All Forum Posts by: James Peters

Hi all,

I have been doing some research on getting a HELOC to pull out some equity from a SFR rental that I have. Thought I would share what I have found and see if anyone has some suggestions on their end. I have been focussing on credit unions in California and SCE Credit Union, California Coast Credit Union, and Wecom Credit Union all will do HELOCs on Investment homes in California. I also talked with First Republic Bank and they wanted me to move every investment account over to them to get a Prime plus .6 HELOC. That rubbed me the wrong way, so hard no there.

I also have a car loan with America First Credit Union and they do investment property HELOCs, but only in ID, NV, UT, and AZ if anyone is interested. 

The home has been a rental for several years and I was leaning towards Wescom as the best option.  Don't "need" the money right now, but want to have access to capital.  

Hope this helps someone else in the community and wondering if there are any other institutions or options that I might be missing?

Hi all,

Looking to deploy some of my LTR capital and build an STR business in CA.

It will be important for me to have an attorney draw up an LLC because I plan to have some future arbitrage properties and I will need established business credit.

Not looking to go the LegalZoom route and figured some of my fellow BP posters would have a couple of good attorney referrals to share!

Thanks in advance for sharing your recommendations.

Best, 

James Peters 

@Sam Dennis Sorry for the delay on getting back to you.  I ended up working with Tom Byer Roofing.  They have been around for several decades.  Their quote came in the middle, but they were the most professional, offered a good warranty, and did the job quickly.  

@Travis Langley not sure if you have fixed the roof, but maybe take a look at them?

Hello fellow Long Beach landlords!

I have a SFR in Long Beach with a great set of tenants. I had my ups and downs with the remodel last summer and over the winter had a roof leak that caused some minor drywall damage.

It is hard to find good contractors and I figured now is the perfect time to have a roofer fix the roof before the rains.

Does anyone have a recommendation or two for a roofer in Los Angeles, Long Beach, or northern Orange County?

Thanks again fellow BP peeps!

Regards,

James Peters

@Nicholas Stridsberg thanks for the referral.  Appreciate it and I will pass it along.  

Hi Bigger Pockets.

I have a friend who lives in NYC and has a SFH in Oceanside with a wall and deck that need to be replaced.

She is not on BP, but the BP hive mind helped me find her a great Property Manager.

Unfortunately, my friend and her property manager have not been able to find any contractors that will return their calls.

The plans have been drawn up by an engineer and all the permits have been pulled. 

Seems like she would need a grading/ excavation crew to do the dirt work and compact with fill properly.

For the deck, I think a person who specializes in outdoor carpentry or perhaps even a finish carpenter?

Thanks all for any referrals that you can send. 

@Katie L. Just sent you a PM and thanks.

@Michael Plaks My inlays are in La Mesa so that might be a great fit!

Thanks.

Sorry for the delay.  Have a 10 month old and getting caught up on the weekend.

Cheers!

Hi all.  Looking for a couple referrals for a CPA (or three)  who own their own investment properties and is familiar with CA real estate.

I have a property that I remodeled this year and I want to make sure I don't leave any money on the table.  

Thanks for any info you can send my way!

@Matthew Paul  That estimate is for the interior and exterior.  

@Dylan Vargas The price you paid seems more reasonable.  I should probably reach out to some painters that live in less expensive parts of LA. 

@Natalie Schanne I have done a good amount of painting on my own residence so I know how much time the job should take, which I was so blown away by the quotes.  Part of me is thinking of doing the interior myself.  

I am in the midst of a remodel for a property in Long Beach, CA. It is a SFH, one story, 1480 sq ft., 3bd, 2 ba, with a detached garage.

Working with a GC for most of the work on the bathrooms, kitchen, and replacing some of the windows and he had a very reasonable charge and schedule.

Now the painters in the area are another story.  I have 4 bids from painters for the interior and exterior of the house and am getting quotes in the 8k to almost 10k range.    

That seems pretty insane to me!  

J Scott in his book, states that a $1-2 per square foot range is reasonable.  That would make the estimate somewhere around $6k.  Being in California, I figured maybe $7500, but not close to 10k.

That being said, does anyone have a good painter that they are using for their rentals in the Southern Los Angeles County or Northern Orange County area?

Thanks!