All Forum Posts by: Francesca S.

Thanks for your advice @Darren Eady

I will be following your recommendation. 

Thanks @Darren Eady. I have three potential lenders. One is recommended from a close real estate agent friend. Another is one my parents have worked with before. And another has been recommended by a fellow BP members.

Would I submit applications for all three?

Thanks!

2 Questions about loan applications !

1. I understand that I should compare numerous lending institutions and agents. Does that mean I fill out all their full credit applications (not just the short pre-qualification application) and compare the numbers they come back to me with? In general, how many of these applications should I be filling out. I have 4 lending institutions that somehow fell into my pocket...Do I proceed with an application on all of them? More?

With this many lending applications, my co-borrowers are concerned that we are throwing our important information everywhere...Is there truth in this concern? Or not?

2. A  lot of articles say to avoid bad mortgage lenders. But how can I tell what is a good or bad lender? What happens if you are dealing with a bad mortgage lender (other than you are getting a bad deal?)

Thank you!

Bump. Does anyone have any advice on the financial side of this?

Thanks for the advice so far!

Hi All!

Looking for financial and "is this property a good deal??" advice on my first forray into real estate investment.

Financials: 

The plan is to work with a relative to get a HELOC on a primary residence in the Bay Area. We would use the money as a down payment and for any renovations necessary for the property. Then within 6 months, refinance to a 30 year fixed loan.

• This is how I hope the finances of the deal will play out. Does anyone have tips on the HELOC / refinance method for buying investment property?
• My relative is worried that the bank will not refinance the property after , or it will be very difficult to get a good rate. Is there anything that would make it difficult for us to get a traditional loan after?
• I have read some articles which mentioned HELOCs with low fixed rates for the first few years. Does anyone know more about where to find this or if this is true? 

The Deal:

Location: 91411, Van Nuys, CA. I rent a few blocks from the property, so I am familiar with the area. the deal is in one of the more nicer pockets of the Van Nuys area. 

List Price: 649,000 (though I think this is overpriced, and would probably offer maximum 600,000 or even 575,000

Property: 3 units. a 3/2 House (2000) with a duplex (2/2 each, $1008 and $1195) in the back of the lot.

Annual rent is 48,000

This is all I know so far about the property as it just came on market, and it is drive by only. 

• What do you think about this deal?
• What can I do about the drive-by only? I want to be able to see the property and the condition of the interiors to get a better estimate of how much work needs to be done, and whether I can increase rents. But I understand that interior inspection is only after you put in offer. What should I do in this case?
• With the limited information, I am unsure of how to proceed analysis on this property, though from an initial look...I am liking the numbers in comparison to other properties?

Just a little confused and a lot of questions.... help would be much appreciated. 

Thank you!

Francesca

@Ali Boone  That sounds great! One of the small reasons why I'm considering asia (taiwan?) is because of the trip perks!

I am considering California, mostly because I live here and go between NorCal and SoCal often. However, entry purchase prices seem too high. Do you have another location recommendation of where I should look?

@Matt R. 

 So what do you think of this property? https://www.redfin.com/CA/Van-Nuys/14229-Victory-B...

Thanks!

@Ali Boone 

 Hello! Wow, Nicaragua! How did it feel to choose an out-of-country property as your first investment? What was the biggest obstacles and benefits to it? 

For my first property, I am looking for a small multi-unit property. Or just a property in which the rental income will cover a mortgage and provide me a generous amount of income. 

@Joseph M. and @Matt R. 

Thanks for your insight. I saw a few multi-units in the 500K range in Van Nuys, but I wasn't sure if the rent was enough to make that price worth it. (By the way, Is it appropriate to put property links on here so I could check my rudimentary judgement?). 

I have friends in Van Nuys who are renting 1 Bedrooms for 1500, so I understand that there are people who are willing to pay a higher price for a nicer quality apartment. So for now, I am watching the Van Nuys area as it is the one of the few that I could afford to invest in. 

@Romel Aquino Thanks for the advice ! Ill make sure to look into Joshua Dorkins information.

@Walter Ichikawa-Doyle I was looking at the taiwanese market, but never thought of Japan because I always thought it was expensive there. What do you think of the market? Any advice of what areas to look at? Thanks!

@Account Closed Hi Jay, yes I would like a copy of the ebook! Please send it, thanks!