All Forum Posts by: Christopher Rogers

Hi Bigger Pockets!

I am in escrow on a 2 bed 1 bath in Covina, CA scheduled to close 4/10/17. It has blue prints for adding on a master bedroom, bathroom, and a laundry room. My strategy was to utilize a FHA 203K loan. However, I found that 203K does not allow for additions. So, here I am... What would all you savvy investors recommend? Hard money, private money/investors personal loans, etc? Are there construction loans out there that are worth looking into? After the addition and renovations are complete, I plan on refinancing to pay off any loan I utilize for construction. Any links to prior discussions and/or recommendations would be greatly appreciated.

Purchase Price - $385K

Reno - $85K 

After Repair Value - $525K+

I am preparing to sell my home in Glendora, CA.  But I am being given different answers when I ask about selling with a HERO Program Loan attached to a property.  My mortgage brokers are telling me that I need to pay it off.  However, when I go to the Hero Program Website (https://www.heroprogram.com/faq) I find the following info:

"Q: Can I sell or refinance my home if it has a HERO assessment?

A: Yes, homes with HERO assessments can be sold or refinanced at any point. When a HERO improved home is ready to be sold, we offer a variety of options that may be available to you, including transferring all or part of any remaining HERO balances to the new owner. Subordination of the HERO assessment, if required by your lender, may also be available."

Has anyone else ran into this issue?  Or are there any lenders out there in the Southern California Area that are willing to assist me with this transaction?

Hello,

I am on the fence on whether I should refinance or sell my investment home. I think I would be more likely to refi if I can get a cash out refi with a L/V of at least 85%, and more along the lines of 90%. Does anyone here know where I can get this type off refi? Or if it even exists? I keep hearing 75% is the max L/V. I currently have a 15 year mortgage, 13 years left on the loan, at 3.375% APR, with a good amount of equity in the property.

Thanks,

Chris 

Unfortunately not, my friend.  Once you buy a zip code, that's what you're stuck with since it can't be transferred.  

Haha!  That is hilarious @Russell Brazil!  It would be so great if Zillow would pay the agent.  I know Redfin is free when becoming a partner agent.  Which is great, but they take 30% of the commission; 15% for themselves, and 15% back to the client.  Or 30% to Redfin if the transaction is in a state that doesn't allow the 15% back to the client.  I didn't qualify because I don't have at least 15 transactions under my belt. =/ But I plan on re-applying once I do have that experience.  Some may argue it's a steep commission cut, but the way I look at it: I wouldn't have had that lead if it wasn't for them providing it in the first place... Food for thought...  

@Neil G. I'm not sure what service Zillow is providing you.  What I have purchased is what they refer to as Impressions.  Which means the amount of times I would pop up when someone is viewing an individual property in the zip code I purchased.  I purchased impressions in the Rancho Cucamonga zip code.  So, the hope is that someone interested in purchasing a home would choose me as the agent to represent them.  This cost 20X the $10/month you're paying.  And the cost is much higher in other areas.  I.e. I was quoted $831/month for 10,300 impressions for Chino Hills, CA.  Yikes!

I am in no way promoting Zillow.  In fact, as you read through the other replies, you'll see that most other BP Members are saying it's worthless.  So proceed with caution if you do purchase advertising from them.  The reason I did it is because it provides "cold online leads."  It's simply meant to be a passive way to obtain leads.  Nothing more nothing less.  

Hello everyone,

My friend reached out to me, and asked me to help him find a place to rent in San Diego; preferably North Park.  Below are his specs.  I'm hoping I can find someone that is looking for tenants to fill their SD Property.  If you want more information, please email me. 

"Here is some information about what we are looking for.

My girlfriend and I work for the same company but in different locations.

There will be a strong possibility of her transferring to my facility in Poway next year.

The exact timing is not set yet, but it is anticipated to happen early next year.

We want to be proactive and start looking to rentals so that we can take our time and really find a place that will meet our requirements and budget.

We are looking in the North Park/Claremont mesa area.

A central location would be nice with easy access to freeways since we will be driving to Poway for work every day.

Ideally we would like to find a place for $1K/month, but we would also entertain options for $1.2K/month.

Noelle (GF) would like to have a washer/dryer in the unit.

Pet friendly (dog) would be nice, but it isn’t a deal breaker.

Studio or a 1 bedroom is what we are looking for to keep costs down.

We don’t want to be too far from work.

oIdeally 30min-45min drive to Poway.

We intend on hosting often, so a floor plan that can work for entertaining guests would be nice (not a deal breaker, but something that is helpful)."

Thank you for the link and the feedback.  Just to follow up, I did in fact become a Premier Agent.  After heeding your warnings, reading many reviews, watching you tube videos, and reviewing the services to be provided, it seemed like a viable option for me.  

Is it a good service?  I don't know.  What I do know is it does provide some leads in a passive capacity; which is good for my current situation. If nothing else, it will give me the practice a newbie like me needs to converse with leads.  Even if they are bad leads.  It'll be interesting to see how this works out.  All that in mind this is just one facet of my marketing.  I like David's suggestion about farming direct mail.  I'll be sure to do that and other techniques discussed here at BP...  I'll also be sure to revisit this post in 6 months time or so to share with the community my experience as a Premier agent.  Wish me luck!

Hi All,

I was cruising the internet and downloaded a free guide on "how to hold a successful open house" provided by Zillow.  Shortly thereafter I received a call from Zillow asking if I would want to become a Premier Agent.  After talking to the sales rep, he explained that there are only so many zip codes that are actually still available for premier agents.  I guess there are only so many "slots" or agents they allow for any given area.  

This scenario sounds like it could be a great way to market myself, as many prospective buyers search Zillow. However, it also sounded like a sales pitch. So, I'm calling to all of you: savvy investors and seasoned brokers/agents. Is this a good opportunity to build my leads, get to network with potential buyers, meet potential investors, and close deals? Or is this simply a sales pitch from a company? Since there are only so many agents allowed in each area, are the remaining areas unfavorable in regards to ROI for the purchase of the Premier Agent subscription? I.e. Monrovia, CA is unavailable. But Baldwin Park and Azusa, CA are still available. Full disclosure: I frequent each city I mentioned, but my concern stems from the fact that some cities are not available and others are.

Thanks,

Chris 

Thanks, Larry.  I appreciate the candid feedback. Perhaps BPOs isn't a good fit for a new guy like me after all.  I am a wiz at excel with years of professional experience with project level finance.  I wonder where those skill sets would fit for someone green like me... In the meantime, I'll continue doing what I'm doing; listening to podcasts, learning, and hopefully making a few sales here and there.  Thanks again. 

Hi Everyone!

I was up late one night searching for lucrative ways to increase my real estate knowledge.  I found a ton of articles about BPOs.  But nothing specific (nor helpful) on how to enter the BPO market.  This seems like a great strategy.  I can learn the local market, and get paid a decent amount for the time spent on my analysis.  Can anyone point me in the right direction on how to get started?... And not only for BPOs, but any other way I can make a little money for my time and effort.  What attracted me to BPOs is I can work on them on on a somewhat flexible timeline (i.e. deliverable based).  If there is anything else out there that offers compensation without a restricted (i.e. 9-5) timeline for analysis, digitally filing paperwork, working through a database, etc. I am all ears... I'm an agent who is closing my 2nd transaction Friday (woo hoo), and would like to gain some momentum in my real estate career.  Any advise is appreciated.  

Thank you all in advance!

-Chris