All Forum Posts by: Gilian Villatoro

Is Memphis, Tennessee a good market to invest? Based on prices I’ve found, I can purchase 3 properties that would generate cash flow, but I also don’t want to invest in a market where appreciation is flatlined. Advice?

I am in the early stages of planning investment on a couple of duplexes in Springfield, OH. Looking for lender referrals and/or recommendations on type of funding for this area. I live in CA and still unfamiliar with the terrain there.

It's a conventional loan, and that's where I locked in at back at the end of November, when the rates were climbing at what felt like on a daily basis. Rates were 6.25% when I started in early November.

What are the requirements for a NOO second mortgage? Same as regular mortgage?

Hi Fernanda, I would echo what Andrew wrote. Those program funds are fully committed already.

My goal is to achieve financial independence, so I have the option of retiring in the next 10-15 years. 

CA has many challenges, and the prices really only leave room to work the equity angle. There are definitely greater opportunities in other states, I just don't have the network for that yet. I figured if I learn the game in one of the toughest markets, I won't have any problem going out of state when the time comes.

New to Forums, looking for some seasoned guidance on my journey.

About me:

Profession: Property Management/Dir. of Ops
Annual Income: $160k/year
Credit Score: 700+
Savings earmarked for continued investment: $25k

Situation:

I found a great opportunity in a highly desirable area in Los Angeles in November/December (5 months ago). I purchased (as a Primary Residence), and $75k after rehabbing later I'm holding about $450-$500k in equity on the property. I rented the house last month, and it's currently cashflow positive. It covers mortgage (with 7.35% rate) and generates $750 monthly cashflow after operating expenses. I also do Property Management, so I have an apartment in NoHo as part of my compensation, which I am obviously leveraging moving forward (I don't have to worry about my housing). This is where I am in the process.

I am waiting for the June ("6 month") deadline to explore pulling a $200K HELOC out of it to reinvest (Repeat), and then later this year or early next year (depending on the market) refinance. I guess the first question is, can I skip the Refinance step and move on to Repeat, or does pulling a HELOC and scheduling a refinance count as the Refinancing step? Thoughts and/or direction on this?

I don't want to lose momentum, so I am already on the lookout for a good duplex opportunity in Los Angeles (likely South L.A.), or a condo perhaps in the San Fernando Valley. I also have another $50k (at least) in private or co-investor money I can count on. Is it premature for me to be looking for the next deal already? Out of state investment in Vegas, Maryland, or Virginia is not out of the question either (L.A. market is brutal)

-Ian
Los Angeles, CA