FItRealtor blog

August 10, 2018 by Edwin Baloloy

Just because your house didn’t burn doesn’t mean you’re not eligible for FEMA relief

When I reached out to my mortgage servicer to make a payment earlier this year, I heard the usual script from the representative on the phone:
“Has any of your contact information changed?” NO.

“Are you on active military duty and need assistance?” NO.

“I see that your address in in a FEMA disaster area. Would you like to hear more about mortgage assistance?”

Stop right there. What does that mean?

At first, I thought it only applied to homeowners who had their homes burned to the ground or damaged to the fires. NOPE — it also applies to homeowners who’s income was affected.

Just to be clear, FEMA does NOT give direct assistance to homeowners. The assistance and programs are done through Fannie Mae and Freddie Mac (Government sponsored enterprises who provide a secondary market by purchasing mortgages). I currently don’t know if FHA loans are eligible. More on that later.

Here’s the details on assistance from Freddie Mac’s website:

Here’s the screenshot from Fannie Mae’s KnowYourOptions website:

How do I know if I have a Freddie Mac or Fannie Mae loan?

You can use the Freddie Mac or Fannie Mae lookup tools. Or — you can contact your lender.

What if I don’t have a Freddie Mac or Fannie Mae loan?

Contact your lender regardless. However, if you can make a payment, continue to do so as it can affect your credit and/or change your loan status and face possible foreclosure.

For FHA loans, they were a bit on the vague side on the HUD website.

DISCLAIMER: Never assume that you’re eligible for assistance. Make sure you check with your lender. Missing payments can have many consequences including negative credit reporting and/or foreclosure proceedings.

August 8, 2018 by Edwin Baloloy

“Buy and hold” deal of the week in Central California

Situated close to Vandenberg Air Base, this 2 bedroom, 1 bath condo in Vandenberg Village within Lompoc, CA is a hidden gem for Vandenberg Air Base workers who want to use VA Financing or investors who want consistent cash flow.

Parking includes a private garage and assigned space.

With a list price of $175,000, investors who place more than 25% down can expect to have positive cash flow. (Buyers to conduct own research and analysis.) Renters should find the Vandenberg Village location and vicinity to the Vandenberg Air Base attractive along with the amenities of inside laundry and 2 parking spaces through a private garage space and assigned outdoor space. Stackable washer and dryer and refrigerator are included.

Zillow’s rentzestimate is calculated at $1,350 per month at the time of this blog.

Affordable Payment for Veterans / Zero Down through VA Financing

Using the Zillow Mortgage Calculator, a VA loan with 0% down is about $1,000 per month for just the mortgage payment! Or $1,600 per month including the HOA payment, taxes, and insurance. After you factor your tax savings on your income, the net payment is likely lower than what you can rent this home for!

Cash Flow Examples

With 30% down, your gross cash flow is about $1,300 (rent) – $1,116 (mortgage, taxes, insurance, HOA) = $184 per month

With 50% down, you gross cash flow is about $1,300 (rent) – $952 (mortgage, taxes, insurance, HOA) = $348 per month

Monthly payment and rental income is an estimate only and will vary. Make sure you verify with your lender and research market rents in the area.

Vandenberg Village is close to Vandenberg Air Force Base

The “Village Greens 2” association is only $250 per month with water and trash included. Low taxes: No special assessments or melo roos.

View full MLS Listing HERE.

July 23, 2018 by Edwin Baloloy

Anaheim Urban Comparison: Ranking the condo buildings by category

If you’re considering the urban lifestyle in the revitalized City of Anaheim, there are 3 high density condominium complexes that often come to mind when blending lifestyle and convenience:

The Domain – located across Anaheim’s Packing District and adjacent to Downtown Anaheim and the Anaheim Civic Center
Harbor Lofts – directly next to Center Street Promenade in Downtown Anaheim
Stadium Lofts – sits on the opposite corner of Anaheim Stadium within the Platinum Triangle.

Public Transportation Access

If you’re one who relies on public transportation, Stadium Lofts edges out from being a short bike ride from The Arctic Center of Anaheim where you can access Metrolink and Amtrak. The Domain, Harbor Lofts and the Stadium Lofts can access bus lines and Anaheim Resort Transportation (ART).

Winner: Stadium Lofts

*The Domain, Harbor Lofts, and The Stadium Lofts of Anaheim all have access to ART – Anaheim Resort Transportation*

Vicinity to Restaurants, Bars, Lounges, and Shopping

I would have to go with The Domain of Anaheim for this category. The Packing District across the street has tons of options and variety of menus featuring Indian, Vietnamese, Fusion, and many favorites such as a prime rib sandwich or even grilled cheese. You also have Umami Burger and Anaheim Brewery. Live entertainment is offered on weekends and has the only speakeasy in the area, The Blind Rabbit.

