All Forum Posts by: Josh Garner

Appraisal are highly regulated these days (see Dodd-Frank Act). As a mortgage lender, all of our appraisals must be run through a gov mandated "Appraisal Management Company" and we can't have any contact or influence over who takes/picks up the appraisal request. Currently, once we submit the request, our appraisals are taking 2 weeks to come back to us, and cost between $750-$800. Once things pick up in April, I expect the wait time to be around 4 weeks. Hope this is helpful! 

I'd go the VR route. Most folks go to the Sunriver area for that exact reason, and the demand should remain high for quality short-term rentals. At today's prices, it's super tough to cash flow on anything in this area, unless it's a vacation rental.

@David Dye Which bank would you recommend speaking with about a rental property cash out refi that doesn't require income verification or tax returns? I have 2 properties that i'd like to do this with: one in Bend, Oregon and one in Chattanooga, Tenn.

Bend Property: 350k value and I owe 145k mortgage. I'd like to pull out 100k or so

Chatt. Property: 75k value and I owe nothing. I'd like to pull out 75% LTV

I'd say if the local market is too hot, invest where you have connections/relationships. Do you have out of town family that you could visit and do some investing there? Maybe somewhere else that you know folks who could introduce you to a good realtor, property mgr, etc?

My wife and I have connections in Chattanooga, and have chosen to invest there (because I can no longer afford most things in Bend). However, if I didn't personally know my realtor, property mgr, and construction folks there, I wouldn't feel comfortable investing there. Good relationships make it possible. 

Its been tough for REI here over the last few years...perhaps why there hasn't been enough interest to maintain a BP group in the area. Due to the rising prices around here, I've begun to pull equity out of Bend and reposition into properties outside this area. There's still plenty of opportunity around here for those willing to be creative, but super challenging and lots of competition for what opportunities do exist. Locally, "dealing with the city" gets a bad rap, (part of the growing pains of the area - rezoning areas, budget constraints, rapid growth is always going to ruffle some local feathers:) but the folks down there are very friendly and timely, in my experience. Hope this is helpful!

Thanks @William Allen! I just reached out to Jimmy Moncrief. 

Hi BP!

I have 2 investment properties that I'd like to take out HELOC's on and would love to know who can make it happen:)

1. Bend, OR duplex, current value at 330k with a first mortgage of 150k.

2. Chattanooga duplex, current value at 70k owned free and clear.

I'm aiming for a HELOC LTV of 75% on both. Any takers?

@Anna Kampa Welcome to BP and to Central Oregon! I've had several friends around here who have house hacked in one way or another. 1 friend who was able to buy a duplex, rent out the other room in his unit, and rent out the entire 2nd unit. Most folks ended up buying a SFR and renting out spare rooms.....and that's how I got into this market. Just seems like there aren't too many multi-family properties available. Find a smart deal and run the numbers! You'll make it happen!

 @Buddy Holmes, a CPA would have been very valuable to me this go around.  

Thanks Alvin! Looks like the way it was prepared, I only claimed about $2000 in depreciation....not sure how that was calculated