All Forum Posts by: David Acosta

Hi All,

Thank you for your patience through what has been an unprecedented year. While there are a couple of different thoughts on what's safe to attend at this point in time, in support of the healthcare professionals and to aid in slowing the spread of COVID, we feel the need to continue to postpone this MeetUp and other networking events until further notice.

I truly apologize for any inconvenience this may cause. Ultimately, this event will indeed resume and proceed as soon as it's safe and appropriate to do so. Real Estate-wise, there are still a lot of deals being pieced together both locally and out of state. If you need any assistance at all, whether it be lending, capital, or deal sourcing, please don't hesitate to reach out.

Looking forward to getting back together as soon as possible!

- David

Hi, All -
Hoping this note finds you well! Just a quick update, we're still postponed due to the current facility and gathering restrictions. As we move forward, we'll be looking to get creative on the location in the event that gatherings are still limited. I'll be sure to keep you posted on this front, and look forward to connecting soon!

If you should need anything Real Estate related in the interim, please don't hesitate to reach out!

All the best,
David

Congrats to you and your client, @Cassidy Burns.  Primary residence financing is such a powerful tool, especially in high appreciation markets with equally high rental rates.  A great agent, strategy, and the right lending product can go a long way, even in expensive markets.

Hey, @Rebecca Francois -- The earlier you can engage with an agent the better, as they can help iron out some of the market-specific details and give you access to MLS reporting.

As mentioned above, I would dial in on one neighborhood/submarket, and then look to pull data that meets the exact specs you are looking to compare... bed/bath count and square footage.  Neighborhoods can change from block to block, so make sure when you are mapping out the area there is consistency.  Here in southern California, a house on one side of the street may sit on a canyon, while the house on the other side is surrounded by neighboring homes.  At the end of the day, you just want to make sure that the homes are indeed comparable.  

Love the perseverance, @Dion McNeeley!  Congrats on the success and looking forward to following the journey ahead!

Sounds like a great dal, @Carmen Pellegrino - Congrats!  Any before and after photos?  Would love to see that deck!

Hey, @Marcus Wright -- is this 2-4 units that you are looking to owner occupy, or is it 5+ units where you would be seeking a commercial loan?  On the 2-4 units, I would speak with a lender about low money down options.  Otherwise, you could hunt for Sellers who own outright and work to obtain seller financing.  You'll probably have to source these leads and deals yourself. If it's 5+ units, look to find a great deal and bring on a partner to help with your financing gap.  Best of luck!

Hey @Darrell B., if you're looking to get a residential loan, then your best bet will be to source it through someone local to the desired market. If it's a commercial loan, you'll have the ability to source it through a mortgage broker who can be out of state (in your hometown, perhaps) as well.  Best of luck moving forward!

@P R. - got it, then as @Jason Wray mentioned above, a cash-out refinance may be your best option if you're not looking for line access. If this is the case, I would make sure to have Property 2 lined up so that you're not paying interest on a deal that you don't have. Whereas with the HELOC, you'll only pay interest when the line is actually used.

Hey, @Eleazar Aragon - as mentioned above, I would validate rental payments through bank statements.  Cross-reference deposits with the current tenant leases.  I would also consider baking in terms to your purchase agreement that would provide monetary recourse should you discover a unit physically (or economically) vacant during your final walk-through.  In this case, plan to walk the units a week before closing.