All Forum Posts by: Donn Neufeld

I run my Agent business in Redlands and have one duplex that I bought in 2015. I have a few clients that found good Redlands deals last year (2019), but they are difficult to come by. Yucaipa deals tend to be sparse because the rent gap is larger than the purchase gap IMO...In other words San Bernardino has really good ratios compared to Redlands compared to Yucaipa. If you're looking for BP recommended ratios, it's very unlikely due to current pricing in our area.

If you need a multifamily MLS alert for Yucaipa or surrounding areas, please let me know I'd be happy to help with that.

Hi George,

I'm an investor and Real Estate Agent based in Redlands, CA. I'd be happy to connect with them. What type of property are they looking for?

Hi @Patrick C. , welcome to the BP community.

@Chris Stephens  Thanks for Sharing.  I love learning more about different types of partnerships successful flippers are using. Did you utilize any type of financing on this deal, or were you able to go all cash with your partners and company?

Welcome to BP. Santa Barbara is a beautiful place to live (I went to school there), and I can understand the difficulties finding good deals. This community is a great place to learn about all the options available via different investing strategies.

Hi George,

Welcome to the Bigger Pockets community. I think you've come to a great place to meet those goals. Feel free to reach out to me if you ever have questions about the local inland empire market.

Hi All,

I'm Hoping for some clarity and understanding with my current refinance process.

The underwriter at the mortgage company I am currently working with for a refinance has requested that the appraiser reduce GLA (Gross Living Area) by approximately 37% because 37% of square footage is a "guest house". This seems a little beyond the normal scope to me. I'm working with the same company that did our purchase 11 months ago, and this was not an issue.  The underwiter just made a $17,000 or 5% downward adjustment against the licensed appraiser's report. 

What are my options with communicating with the underwriter?

Did I just learn a $400 lesson not to pay out of pocket for an appraisal during a refi?

Here's the language used in the adjusted appraisal report:

"Per under writer request the additional back house area was extracted from the total GLA of the subject property." 

Here are the details: We purchased the property as our primary residence Oct 2015. It was marketed and purchased as a 3 bedroom 2 bath (which is also reflected in county and city records). The house is divided into a 2 bedroom 1 bath main house (our primary) and a 1 bedroom 1 bath behind or guesthouse. The units share a wall, heat/ac source, and address. 

Purchased $350K, Initial Appraisal $377K, Underwriter Adjusted Appraisal $360K

Thanks for the warm welcome! I'm so grateful for the spirit of the community here. PM's coming your way.

Hi @Carlos Castillo,

I'm a local Redlands Realtor. I would be happy to discuss the current market conditions of this area with you if you would like. 

While it's easy to group a whole city into thought buckets ("good area" "bad area"), I like to take a more data intensive approach. We could examine crime maps and cost per square foot heat maps against typical rent if you would like to become more familiar with this market.

Best investing,

Donn  

Hello BiggerPockets Community. I am so happy to join the conversations here. There is so much good information being shared. I look forward for a chance to provide value back to the community while I continue to gain so much in return.

I'm a licensed CA agent and Realtor based out of Redlands, CA and I have also personally invested in rental property (currently in the form of House Hacking). 

Please feel free to connect with me at any time.

-Donn Neufeld BRE#2003475