All Forum Posts by: Holly Sarria

@Chris Seveney

Thanks for responding. 

Yes. We called them up and explained what happened. Their reply was to submit a claims form with any pictures/evidence. We did that. We just received the letter in the mail that the claim was denied. It also stated that if we would like to move forward with the claim that they recommend seeking an attorney. 

Hello BP community!

I am really hoping there is someone out there who can give me some advice or recommend a good property attorney.

Allow me to fill you in on my story:

My family owns a rental property in the San Fernando Valley. It's a multifamily, One "front" house and one "back" house in the back of the property. There is a long driveway that leads to the house in the back. That same driveway is an easement to the back house on the neighbors property. 

On April 22nd 2023, the LADWP was called out to work on a power pole that is on the neighbors property (the neighbor behind our back house). Access to that pole was to difficult from that neighbors house so the big truck came down our driveway to the back house to access that pole. That big utility/crane truck sunk/crushed our driveway all the way back. Once that truck put its anchor supports down, it cracked the cement along with other areas of the black top driveway. 

We submitted a claim with LADWP to get compensation for redoing our driveway. They responded a few weeks ago with a letter saying that the claim was denied. Their reasoning was because there was never any work order for our address (which would make sense because the pole they were working on is on the neighbors property). 

The letter also mentioned that if we would like to continue we would need to find an attorney...

So here I am wondering if I have a winnable case and also if anyone can recommend an attorney to speak to. I've never really dealt with an attorney and I would need a "pay if you win" type of situation.

Thank you all so much for your help in advance! 

Hello to the BP lender community,

I hope all is going well and everyone is staying safe and healthy!
I was hoping I could run this by you and see how it would affect my DTI when doing the refinance part of a BRRRR.

To fill you in a bit on our situtation: My parents have a rental multi unit property in CA that they are willing to get a HELOC on to allow me to borrow cash to invest in an OOS BRRRR. The idea is to purchase with cash, rehab it, rent it out, season and refinance, then pay back on the HELOC to replenish those funds.

So I found a lender and went through the application process and we got word yesterday that they don't qualify. Everything was great; more than enough equity, great credit scores, income is ok(rental income + SSI/disability). The reason was the way their rental income is shown on their taxes - with deductions it shows that they make $0 from that, so they can't get approved because of that.

My question is, if there is an option for me to be a 'co-signer' on the HELOC to help them qualify would you say that's an ok thing to do if it means I can borrow that money to invest. How would that affect my DTI when doing the refinance on a BRRRR?

Just to be clear...These are my hopes, is this reality?

• I can co-sign for the HELOC.
• Borrow the cash to invest in a property.
• Make payments to the HELOC from time of purchasing to time of refinancing the property.
• Rehab the property,
• Season it for 6 months.
• Refinance - use 70% of the ARV to payback the HELOC (eliminating the payment).
• Then not having an issue refinancing because of being a co-signer on the HELOC?

Is all of the above correct? I apologize for all of the questions and double checking, I'm just being extra cautious and don't want to screw myself before even getting started by missing something.

Thank you all for any advice or info you can spare on the above!

Hello BP!

We are starting our journey in REI!

I was hoping someone out there could refer me to a good lender that does HELOCs on second properties in CA. If anyone can help with this I would really appreciate it. 

Thank you in advance!

@Jessica Lombardo

Hi! My husband and I are looking to invest OOS from CA. We would love to connect and chat about the market! We’ve been doing our research and trying to determine which are the areas to stay out of.

We are looking for a sf in a C+ to B neighborhood that we can brrrr. Maybe when we are in town we can meet up?

If anyone can fill in the gaps for us on areas to avoid or areas to look into further we would appreciate that!

@Preeti Sampath Thank you for posing this question. We hear what you're saying, we're in the same boat.

My husband and I are also researching markets to invest in out of state.

• We live in CA, in my parents second property. The property is a combo of two houses on one lot (we live in the front house). Anyway, we spoke with our parents and they decided to give us a private loan in order to start our real estate investing.
  
  Our Strategy
  Have my parents get a HELOC on this paid off second property. This would be our source for cash offer/rehab to a property.
• We plan on purchasing something OOS and using the BRRRR method.
• With the refinance portion of the BRRRR we can pay back the HELOC to my parents property. If we cant pull out all of the money to pay it back we would cover the rest with our own savings. (And if its successful the funds will be available to do it again.)

What do you guys think of this strategy?

Does anyone have any recommendations for a lender that would do a HELOC on a second property in CA?

What markets would you recommend we set our sights on and do deep research. You hear about so many options that its a bit overwhelming. We are looking for cash flow and if it appreciates thats a +.

Any info or advice would be greatly appreciated. Thank you guys for reading and we look forward to a conversation.

If anyone would care to way in on our thoughts, we would be very appreciative. Cant wait to start a conversation!

Hi BP community,

We have been members since 2019 and have gotten such great advise and have learned so much just by all the info on here from you all. We'd first like to thank you all for contributing to our growth.
I'd like to explain a bit about our situation and the strategy we are wanting to take. Since 2019 we have been learning/researching about REI and trying to set ourselves up to be able to take the next steps.

We almost got started the summer of 2019 with looking to purchase something in JAX FL, but our trip out there was cancelled do to the hurricane and then 2020 happened. But know we feel more prepared and better educated.

• So we live in CA, in my parents second property. The property is a combo of two houses on one lot (we live in the front house). Anyway, we spoke with our parents and they decided to give us a private loan in order to start our real estate investing.
  
  Our Strategy
  Have my parents get a HELOC on this paid off second property. This would be our source for cash offer/rehab to a property.
• We plan on purchasing something OOS and using the BRRRR method.
• With the refinance portion of the BRRRR we can pay back the HELOC to my parents property. If we cant pull out all of the money to pay it back we would cover the rest with our own savings. (And if its successful the funds will be available to do it again.)

What do you guys think of this strategy?

Does anyone have any recommendations for a lender that would do a HELOC on a second property in CA?

Any info or advice would be greatly appreciated. Thank you guys for reading and we look forward to a conversation.

@David de Luna hello David. I am also looking for a bank to be able to do a heloc on noo. Did you have any luck here in SoCal? Any recommendations would be appreciated!

@Geoff Chan Thank you for putting all of this info in one place! We are thinking of investing in KC from OOS. Perhaps we can chat in private and discuss your experiences. Thanks again!