All Forum Posts by: Jeff Kennedy

Jon - Thanks for your suggestions

Albert - I know that this bank used to do this type of loan because they did it for me two years ago. But your right, maybe their rules have changed.

Don, I think you hit the nail on the head. The gentleman from the bank did mention Dodd - Frank.

Colleen, please tell me more about this January 10th deadline. Maybe I have a shot to beat the deadline.

Thank you all for your thoughts and assistance.

We do not live in it. The city will not let us change the zoning. We've tried. Its a duplex on a R1 lot.

Has anyone heard of this?

I have a duplex in Northern California. We have owned it for two years. We now have quite a bit of equity and I'm looking to refinance and pull some cash out for another deal. The property is financed at a local bank with a portfolio loan (because of some odd zoning that prevented us from using a conventional mortgage). I have a good relationship with the bank and we started the refi process a few weeks ago.

I just received a call today from the banker and he said that we may have a problem. He told me that there is a new law that may prevent them from doing this refinance because it is under 5 units. Our existing mortgage is with this same local bank. Does anyone know about this new law/rule??

Hi Adam

Thanks for starting this fourm. It's been interesting to read about eveyone's background...

I worked as as an EMT for a couple years then a paramedic for a couple more. From there I went on to Paramedic Supervisor for a mid-sized ambulance company (very fun job!) for several years. Now I work as a general manager for an air ambulance company.

I love real estate investing. I have only been doing it for one year but I can't get enough of it. I have to be careful because it is becoming a bit of an obsession (just ask my wife - ha ha).

Formal Education:

-Paramedic School/lisence
-BS - EMS Management
-Masters - Public Administration (MPA)

Hi Sandra
Welcome to BP. I am also pretty new to this site. I live in Yuba City - not too far from you. I see that you bought rentals in Arizona but none in your home town. Are you looking for deals in your town now?
Take care,
Jeff

Thanks again for the advice, tips, and encouragement.

Brian - I will PM you. Yes, it does look like we have a lot in common. I saw your profile. 400 rental units? Wow! Would love to learn some things from you!

Thanks all,

Jeff

Thank you to all who have welcomed me today. I've been a little hesitant join BP. I'm so glad I did. I feel privleged to be a part of this powerful team.

PS - I put an offer in on a short sale today. I've only purchased REOs in the past. I hear that this could be a bumpy (and long) ride - I hope not...

Hello everyone. I'm from Yuba City, California (about 40 miles north of Sacramento). I'm very excited to be here on BiggerPockets. I've been reading forums and articles on here for several months now. This site is better than any book out there! My real job is in management in the air ambulance industry. I was a paramedic for several years then moved into management a few years ago. I just started in REI (part time on the side) about a year ago. I have one duplex and a fourplex that have fantastic cash flows. I've noticed some big changes in price (higher) and inventory (lower) just in the last six months or so in my in my area. I can't seem to find the same type of deals that I found 9-12 months ago. I can see from other forum posts that others are experiencing this in their areas too.

Thank you for reading. I look forward to learning from all of you. The quantity and quality of advice and information on this site is trully amazing.