 5-10% per year for several years ahead.
I double date this here so that we can come and check within a few years. It would be fun to check back :)
A salesperson may not accept compensation for licensed activity nor pay compensation for licensed activity except through the broker under whom he/she is at the time licensed (CA BUSINESS AND PROFESSIONS CODE SECTION 10137).
If what you did were an activity requiring a real estate license (Section 10131), then it would have to go through your broker.
If you used your real estate license, you would have to follow the rules that apply.
If it were unlicensed activity, then it wouldn't matter that you have a license for that transaction.
Only you, with advice from your attorney and/or broker, can decide if it were licensed activity.
My opinion is that if you help others with the purchase, sale, exchange of real property or business opportunities, and receive compensation, you need a broker license or a salesperson license and be employed by a broker.... more
I believe most loan officers want two years income plus financial docs ( W2's tax returns etc.). I work the greater Los Angeles and Westside Market and have never seen an income property for the price you are indicating. If you can use the cash you have as a down payment on a loan, that might be a possibility. I believe the average price for a one bedroom condo that you might be able to use as an investment is much higher .... more
It's disheartening to hear about the poor service you received from your agent, but it does sound like you are in escrow and will complete the transaction with this person.
You can complain to the Broker in the office where your agent works and perhaps some resolution could be reached.
I actually never heard of an agent paying for termite treatments, inspections are sometimes done at no charge though. If you cannot get satisfaction from the broker you may need legal advice at this point.... more
Lowell Sterling is correct, you will be signing something saying that you will be living in this property. If HUD finds out that you are not doing so, they will call the loan due and foreclose. They do verify these things for one year.... more
The CCRs and By-Laws are delivered to escrow from management company. Never heard of 0% rental units allowed. Given wrong information. This information helped you determine purchasing property. I would check with a real estate attorney and or California Dept of Real Estate.... more