All Forum Posts by: Jan H.

Hi All,

Been on BP for a few days now, maybe a week. Today I upgraded my membership to PRO, I believe this is the best $$$ I ever spent. The info I gained access to so far is invaluable and there many many experts here. I hope one day I can be a useful resource too for all of those who start their journey.

If you are in CA, especially in the Bay Area, Central Valley or Sacramento, let's connect!

You and so many others...good luck! 

@Holli Phillips, what happened? Just read this thread and was curious. Any update?
Did you get her out and get the property back? Thanks!

I just signed the HELOC paperwork today for one of our rentals. It was 100% paid off with cash and our local bank opened up a 60% LTV HELOC. I have another rental that is paid off and they said they would only do a HELOC on one rental per customer. They stated that banks differ with underwriting rules and their rule is only one per customer (to not over leverage someone, makes sense).

I am planning to use the HELOC to flip houses and use the profits to buy rentals.

Anyway, I was thinking of going to a different bank to try to get another HELOC for the 2nd property. Has anyone done this before?

What is the best way of getting financing on 100% paid-off properties?

@Raj Pat is this North San Jose or Oakland? These two areas are approx. 40-50 miles apart. Can you clarify please? Thanks!

Have you tried with any banks yet? What I can tell you is not to take "No' for an answer.

My experience is that larger banks (BOA, Chase, Wells Fargo etc.) have pretty strict guidelines and someone in a New York office cubicle somewhere on the 55th floor looks at your application and decides about it. I've been told no by 4 banks and 3 mortgage brokers   that I can not get a loan because I had a shorts sale 2.5 years ago. Had nothing to lose and went to our small community bank, I was able to talk to the underwriter himself, I explained my situation and he gave me a loan. If you have good credit and own assets, that will definitely help. I would highly recommend start building a relationship with smaller, local banks, they are golden.

I told my story to the mortgage brokers who told me "No way you can get a loan for 7 years, blah...blah...blah" and they could not believe me. They call it luck, I call it not giving up. You can do it!

Hello BP community,

I am looking for wholesalers in the NorCal area, primarily in Modesto, Stockton, Lodi Sacramento areas. I found many ' newbies' posts but could not find someone yet who has been doing this for a long time.  Can anyone recommend a way to get in contact with one?
Thanks in advance!

This is a great question. I'm not a lawyer but I would think that since you're not a resident or citizen, a US investor would be exposed to lend you money unless he/she is on title/primary position. I'm certain though that you can apply for a Tax ID number with the IRS and get one. The only way I can see this work is you either form an LLC and partner that way or have a US investor act as transactional partner. Either way I would definitely consult an attorney and a CPA. You want to make sure that you're not exposed either!

I think it depends what type of wood flooring you're considering. I think hardwood floor is not a great option since it can get damaged/dented/scratched easily and also pretty expensive. It also depends on what type of clientele you're renting your house. 

I had carpet in all my rentals (bedrooms, living rooms) and simply got tired of people trashing them. I decided to put in laminate flooring in all of them and so far so good. I bought the flooring in Home Depot and installed the least expensive underlayment. Laminate is pretty durable in general, as long as it is not exposed to moisture. Note that my rentals are in the CA Central Valley, so my clientele is working class people with less income.

Great thread. People/investors get emotional about deals and we all know what happens then. No bueno. 

You want to get your buyers or renters emotional about your property, not other way around. Sometimes it's the best to walk away and go to the beach as Guy stated.

I heard in my area that flippers make $5-10k on a $150k flip. In my mind that is way risky, anything goes wrong, you're screwed. Been there, done that...thanks but no thanks!