Brief Summary:

Ivania Morales is a mortgage loan officer at Paramount Residential Mortgage Group in Downey, California. While she has put real estate on the back burner, that is how she got her start in the industry at the age of 19. In this episode, Nick and Tony ask Ivania their burning questions about loans, properties, and the world of credit scores. They also discuss the current state of the property market, why affordability matters moreover the location when it comes to buying a house, and how someone can snag the best real estate deals of their lives by having a strategy and being patient.

This episode is nothing short of informative, so grab a pen and paper because you’ll be jotting down notes all throughout!

The episode touches on the following key topics and ideas:

• Remote jobs taking over the job market (01:27)
• Ivania introduces herself (04:19)
• Ivania shares her family life (05:04)
• Comparing the real estate industry, mortgage-wise then and now (09:24)
• What is an FHA loan and how do they work? (10:19)
• Why 80/20 loans were phased out and its connection to the mortgage meltdown (12:18)
• When do banks ask for proof of income, especially when you have unusual banking activity? (14:55)
• Ivania on the state of the property market and if a correction is on the horizon (17:42)
• Ivania’s biggest advice to people who are interested in investing in real estate (19:18)
• Buying properties out of state and how property managers can be helpful (21:57)
• Amount of capital needed depending on the unit (23:41)
• Why buying a property as a second home is better than buying it as an investment (25:41)
• Building a real estate portfolio and why being patient pays off (27:24)
• Location versus affordability (28:42)
• How landlords and tenants are receiving rent assistance from Housing Is Key (32:13)
• Ivania’s start as a landlord (34:59)
• Changes that excite Ivania the most at present (38:51)
• The ideal credit score for different types of loans (41:37)
• What guidelines are in place to prevent predatory loans? (43:09)
• Which is the quickest to sell once purchased: a duplex type, a condo or a townhome? (48:10)
• What is the Mello-Roos tax and why does it influence deals? (50:00)
• Why educating yourself is important when you’re looking to buy a house (53:13)
• The advisable amount to have in the bank when you’re buying a second home as a rental (56:43)
• Why you shouldn’t co-sign a card for anyone (58:00)
• What a borrower should know about an investment property (01:00:06)
• A conventional loan versus an FHA loan (01:02:28)
• The highest credit score Ivania has encountered (01:04:40)
• Ivania’s advice on people that hesitate to get into real estate (01:07:53)

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Follow Ivania on her socials:

Instagram: https://www.instagram.com/ivaniar.morales/

LinkedIn: https://www.linkedin.com/in/ivania-morales-4a96a261/