All Forum Posts by: Hannah Joy

Thanks @Ryan Thomson Are construction loans different by state?

Bought last Christmas in NorCal, currently at the third R...still have hope. Waiting to be able to refi when I have more equity. The numbers still look right even though I felt this list hard. Why wouldn't I still try for the refinance and repeat? 

 OMG #10 tho yessssss 

Hey all, I just found out about the CalFHA ADU grant program - curious if anyone in Cali has gone through this process? They require you to get a construction loan through one of their approved lenders (there are only 3 which seems weird) The lender is saying I have to get a brand new first trust deed to get a construction loan, but aren't there standalone construction loans? 

I like my current mortgage where it is, what I'd like to do is just get a small standalone construction loan to be able to get the Grant funds to cover predevelopment costs. I have 2 personal lenders ready to cover the rest of the ADU construction costs. How do I get this approved lender to give me what I want so I can access those state grant funds hehe.

- Just a hardworking lil girl trying to develop my property with no real capital of my own - gotta get scrappy and creative. Any knowledge or guidance appreciated. 

Hi all, 

Successfully purchased and remodeled my first buy/hold rental investment! Woohoo!! Looking to use a HELOC to finance the next one. I heard that the bank will add the projected income from the next rental purchase into the debt to income calculation, how does that work? I don't know if I have a high enough salary to be lendable for the original mortgage, the HELOC, and the second mortgage without that aspect being included.

Thanks! 

@Michael Orlando Thanks so much! I mean it seems like the margins are better with the multi family units. I’m not exactly sure how to plan my finances so that my debt to income ratio will allow me to go that route, but I’m gonna shoot for that and “settle” for another sfr if necessary. I’m kind of just excited to play the game, it has taken me a really long time to save up for this 🙌🏻

@Kevin Tsai Thanks! I actually posted on social media, got several recommendations for contractors and followed up on them. I also work closely with a group that is doing development in my area, and they passed me some connects as well. I’m not 100% sure what the new appraisal  will be, ask me in a year LOL 😆 

@Dmitriy Fomichenko Thankyou!!!!

Investment Info:

Single-family residence buy & hold investment in Eureka.

Purchase price: $299,000
Cash invested: $14,000

First purchase! 14k down, 15k to rehab. Adding a 4th bedroom, converting detached garage to ADU. Already dreaming about the next one :)

What made you interested in investing in this type of deal?

It seems like real estate is one of the only ways a girl can start out with very little and grow relatively quickly

How did you find this deal and how did you negotiate it?

I made my agent take me to every single listing in town :)

How did you finance this deal?

Conventional loan. I work in cannabis so they made it difficult.

How did you add value to the deal?

In process of rehabbing to add value. 4th bedroom and converted ADU. It is also a double lot, so future potential there.

What was the outcome?

I'm hoping the outcome is to build enough equity to finance my next purchase in a year.

Lessons learned? Challenges?

Do more research than everyone else does.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Thomas Walker - agent
Fairway Mortgage - lender

Thanks @Scott Braun @John Underwood !!!

I went with https://www.floorstoyourhome.c...  Feeling pretty good about it. Now I have to decide what to replace the master bathroom walls with...OSB and epoxy or more vinyl planks :) :) :) 

Purchased my first house to rehab!!! Excited and terrified! 

I'm ripping out carpet and putting flooring in but I can't decide between vinyl and laminate. Vinyl is pricier, is it really necessary in a rental? I'm looking at water resistant laminate with attached pad and 25 yr warranty at 1.59 per sf. Will I regret going the cheaper route? I'm on a super tight budget and need to rent asap. 

Thanks!