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All Forum Posts by: Catherine McHale

Catherine McHale has started 4 posts and replied 8 times.

Post: Good interest only HELOC is C. Calif for primary home?

Catherine McHalePosted
  • Real Estate Investor
  • Los Angeles, CA
  • Posts 9
  • Votes 1

Thank you!

Post: Good interest only HELOC is C. Calif for primary home?

Catherine McHalePosted
  • Real Estate Investor
  • Los Angeles, CA
  • Posts 9
  • Votes 1

Hello! I'm looking for any recommendations for a good primary home HELOC - interest only for 10 yrs withdrawal period. I am trying to pull out ~$250K-$300K, which should be feasible, as I believe my home is valued at ~$1 MIL +/-. I am really annoyed that is spent 2 months working with Penfed and paid $490 for an appraisal, and their appraisal came back at $840K- I got a HELOC in 2017 and the property was valued more then, and just refi'd and the desktop appraisal (usually more conservative than walk through) estimated $950K. I've researched about 8 others, and many banks/credit unions have lower limits or higher interest rates. Planning to use the funds for my next property acquisition. Thanks for any info! ~Cathy

Post: Note Summit - Newport Beach CA 2017

Catherine McHalePosted
  • Real Estate Investor
  • Los Angeles, CA
  • Posts 9
  • Votes 1

Hello,

I am interested in learning more about Note Investing, and came across the "Note Investor Summit Live 2017," to be held March 3-5 in Newport Beach, CA. 

Has anyone attended this event in the past, and can you advise if this would be worthwhile?

Thanks for any help,

Catherine

Post: How to undertake multiple transactions at once?

Catherine McHalePosted
  • Real Estate Investor
  • Los Angeles, CA
  • Posts 9
  • Votes 1

Hello,

I own a few properties- an SFR by myself, and 2 duplexes with a partner. I currently have another SFR under contract, partnering with a different partner. I would like to accelerate my purchasing before interest rates tick up by getting a HELOC to tap equity on my primary home to use as down payment for the next property, But I think I need to wait until the we close on the current under-contract home, to avoid creating issues with the underwriter. I know there are many folks on here who purchase multiple properties each month- how are you able to do so? Should I be looking for a portfolio lender? Also concerned that each time I apply for a loan, my partners need to submit a certain amount of their financials, bank statements, etc., to show where income/expenses from each property go, Is there a way to streamline this, to avoid having each partner have to provide paperwork for every new deal of mine, even if it does not involve them? Thanks for any help!

Post: Offer on a 1925 "Historic" House in Los Angeles

Catherine McHalePosted
  • Real Estate Investor
  • Los Angeles, CA
  • Posts 9
  • Votes 1

Hi, are you sure they owner can actually get $7K per month in rent?  What is the neighborhood?  I would check Redfin to see the average selling price, and price per SF for 2 bedroom homes in that zipcode, as a reality check.  The "hippy" areas sound like the East side of the city, and I have not seen too many 2 bedrooms fetching $900K.  Also, there are lots of homes from the 1920's around the area, so it should be pretty easy to check comps.  Good luck with it, good price if you can get it for $700K and it does rent for $7K/month.

Post: Renovating my guest house for rental income

Catherine McHalePosted
  • Real Estate Investor
  • Los Angeles, CA
  • Posts 9
  • Votes 1

Thank you Jon and Frank!

Post: Renovating my guest house for rental income

Catherine McHalePosted
  • Real Estate Investor
  • Los Angeles, CA
  • Posts 9
  • Votes 1

Hello,

I recently purchased a single family home with a separate stand alone building, complete with chimney and fireplace, that will make a great studio rental (appx. 400 SF). I would like to renovate the building (there is currently no plumbing), install a bathroom/kitchenette, and prepare the space for rental; I estimate that I will spend about $15K but should receive about $1,000-$1,200/month in rent.

2 Questions:

1: The guest house structure was built in the 30's, as was the home, but the gues thouse was not permitted. From my preliminary research, I believe the construction type (slab on grade with concrete block walls) should be permittable, and the set-backs also seem to comply. Would it be possible to permit the structure after the fact, so any work I do could be permitted?

2: If I decide to rent out both the main house and this guest house within the calendar year that I perform this work, effectively converting the property to a rental property, can I deduct all this work as rental property upgrades? There is landscaping and other exterior work that I want to perform as well.

Thanks for any information that anyone can offer!

Post: how do i make money on rent to own?

Catherine McHalePosted
  • Real Estate Investor
  • Los Angeles, CA
  • Posts 9
  • Votes 1

Hi All, check out the below Bigger Pockets podcast. Wendell provided some GREAT info about how to get started using a rent to own strategy when you have little available funds to work with. Great show! Hope this helps...

BP Podcast 065: Creative Investing, Mistakes, and Bulletproof Vests with Wendell De Guzman