All Forum Posts by: Arthur Nunez

I currently have 3 SFH but am running into a problem of trying to get my cash out so I can move onto the next project. They are all FREE AND CLEAR. The first (in North Dakota) is rented for $2,000 a month, the second (in North Dakota) I am owner financing for $2,000 a month, and the last one (in California) is about a month from being completed and I anticipate getting about $2,500 a month. The first one already has a buyer and I am closing that one in four-five months for a selling price of $295,000. The second one I am carrying the loan and that is for $260,000. The last one is being listed for $350,000 in the next two-three weeks. So I have about $900,000 in assets and no cash to move forward. I do not want to get any a mortgage but I would like to get a HELOC so that I can pull out the cash I need to star the next two projects I have lined up. Does anyone do that or know of any banks that work on that?

It will take place in CA

I have several projects under way in North Dakota that ill be completed by the end of the year. At that time I will have about $150,000 in cash, plus I will have another $50,000 from a side investment around the same time. I want to use that money as a "down payment" to finance the construction of several single family or multi-unit rental properties. I then want to convert those loans to long-term mortgages. Does anyone have any recommendations regarding where to look for this type of financing? Thanks in advance for the help!

Arthur

Hi @Greg Downey do you recommend any brokers in the southern CA area?

@Logan Allec I saw an opportunity to take advantage of the high demand for homes and I had a builder ready to build in the area so we went for it. I am still not entirely done with the area. I have worked with my builder to get a more affordable, yet still desirable home designed. I have shopped it around in the local paper and to local real estate agents and for I am getting a lot of interest. The market has definitely changed over the past year and now I have to alter my plan. At first I was building larger homes that could also produce rental income of their own, rent out the basement, and were priced around $400,000. But now I have downsized and am targeting individuals that want to purchase and live in ND long term.

I believe that with the upcoming election it has only caused more stress on the housing market in the area because people do not know what changes are coming. But I am in a good position right now because my builder is keeping busy with smaller jobs so I am able to wait till next year to start building again. And I do want to give ND some more time before I move on to another area. 

@Michael Lee I have actually thought many times about Texas. I have heard some rumblings about the markets in areas that have recently been impacted by oil are doing well. I am planning a trip out there soon so I can check it out myself. And because it is a pretty short plane ride from LA I do think it might be my next expansion area. Let's keep in touch, I would like to pick your brains about the area. 

@Ted Fairchild I have never considered Hawaii. I will do some research though!

Hi All,

I have 2 homes, free and clear, in Dickinson North Dakota that i am generating $1500 each in rent per month. I have an opportunity to build 2 more homes and sell them but I am struggling to get financing to build them. Banks are telling me that I cannot use the rental income to qualify for the loan until I have been renting for 1+ years. 

Do you have any ideas on how I could get financing to continue moving forward on building up my portfolio? Any help and suggestions would be greatly appreciated. 

Thanks, 

Arthur

Hi All,

I am a real estate investor from California. I currently own 3 homes, my personal residence and 2 rental properties in North Dakota. I work with a contractor that builds new homes for me that I sell, and sometimes keep. Looking to grow my business in North Dakota and also investigate where else I could go!

Arthur