All Forum Posts by: Kevin Dee

Thanks All!!! Made two offers and both seller's brokers were completely fine with the money being in a Line of Credit. They realize that it's as good as cash and easily accessible. They don't really care where it comes from. The deals didn't work out. What I learned was to go for it instead of sitting around!

Thanks,

Kevin

Hello! 

Quick question from a first timer in BRRRRr. It is fair to say that I'll be making an all cash offer if I'm going to utilizing my HELOC funds? The seller's broker needs proof of bank accounts. Let's say I have a $250k line of credit ready to be used. Do I need to transfer or write myself a check for that amount and deposit it into my checking account? Or will it be understood to the seller than I'll be using a HELOC to pay for everything and that should feel like cash to them?

Thanks in advance!
Kevin

Thanks @Chris Mason and Thanks @Ryan Scott Isacksen,

I have also opened my search up to Emeryville CA as there seems to be no rent control there now. Who knows what will happen later though. The numbers look better than NYC, that's a good thing. But I don't live in CA so I wanted to ask for a local's perspective too. I don't mind very long term tenants as long as I can legally raise rent. 

Thanks for contributing to the discussion! Would love to hear more things about good condo investments in that area where tenants would have to fight for living space!

Hello, I'm interested in owning rental property in certain areas of California where I see that there is rent control. I wanted to speak to someone with experience with this and ask if it's feasible to make this a good investment? What are the pitfalls and benefits when considering these investments? My locations are Oakland and Berkeley.

Thanks!
Kevin

Hi, some more details. They take the fee to list it and do marketing. From what I hear (I'm from NY) In FL, the buyer pays commission to the broker. So if they sell it for us, we get our $500 back. If they don't sell it, we lose the $500. I take it they will just keep it listed. 

Does that seem right and fair? The brokerage has a webpage and looks ok to us so far.

Kevin

My family has owned a small parcel of vacant land. We got a postcard from a brokerage asking if they can sell it for us. What I'm not familiar with is the fee for this. They are offering a setup fee / processing fee for $500 up front, then no commission. They are estimating a final price that we are comfortable with. Anyone have experience with this? Brokerage is licensed.

Thanks!

Kevin

Regarding the Cash Out idea, I was speaking with and agent at B2R Finance owned by Blackstone and they say... They are a commercial lender with fixed rates at 5%-7.5%. They would require that your assets in income property be all in the same LLC. I don't love the rate but I guess it's an option. The terms are 5 or 10 year on a 30 year schedule. Also saying that they seem to be aimed towards long term buy and hold

Thats's true. Let's say I have a HELOC on my home for 500k, Then I try to get another for 450K on my investment property. Will they even offer it to me? These properties would be free and clear. Should I be looking at "Cash Out" where there is no personal income verification?

Kevin

 Digging up my old post! Thank You Sandra. I did exactly that on a tip from a bigger bank. They said "check out a credit union too". I got one at my local CU and it's for more money, with a much better rate, and no closing fees!!! I Did it on my home but I guess my next goal is to try it on an existing investment property. Or I can do a cash out???