All Forum Posts by: Ben Schembri

Awesome Brian, thanks for helping me out. I was scared for a second that I needed to get my brokers license just to manage multifamily units that I am trying to purchase. This makes life a whole lot simpler. Thanks again to both of you

It makes sense that you can manage your own property, regardless of how many units the building is. Thanks for the quick reply Sandy!! Can a CA broker verify this?

Hello everyone, hope all is well. I cannot seem to find an answer to this. In CA can you manage your own units that are over 4 units? I don't see why you couldn't but remember someone telling me it was a requirement. Thanks :)

Thanks for the quick replies, you guys are awesome. I was unaware that HELOCs are adjustable, something I do not want to get involved with.

I have a decent amount of money to get things rolling, and I will continue looking at different ways to get the best bang for my initial investment. I realize that lending has gotten more harsh since all the unscrupulous lending. I'm sure it depends on the exact figures and weights but does anyone know how many mortgages you can have at once?

Some numbers for this analysis:
current income=1540 month
cash=90,000
credit=735-760

assets=1/2 ownership of commercial property (value:400000/2=200000) own free and clear

1/2 ownership of house (value=160000, mortgage=87000)

Currently I have one 30 year fixed mortgage with my brother on our house. I'm looking to buy as many SFRs as possible for rentals.

Looking to spend 50-75k per house
assuming rent to be 1000-1200

Basic strategy I am contemplating is buying a SFR outright to rent out. Then take a equity line on this for 60% LTV and purchase an additonal foreclosed SFR to rent out. Then use both rental incomes to pay off the equity line.

As far as background info goes: my brother and i currently own our house with ltv of 56% and we own commercial real estate free and clear that we rent as well. I have found that equity lines are more challenging for commercial and I would hate to jeopardize the commercial property.

Currently, I only show the rental income from the commercial property on my taxes. This is why I believe the equity line might make more sense than conventional financing.

Does this sound feasible? Ultimately I would like to continue this cycle over and over again. Thoughts?

Hello everyone,

I have read posts on here for about a year on and off. I am seeking any advice you may have for what I am trying to do, which is purchase either 3 small houses or a triplex in the Sacrameno area.

I own a liquor store in Daly City free and clear with my brother. Can I take a loan on that building and purchase the properties cash and then pay that loan off? Are there benefits of using this method.

Thanks,

Ben Schembri

Thanks Curt,

You explained it perfectly. Will any broker work?

I forgot to add critical information to my post. I do not have my salesperson license, but I am looking into getting it.

I understand that on a good deal the 6% commission should be factored in. But, if I rehab for a long period of time it would be nice to save that money.

Hello all,

I noticed on www.dre.ca.gov that a real estate licensee must work for a company to sell properties. Is it possible to sell real estate without a company?

My brother and I are getting into rehabbing and would like to sell the property without having to pay an agent commission.

Please let me know if you have any ideas.

Thank you,

Ben Schembri