All Forum Posts by: Daniel Kim

I just did a cash-out refinance on one of my California rental properties from Sep-Nov and it was at 3.5%. I would assume it depends on your credit, equity, etc. My mortgage broker also went with a bank who she thought could get the job done (as opposed to the very lowest rate and dragging it out forever). I actually found her off of BiggerPockets so let me know if you want her info.

I use HighRock Property Management and haven't had any problems. It's actually the realtor who I used to buy the rental property and he's pretty much an email or text away.

Hi, I'm not a mortgage professional but I see that I started the refinance process around the same time you did. I actually found my mortgage broker off of Biggerpockets. On 9/27/20 she said loans were taking around 45-60 days to close. Well exactly 60 days later all three of my refinances were funded. Hope your refinances close soon!

Unless you are buying off-market, isn't there a listing agent already representing the seller? Also are you using an agent to buy? If neither of them can recommend a good property manager, what I like to do is study Zillow rental listings in the area and see if any property managers come up often. Also, if you use Facebook, you can dig around posts in groups like Tampa Real Estate Professionals, Tampa Investors Network, etc. Good luck!

Housing being "affordable" is really relative to where you live. Being from California, everywhere in this country is affordable to us (except Hawai'i). As to why would people rent rather than buy, I've had all kinds of renters that, although they make enough money to afford to buy, are just going to continue to rent (poor credit, high medical bills that caused poor credit, planning to move in a few years, etc.) Plus, the city of Plano consistently makes lists of best this and best that every year, so imagine someone wanting to have their children attend Plano schools but can't afford to buy there. I usually study Zillow listings and/or contact local property management companies to find out about high renter occupancy.

Hi, not sure what part of the country you're in but I think it depends on the area. I've never heard of that in SoCal. However in the Twin Cities area you find those and they're called "twin homes". Still attached like a townhome but no HOA.

I'm no expert on this, just sharing my own experiences on using my equity to buy my next property.

A question for you is, when you say that you are using home equity (from a starter home) to invest in a second "nicer" home, will you be moving into that second nicer home? I'm asking because that's how I bought my second and third property - by moving into something bigger and "nicer" and then making the last home a rental. A conventional lender would have little problem with this because that is what people usually do. Moving down is what would probably be more of a red flag.

My HELOC's are interest-only for the first few years so I guess the implied risks would come after that draw period when you have to start paying back principal. 

Hope someone in the area responds after getting keyword alerts for the three city names. If not, maybe you can post one more time in the Minnesota Forum. Also, are you already a member of the Southern Minnesota Real Estate Investing group?

https://www.facebook.com/South...

https://www.meetup.com/Souther...

Are you working with an investor-friendly realtor? Have you found a contractor that would do the fixing? I have no flipping experience so I would bring a trusted realtor and/or contractor with me. I remember reading a post from last year about this same issue so hope it's hopeful.

https://www.biggerpockets.com/...

Would this be an inspector who is like a friend and just giving you advice? An inspection costs hundreds so usually you wouldn't get one done until you have an offer accepted and you are going through the escrow process.