All Forum Posts by: Aseel Yerunkar

@Cornell Clark  I believe by Fannie Mae/ Freddie Mac standards gifts do not count as usable funds.

So you have two options if you're not buying the property with all cash:

You're either going to have to let them season for a month or two so that your bank statements don't show the deposit, or find a lender that does not repackage and resell their mortgage loans since they can be flexible on their terms. These are usually local banks that lend out their own money. 

I second what @Jed Burkey said. A tool for (fairly) accurate comps. Also a tool for estimating rehab costs on an item by item basis based on the local area averages built within the existing BiggerPockets analysis tools. Similar to what home advisor has. For example:

https://www.homeadvisor.com/cost/doors-and-windows/repair-windows/

Maybe you can convince them to let you use their API?

@Jason Martinez @Bryndon Bush @Kina De Santis

Hey Guys, 

Fellow OC investor here in his early twenties. I invest out of state but am heavily considering house hacking in OC for my next project. I agree with Jason's sentiment, due to costs here you would be lucky to break even as far as cashflow goes. But that still beats renting! You're building up equity and taking advantage of California's insane appreciation. One idea I have been considering is doing a 203k loan to find a very distressed property and doing a value add approach (maybe even add an ADU due to all the new incentives) and that would have a possibility to cashflow a tiny bit or break even. Due to the pessimistic outlook with regulation around AirBnB's I think house hacking via AirBnB is only a good idea if you can ALSO make it work with a long term rental in case things go south.

I also attend the meetup in Los Alamitos that Jason mentioned and I can attest to his statement that it is a great meetup but is definitely focused on out of state investors (most seemingly invest in Indianapolis like Jason and I). I would LOVE to do a happy hour or a meetup that is geared towards younger people in their 20's that have the real estate investing mindset and discuss creative ways to house hack here in OC. Let me know what you guys think!

@Melissa Owen Hi Melissa, I just closed my first deal funded with hard money and I have zero experience before this. I was also able to get preapproved with conventional lenders without issue. What exactly are you looking for? Are you sure you’re looking in the right place? PM me and I can help out, maybe even point you to some good lenders.

@Justin Ellis I commend you on your determination. Best of luck to you, I will be in touch through DM.

@Justin Ellis Hey Justin! I’d love to get lunch, PM me with a time that works for you. Are you fairly new to wholesaling?

@Melanie Johnston Thank you Melanie! Sent you a pm.

Hey All,

I live out of CA and will be in Phoenix for a couple days. I'm currently in the middle of a fix and flip in Indianapolis that should be concluded in 2 months. I am heavily considering investing in Phoenix for my next investment, so I wanted to take advantage of being in the local area and network with any of you that know the market well! I'm planning on doing a BRRRR or another fix and flip in a C+ to B area depending on the deal. I have a general idea of where good potential markets are in Phoenix, but will never match the boots-on-the-ground nitty gritty detailed knowledge of someone local. I am about to start calling up every reputable PM and agent in the area, but so far my best contacts and connections have rooted from BiggerPockets so I would love to connect with anyone that is willing!

@Brian Garlington @Remington Lyman Second that! Get the maximum loan amount approvals from a conventional lender and an approval from a hard money lender. I noticed the second I got both of those approvals over to the realtors I were working with they started taking me seriously. It also helped me identify what price range I should realistically be looking at in my search.

@Marc Winter Since you're a local agent, can you explain a bit more about the market around the area? What's sectors does your economy consist of? And how competitive is the market around there? Definitely a new market that I haven't heard tossed around too often.

@Marcus Maloney This is a great breakdown. Learned more through your one post than the majority of this discussion! Way to single handedly close and shut the case.