All Forum Posts by: Josh Domingo

@Jamie Garcia I'm in the same boat as you looking for HML in LA. I talked to Anchor Loans based out in Calabasas yesterday. I was told 12-13% 3 points based on my experience. Just some info if you wanted to compare with other lenders. Best of luck to you

@Jeff Kehl Really appreciate the feedback. Working on my personal balance sheet right now and will definitely look into doing a cash-out refinance sooner in the process. Thanks again!

Hello BP community,

I want to take advantage of the equity i've built in a couple of my properties (one is a rental and fully paid off. The other is personal residence and is 70% paid off) and use it as a downpayment on an apartment building. Based on my research, I could pull out equity via

• HELOC
• Cash-Out Refi
• Cross-collateralize both properties into a single loan and pull equity

From a commercial lending standpoint, could I use any of the above methods as a downpayment? 

My concern is that although I pulled cash out, I essentially took on more debt. Not sure if commercial banks allow investors to do this. If so, would the extra debt from a HELOC or Refinance just affect my ability to meet the underlying net worth requirements?

Would this work with Agency debt, specifically Freddie Mac Small Balance program?

Hey @Shawn D. ! Welcome to BP! I'm also an out of state guy investing in Milwaukee. Hoping to close on my first duplex in 4 weeks. Best of luck to you! 

Hi @Andrew Banker, any luck finding an attorney in Milwaukee? If so, do you mind sharing? I'm looking for an out-of-state-investor friendly attorney to help me form an LLC in the state of Wisconsin. Thanks in advance!

@Tee Allen Thank you for your insight, Tee. This helps out a lot and it's great that you actually live in Cal City as well. What areas would you recommend?

@Logan Allec Yep exactly. Walpole ave. That would be great to get connected. Thanks in advance

@Logan Allec Thanks for sharing your experience with us, Logan. I appreciate your insight and advice. It's easy for me to undermine the qualitative aspects of a deal (jobs, schools, entertainment) when the cash flow looks amazing on paper. I find myself trying to justify why the market may not be as bad and that the cash flow is worth the investment. But of course, I have to step back and consider the entire gamut.

I found a pretty nice four-plex in California City listing for $230k, however, just down the street is an 8-unit listing at the same price! This to me was a red flag. It just didn't make sense. I'll continue to do my due diligence but it looks like I may just ditch this city and move on to another area outside of Los Angeles. Will keep you posted

Thanks again!

- Josh

@Logan Allec, I'm curious if you ended up buying in California City as well. If so, how was your experience? If not, why not?

I'm currently looking at a four-plex in the area and the numbers look decent. Just worried about job growth and finding quality property managers that cover that area.

@Carlos Altamirano Hey Carlos, thanks for reaching out! I've sent a colleague request. Will PM contact details shortly.