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All Forum Posts by: Deepak Arora

Deepak Arora has started 16 posts and replied 42 times.

Post: Mortgage Broker in Sacramento

Deepak Arora
Pro Member
Posted
  • Rental Property Investor
  • Bay Area, CA
  • Posts 43
  • Votes 8

Kevin Oto at Green Haven Capital is awesome!

Post: Midterm rental prospects in Rocklin

Deepak Arora
Pro Member
Posted
  • Rental Property Investor
  • Bay Area, CA
  • Posts 43
  • Votes 8

Thank you so much everyone! My BP Community is the best :))

Post: Midterm rental prospects in Rocklin

Deepak Arora
Pro Member
Posted
  • Rental Property Investor
  • Bay Area, CA
  • Posts 43
  • Votes 8

Hello Folks,

I've a single family investment home in Rocklin that I'm thinking of converting into a mid-term rental. It is near the Stanford Ranch Road and 3 mins from Roseville. Does anyone have any experience in mid-term rentals in the Roseville area that I can touch base with? I'm a realtor and I'll highly appreciate that :)

Thank you!

Post: 2Bed Condo in Sunnyvale, CA > 700k (next to Apple/Walmart Labs/LinkedIn)

Deepak Arora
Pro Member
Posted
  • Rental Property Investor
  • Bay Area, CA
  • Posts 43
  • Votes 8

Dear BPers,

I've a condo listed currently on-market in the heart of Sunnyvale for $695k. It is a 2 bed/1.5bath updated unit with 1 carport and 2 parking tags, with reserved parking. HoA is $441 and includes water, sewer, garbage and common areas. Seller spent about $25k back in 2018 updating flooring, kitchen, bathrooms, appliances, including water heater. This is an area where the condos appreciate more than single families in most parts of the country. Few mins walking distance to CalTrain Station and Sunnyvale downtown.

Expected rent-rolls: $2,800-3,000.

The seller himself got an offer for $785k back in 2018 but didn't wanna sell :)

If you're cash buyer, he may give some discount. And If you don't have an agent, it could be even more $$This is equity waiting to be owner. Let me know if you're interested.

Thanks for reading :)

DeEpAk

Post: First Rental Property

Deepak Arora
Pro Member
Posted
  • Rental Property Investor
  • Bay Area, CA
  • Posts 43
  • Votes 8

Hi @Raj Singh,

Kudos to you on preparing yourself mentally to start investing in real estate. That is a big first step.

I've sent you a DM based on a recent real life example. All numbers, no emotions :) 

Please check when you get time.

Thanks

DeEpAk

Post: Pet Cats in SFR rental

Deepak Arora
Pro Member
Posted
  • Rental Property Investor
  • Bay Area, CA
  • Posts 43
  • Votes 8

Thank you @Kushaal Malde. Yes, I've asked my property manager to do the same.

Post: Pet Cats in SFR rental

Deepak Arora
Pro Member
Posted
  • Rental Property Investor
  • Bay Area, CA
  • Posts 43
  • Votes 8

Thank you @Kar Sun and @Ranjit Sandhu for your inputs.

Ranjit, it is a 3 bed 2 bath home, more than 1500 sq ft living area. 

I rehabbed it so it has brand new LVP flooring throughout and new exterior paint. Needless to say, excellent schools. I am asking $2,500 now.

Post: Pet Cats in SFR rental

Deepak Arora
Pro Member
Posted
  • Rental Property Investor
  • Bay Area, CA
  • Posts 43
  • Votes 8

Hi All,

I recently acquired a house in decent condition in a beautiful neighborhood of Rocklin, CA.

I did some rehab, mainly updating the entire flooring with LVP and repainting the exterior.

The market is slowing down and it is reflecting in the rental applications as well. However, after keeping the house on market for about 3 weeks, we've received an application from a couple living in the neighborhood. They have a small emotional support dog and also a cat. When I read the forums on rentals with pets, it seems like most people are ok with the dogs, as long as they're trained and one of the breeds in the generally accepted list of pets. But most people do not prefer to have cats. 

Based on what the prospective tenant tells me, her cat is well trained and she has had no issues with him in their current or previous rental. 

Any insights anyone can share here for their experience in pet cats in rentals would be highly appreciated.

Thanks

DeEpAk

Post: Refinance after cash purchase

Deepak Arora
Pro Member
Posted
  • Rental Property Investor
  • Bay Area, CA
  • Posts 43
  • Votes 8

Thanks Joe. I was waiting for your reply :)

Post: Refinance after cash purchase

Deepak Arora
Pro Member
Posted
  • Rental Property Investor
  • Bay Area, CA
  • Posts 43
  • Votes 8
Quote from @Andrew Postell:

@Deepak Arora keep in mind that Fannie/Freddie is just ONE type of loan....there are others. So would transfering it to an LLC be of any use...no to Fannie/Freddie. But other loans might not even care about any seasoning at all.

Generally speaking there are 2 main types of loans for investors: “Conventional” and “Portfolio”

Conventional - I'll define these as loans that come from Fannie Mae and Freddie Mac (if you recognize those names). These loans are all 30 year fixed rate loans. They have the lowest rates we can find and since they are 30 year fixed...they allow us to cash flow better...which helps us qualify for other loans later. The draw back to these loans is that they are more paperwork heavy than the other "portfolio" types of loans....but if you have ever received a loan on your primary home, it's likely that you will go through the same type of paperwork here with conventional lending. Fannie/Freddie money = Fannie/Freddie rules. NOT the bank's own money.  These are the ones that have the strict seasoning.  Lenders are allowed to be MORE strict than their guidelines...but not less strict.  

Portfolio - I'll define these loans as loans that come from the bank's own "portfolio" of money. Sometimes referred to as "commercial" loans. These loans are a lot more flexible than "conventional" loans. Bank's money = Bank's rules. If they like you, then maybe they will lend to you. But since there is a limit to how much money the bank has access to....their rate will be higher...and usually a shorter term. The most common portfolio style loan in Texas is a 20 year adjustable rate loan. These loans are easier to get but the terms are different.  These may not care about anything that we mentioned here....but there are some that might even require MORE seasoning.  So it just depends on the lender.

How do we know which lenders are more flexible for us as investors?  Read this post HERE on how to find good, real estate investor friendly lenders.


 Thank you for your reply again Andrew Postell. What a wealth of information 🙌