All Forum Posts by: Johnite Ryen Aguirre De Jesus

Greetings, all! i appreciate any feedback anyone may offer. I am in the probate process now to gain a home that is valued roughly between 675k-770k. There is about a 330k balance left on the current loan. The house could use some upgrades in some of the cap ex items, and just some general upgrades overall. I've been trying to educate myself on how best to proceed with a plan of keeping the property as a rental. i am not 100% sure if this plan is actually doable so,please let me know if this is feasible: I plan on getting HELOC once probate closes. Use the HELOC to address items to be upgraded. After rehab, I'd like to refinance to current appraisal. Is this okay so far? if so, once i refinance, am i able to apply for a home equity loan to pay off the HELOC? (am i able to have a HELOC and home equity loan at the same time and using the same property?). OR is my more realistic option to do a cash-out refi? Honestly, i think I'd rather do a loan vs. cash out refi. I'd love to hear what you think so far. But, once HELOC is paid off, i can use remaining capital from the loan (or cash out refi, if that's my only realistic option) to possibly purchase another investment property in a cheaper market, thus beginning my BRRRR journey?!

@Mark Frattini i apprieciate your input. I do not plan on moving into the home as I am currently residing in Texas. I do have boots on the ground that can assist with the project. I plan on continuing to rent it out to the current tenants that moved in when my parents passed. I am trying to take advantage of having good tenants who are willing to live there throughout upgrading the items that need to be upgraded. I plan on gathering more info on the scope of work that needs to be done when i visit SD at the end of the month. Thank you so much for taking the time to respond to my post! i hope to be more active on BiggerPockets, and maybe we'll cross paths again one day!

Thank you! i appreciate your input. i'll be looking into options as i dive a little deeper into this process. Real estate has definitely captured my interest, so it's exciting to learn and to actually be going through the motions. Thank you, again!

@Ben Ashburn thank you! i just emailed you!

I'm bummed i missed the last meet up! my son's football team had a big game that night, but definitely making the effort to make my way to the next one! will be following the group and details of the next meet up! thank you, everyone!

Good evening! Both of my parents recently passed away and left me a property in San Diego, California. We are currently in probate, and I'm debating on what to do with the property. the loss of my parents and the gain of the property really gave me a chance to make a life changing experience. It has forced me to educate myself as much as possible in such a short amount of time. I've learned a lot from roaming on biggerpockets and listening to the podcast, among other resources. I feel that this is a great opportunity and blessing that others may not have, so i do not want to screw this up. I reside in Texas, but I have some family that moved into the San Diego property to maintain the mortgage as I move through the probate process. I have been approached by lenders in San Diego whom have made me aware of the refinance option once probate has closed. There is a balance of roughly 320k left on the loan, and the home is valued around 660k-700k. There hasn't been an appraisal ordered as of yet, so that is just based on the comps of the area. I'd like to keep the home, but i know there are several cap ex items that may need to be tended to as my parents did a lot of patchwork to get by. Would refinancing, pulling equity, and using some of the money to "rehab" the home be smart? Is pulling a HELOC an option considering it's a property obtained through probate? if HELOC is an option, would i be able to utilize that to address cap ex items before refinance? Then pull any equity to fund other deals in preferred area? can this be done? if not, any suggestions? My end goal would be to keep the home, all cap ex items upgraded, and rent the home out. But, if there are better options, i would love to hear them! i will be doing more research to see if this plan is actually something attainable or if i'm missing a piece of the process. I just figure that there are so many experienced investors on this network, so it'd be interesting to hear different perspectives. Thank you in advance, and excited to see any responses!

Good afternoon, everyone! My name is Ryen, and I'm very new to Biggerpockets and real estate! I'm looking to learn from all avenues, so I'm glad to see ya'll taking the time and effort to get this organized. I hope to attend the next meet up! From what I've read it looks like first Friday every month at Nueces Brewery at 6pm? Is this accurate? Thank you in advance! Looking forward to it all!