Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Katie Phillips

Katie Phillips has started 5 posts and replied 67 times.

Post: Looking for advice on buying rental property in Sacramento Area

Katie PhillipsPosted
  • Real Estate Agent
  • Sacramento, CA
  • Posts 69
  • Votes 46

@Susan Rafeiro anywhere close to the freeway or the college! Rancho, tahoe park, midtown, etc etc hats your budget?

Post: First BP Post - Need help for quick purchase

Katie PhillipsPosted
  • Real Estate Agent
  • Sacramento, CA
  • Posts 69
  • Votes 46

@Mark Hummel great! Let me know if you need the name of a lender. Good luck!

Post: First BP Post - Need help for quick purchase

Katie PhillipsPosted
  • Real Estate Agent
  • Sacramento, CA
  • Posts 69
  • Votes 46

@Mark Hummel Yes, you can be added to the loan, but the two strategies you mentioned are essentially the same thing. When you refinance you are sort of selling the home to yourself. I would talk to a loan officer about it, but it sounds like that would be easier than buying it as an investment. What state do you live in?

Post: Looking recomendations for a good Real State online school.

Katie PhillipsPosted
  • Real Estate Agent
  • Sacramento, CA
  • Posts 69
  • Votes 46

@Yvonne Acosta I also used Real Estate Express. The classes are good, but what helped the most was practice tests and Youtube videos on CA exam questions. 

Post: New Agent in Boston - Looking for Brokerage

Katie PhillipsPosted
  • Real Estate Agent
  • Sacramento, CA
  • Posts 69
  • Votes 46

@Sean Connolly eXp! I also work another full time job, so I love that eXp is all virtual. I can "visit" my broker in the broker room from anywhere, but still talk to a real person. We have great trainings and tons of free programs like kvcore, skyslope, etc. If you wanted to, you could be in  live trainings 16+ hours a day. Topics include are everything from how to write a contract to how to understand and connect with people of all personality types. It's also mandatory to be in the mentor program or on a team for your first 3 transactions, so you will have someone by your side while you are learning. 

Congrats on your license! Best of luck to you :) 

Post: New Agent - South Jersey

Katie PhillipsPosted
  • Real Estate Agent
  • Sacramento, CA
  • Posts 69
  • Votes 46

@Jessica Dilks Just start! Also, find a good mentor in your area :) 

Post: First BP Post - Need help for quick purchase

Katie PhillipsPosted
  • Real Estate Agent
  • Sacramento, CA
  • Posts 69
  • Votes 46

@Mark Hummel Are you able to put your family member on the loan? You can provide the down payment, income, and credit, but if they are on the loan, the home will be considered a primary residence. The down payment requirements can be as low as 5% instead of 15-20% for an investment. If you own your home, maybe you could tap into that equity or do a cash-out refinance? 

Post: Application Fee Question

Katie PhillipsPosted
  • Real Estate Agent
  • Sacramento, CA
  • Posts 69
  • Votes 46

@Keaton Appel Why are you charging a fee? If it is for a credit score/background check you can purchase them through companies that sends the invoice directly to the tenant. Otherwise, I use Venmo/paypal for rent and keep good records. 

Post: Multifamily Vs Single Family Sacramento Suburbs

Katie PhillipsPosted
  • Real Estate Agent
  • Sacramento, CA
  • Posts 69
  • Votes 46

@Prachi Metha Either option is great! For your price range, a single family is probably the better route. If you go with a single family, I would look in the suburbs outside of Sacramento. I agree with Jeremy, 425k will not be enough to purchase a new home, even a condo in that price range would be difficult. That said, it is totally possible to get an offer accepted with 20-25% down. There is a lot of competition out there, but there are many other ways to create a strong offer. For example, because it will be a rental, it would be easy for you to offer a long rent back. Feel free to call with any questions! 

Post: Town Home vs Single Family Rents

Katie PhillipsPosted
  • Real Estate Agent
  • Sacramento, CA
  • Posts 69
  • Votes 46

@Nate Tew I'm in Sacramento and town homes usually rent for a little less than a SFH, plus HOAs eat into your ROI. That said, they are usually cheaper than a SFH, so the numbers could even out. However, even though the payment might be similar, less is going to building equity. In general, I recommend SFH to investors in my area, but I have also seen town homes rent successfully too.

If the numbers work out, I would go for it, if other town homes are rented in the area.