While the Harbor Lofts is located in the same general area just north of The Domain, it’s a bit farther of a walk. If you asked me 10 years ago, I would’ve guessed the Stadium Lofts. However, nobody could’ve predicted the halt in construction as the plans for the restaurants and lounges on Katella have been delayed while residents stare at the empty construction site.

Winner: The Domain

*Anaheim Packing House is your “anti foodcourt” with an artistic vibe and rare eatery names.*

*Umami Burger and Anaheim Brewery are on the opposite end of “Farmers Park”*

Pool Area

When considering the ideal pool area, I’m sure many will have different preferences. My personal preference blends the overall pool experience I’d expect at a Las Vegas hotel: people watching, a large modern pool with clean water, jacuzzi, plenty of lounge chairs, nearby food and cocktails, and lively music. But of course, it would be too impractical for a midrise condo to have a functioning restaurant that services the pool area, so BBQ grills or a nearby common kitchen area would have to suffice. For the music part, that would be tough too.

My pick would be the large pool of the Stadium Lofts. To date, on my limited visits while showing these properties, this was the only one worthy of “people watching” as they have a nice younger crowd with a blend of ethnicities. The size of their pool is pretty darn close to a junior olympic-sized pool. The Harbor Lofts has a nice pool area as well, but the crowd wasn’t as appealing to me.

Winner: Stadium Lofts

The pool of the Stadium Lofts sits in the center of the complex surrounded by a community room with large kitchen, BBQ grills, full gym, and sauna.

*The pool of The Domain of Anaheim sat empty on every visit of mine. While attractive and modern, it’s not even close to being on the same level as The Harbor Lofts or Stadium Lofts’ pools.*

Fitness Center

The newly renovated gym area of the Stadium Lofts wins this category hands down. With free weights, dumbbells, and plenty of cardio machines, residents don’t need separate gym membership. The Harbor Lofts has a much smaller fitness center while the Domain has no gym at all.

Winner: Stadium Lofts

The fitness center of the Stadium Lofts wins by huge margin in this category.

Resident Parking

The Domain of Anaheim was the first high density design in the area to offer direct-access private garages on select floorplans. The hassle of putting on your shoes and taking an elevator down to your car is something many high-rise condo owners dread. Hauling groceries or forgetting an item in your car can definitely take it’s toll. With private garages, it obviously is the most secure of parking options.

The Stadium Lofts has a typical parking garage, but comes in 2nd place in this category as many residents are able to park on the same level as their unit — for at least one assigned space. The Harbor Lofts has your typical underground parking where you’ll need to rely on the elevator.

Winner: The Domain

The private garages of The Domain of Anaheim offer convenience, security, and is the best way to avoid parking lot door dings while keeping your car clean.

Guest Parking

While all 3 communities have street parking nearby, The Stadium Lofts is the only one with indoor visitor parking. Residents are allowed a finite amount of visitor passes that allow them to exit the parking garage without paying.

Street parking for Harbor Lofts and The Domain can be quite difficult during peak hours of the nearby areas.

Winner: Stadium Lofts

When the Packing District gets busy on weekends, parking can be a challenge for guests for the Domain and Harbor Lofts.

Common Areas

With The Domain having a rooftop deck for viewing Disneyland fireworks and overlooking the Packing district and Downtown Anaheim, this category becomes really difficult. The Stadium Lofts has a recreation room perfect for parties with their pool tables, flat TVs, and industrial kitchen with plenty of fire pits, benches and picnic areas scattered throughout the complex.

Winner: 2 way tie between The Domain and Stadium Lofts

April 11, 2018 by Edwin Baloloy

Latest listing sale in “The Lakes” of Irvine needed problem solving and strategy

*Professional photos increase buyer interest for showings.*

The verdict for 43 Lakepines:

Time on market: 5 days

Total buyers that viewed home through Open House and private showings: 50+ groups

Number of offers received: 7

Sales price: $510,000 Get your Lakes Home Value HERE.

Last sale price of same floorplan: $450,000.

This transaction wasn’t easy by any means. The little details matter when creating a solution to sell a condo for the most money — in the shortest amount of time.

Some of the challenges included:

Sale was needed in order to complete purchase of another property. (Move up seller)
The 1st buyer cancelled escrow. (Sold to a backup buyer immediately after.)
Appraisal comps in The Lakes were as low as $415,000 for a recent short sale and only as high as $450,000.
A rent back needed to be agreed by both parties