All Forum Posts by: Emma Chen

I'll be honest I was dead serious about doing this program. A while back, I was so excited to pivot out of state and do BRRRRs. I loved Palak's episode of her determination and success. But I never got a call back after scheduling an appointment and was practically ignored. I also tried to join the FB group of Open spaces but was not accepted. Perhaps there was something they did not like when I filled out the application? 

But as they say, rejection is God's protection, and as hard as I tried to make it work, especially out of state BRRRRs I kept getting blocked in ways like this. But ... I found something else that worked out way better in the Bay Area. Sometimes life works like that .... 

I'm in the same boat I recently bought a SFH here in the bay area, renting it out and only breaking even on it after everything under th sun. I really wanted to stay in my backyard, somewhere in California but hearing about my friends nightmare tenants and how hard it is to evict them here, plus the insane taxes is really throwing a damper on my aspirations. For me going out of state makes more financial sense. But then California places have a higher rate of appreciation, but I would rather get experience under my belt with multiple units (which is only possible OOS atm) and keep growing.

@Kendall Staggs - Awesome! thank you. I'm still quite new to this, and going to do my research, but I had visited St. Louis twice now and I really like the city. Also, I've considered Texas, the suburbs, maybe even Laredo by the border of Mexico (read a book about people living there and it was pretty interesting, plus I really like traveling to Mexico)...  I am open to suggestions. Would like a city where it has much potential for growth, positive cash flow,where the eviction laws are not so stringent, and lower property taxes. I will read into the commercial loan

@Sarah Brown - Thanks!! That's reassuring to know you can have more loans if qualified. 

@Arlen Chou -After using a DTI calculator with the mortgage (I have no other debts and doing it alone) it puts my ratio to 26%, so I think I will still do some more research as well. That's what I was thinking too in regards to obtaining another loan, where I may have to wait a bit. My goal is to have a multifamily (6 units+) out of state by August 2021. Thank you for the insight

Hi all, how soon can I buy a new property with HELOC? I recently bought a SFH for investment purposes in the Bay area for ~600k with 20% down. Right now it's being occupied by a tenant, breaking even on the mortgage and property tax.

I want to start looking into multifamilies next out of state. 

How soon can I tap into my loan and get a HELOC going? how much do I need to save on the side to have the bank seriously consider me again? I want to get going and not waste time. Any advice on how I can make getting my next property soon? I have a good credit score and income.

I am reading Long Distance Investing by David Green as well. Thank you