All Forum Posts by: Christian Bachelder

@Amber Jeter Happy to help! 

Unfortunately, fires are part of living in California. Hopefully that value keeps rebounding and you can utilize that growing equity sooner rather than later. You definitely have options, including a HELOC on your primary to free up funds for investing. Let's hop into a private message thread so I can get a little more detailed info so I can advise correctly. I'll send you a PM right now.

Hi Amber and welcome to the great resource that is Bigger Pockets!

Having these two properties paid off is a great place to start. Is it possible to build on the 10 Acres you have? What is the zoning? What is your forecasted ARV for the 250k property? These can be huge determining factors in deciding what the best move might be moving forward. I run a real estate and mortgage brokerage out of LA so if you ever have any questions with creative financing or forecasting properties values, I'd be happy to help. Let's connect sometime!

Hey Brandon and welcome to BP! It is such a great resource for those starting out on their path to a better life of financial independence!

I would love to connect sometime. I run a real estate and mortgage brokerage out of Los Angeles and am very familiar with the Long Beach market. If you ever have any questions about loan options, and how they may fit your needs with a specific property, I would love to get in touch. Always happy to help out even if it just leads to a word of advice. I'll drop  you a message as well with my contact info. 

Good Luck!

Hi Daniel!

Great to e-meet you. Hope BP is answering many of the questions you may have. It is a great resource. I run a real estate, mortgage, and insurance brokerage in LA and am always looking to connect with other investment minded individuals. If you ever need a referral for financing, no matter how creative, I would love to be of assistance. Let's connect sometime!

Hi @Prabhu Shetty and welcome!

I run a mortgage and real estate office in LA and have worked for multiple investors looking to get into the SoCal rental game. Not the best place for cash flow with the current prices where they are, but there are definitely opportunities if you know where to look. I'd be happy to answer any questions you have or provide any guidance during the process in either finding or financing the property. Drop me a message anytime.

Hi Brian,

I am a real estate/mortgage/insurance broker in Los Angeles. Let's connect!

Happy to help you out with finding which financing options would best fit your unique scenario.

@Yannes Chiang

Perfect. Looking forward to helping you out.

@Yannes Chiang Hi Yannes, If you are still looking, I have references to a number of out of state lenders I work with who can do this deal. I am a licensed mortgage broker, for clarification. Shoot me a PM if interested. The 5.5-6.5 rates sound pretty accurate to me. Loan amount shouldn’t be an issue.

@Mattaniah Yip Hi Mattaniah, I’ve actually dealt with this exact problem before with one of my clients looking to do almost identical to what you are trying. I would recommend against FHA. The proximity of the second property and the fact that it’s essentially a “downgrade” (even if not so in your eyes) would trigger most underwriters to deny the loan app. You can do a 3-5% down owner occupIed conventional loan and probably have a better chance of getting it through underwriting. I know of a pretty good conventional lender who is allowing future rental income to go towards the qualifying ratios with very few questions asked outside of a signed lease. Feel free to reach out anytime! Not trying to steal anyone’s business, but a fresh set of eyes on a case never hurts. Happy to help, even if you go elsewhere to close it.

Agreed, just the fact that you are having this question is a bad sign of your lender.