All Forum Posts by: Gina Kim

Thank you @Nabil Suleiman :) I received your message and have pinged you back.

@Collin Placke I will be sending you a message shortly. Thanks!

Hi BP! I'm Gina, 30 years old, and live in San Diego, CA. My husband and I recently inherited a family home which we renovated and rented out, and are now looking to go deeper into real estate investing (mostly buy and holds). I work in the mortgage industry and my husband is an engineer and we are blessed to both have jobs that already allow us a comfortable lifestyle and high savings rate. 

Currently looking to get into investing out of state (still looking to narrow down on a specific area - any suggestions and inputs are always appreciated) due to the high barriers to entry in Southern California. I wanted to see if anyone else could share their experiences with investing out of state and what steps they took to successfully land their first few deals? Due to the current economy, we'll probably be waiting until late summer/early fall to start writing offers, but in the meantime I'd like to spend my time networking, researching target areas, and analyzing deals for practice.

I understand that several investors will recommend buying locally first before expanding out of state, but I am of the mindset that (1) I do not wish to sink so much money into my first purchase, (2) I may be less risk averse than some other newbies, and (3) while no one wants to have a bad experience or investment, I'm willing to look at it as a learning experience instead of a total loss. We spent the last few years cohabiting with other people to save money so we are not interested in house hacking - that being said, if the numbers really makes sense to do this, then we would be open to looking into this again. We were initially considering ADU builds if we wanted to invest locally so that is an option that we may consider if we decide to go the local route.

I only just started connecting with more investors and researching more into this, so I'm welcome to any suggestions! Thanks for reading, and look forward to connecting with more of you :)

Best Regards,

Gina

Hi @Adam Michalak good luck with the meeting today. If you'd interested in a second opinion, I am a lender myself and would be happy to take a look and let you know my thoughts. If not, totally okay either way.

Good luck with your house hunt!

Hi Adam,

It shouldn't look too different than if only one of you were purchasing it. You and your friend should both be able to be on the loan and title. They will take a combined look at your income and debt ratios, and will take the lower middle FICO between the two of you. In some instances (with a lot of mutual trust), I've seen partners where one partner will finance one property solely in their name, and another partner will finance a second property solely in their name. The reason for this is because for most conventional lenders, 10 finances properties will be the limit, and splitting up the mortgage between both of you would allow you in theory to purchase twice the number of properties. I'd only recommend that if there is mutual trust and a solid agreement between the two of you.

If you'd like any help with financing, feel free to message me directly.

Best Regards,

Gina

@Twana Rasoul thank you for posting 🙂 would love to join and hear about what other people are doing as real life examples.