All Forum Posts by: Leonel Barradas

Hello @Jeremy VanDelinder, I'm located in Los Angeles (relocated from Houston a couple of years ago) and I'm currently looking into doing a BRRRR on a fire-damaged property; This would be my 3rd rental, but the first fire-damaged one; I definitely see the risk of getting into this, but the potential benefits can be well worth it..with this said, I wanted to ask your expert advice if possible in regards to my inquiries below:

a) When walking into a fire damaged property (SFH) to do an initial assessment, what would you say are the key things to keep an eye on and look for .. In other words, what are those things that if can not be salvaged, then it's better to walk away?

b) I've found a few of these properties and the numbers are looking promising, but if I need get a fire damage restoration company, rather than a regular construction/rehab contractor, I'm afraid that my rehab costs will shoot to the roof..is that a valid concern?

b) How do you find and identify a good contractor that can deal with the rehab of one of these properties? 

Thanks in advance for your help!!

Leo

@Clarence Johnson,  Thanks for sharing. I'm DM'ing you to inquire more about your contact at First Bank. 

@Long Quang check with Tower Federal Credit Union. I'm just starting to have discussions with them, but it looks like they offer up to 100% on HELOC. See link:

https://www.towerfcu.org/borrow/home-equity-loans/#1476475273171-508dedd3-9567

Howdy All,

This is my very first post at BP..So, excuse me if I'm posting something has already been discussed!!!     Anyay,  I'm looking to invest in the Imperial Country area, as an alternative to the over-saturated local L.A market . I know a local Agent and she's telling me that the area has potential for higher returns and it's possible to find properties that fall  within the 1% rule.  I have analyzed Economy indicators and data of the region and I don't see a strong employment growth, but given that this area is closer to the Mexican border, there seems to be a steady commercial activity associated to trading  and import/exports of goods all year-round.     Anyone already investing over there than can share some experiences?   I would appreciate any insight from other members in this area.. 

Cheers !

Hi there.. I'm also interested and following on this very closely..   I'm in the process of refinancing one of my rentals and  been working with  local and smaller banks here in Los Angeles to find out what they are offering and expecting that they would offer lower rates than the big guys.  The lowest refi rate I was able to find from a local credit Union last week was 3.625 on a 30-year refi loan (w/o points)... I then checked again today as I was getting ready to pull the trigger and their rate went up to 4.375%..  there is a lot of volatility and they feel rates may come down again, but it's not guaranteed...  

My approach is to have a loan in process unlocked until we have normalized rates again...but someone else may have a different perspective..  glad to hear other thoughts.