All Forum Posts by: Joseph M.

The Round Table pizza in Cameron Park is perfect.  What dates are you thinking of hosting it?  I am very interested in attending as long as I have enough notice so I can adjust my schedule.  I would ask if we can start in September as I am fully booked thru the early September.  I don't want to say I am interested and then you host something in August and I do not show.  Thanks!

I would enjoy meeting like minded RE investors in El Dorado County.  My biggest issue is scheduling, but I will do my best to attend.  I just need a few days notice at the minimum to adjust my schedule.  Please keep me posted.  Thanks.

Jacent, Are you having any meetings in June or July?  If so, please let me know as I would like to attend. 

Thanks James K.

Way to go James!  I do have two questions.  With respects to taxes (mainly depreciation), are you doing using a Cost Segregation model or straight-line depreciation?  With respects to each renovation, how were you able to keep the costs at $5K per door; given you needed new Stainless Steel appliances?  I average around $7K-$8K on a door on a ~1,200 sq.ft. 2B/2b unit.  Any hints on how to lower my costs would be helpful.

Thanks and again, way to go!

@Kyle J.: I just got off the phone with PenFed and they do offer HELOC's on rental property. However, you cannot own more than 3 rental properties in total. Once over that limit, no matter if there is or is not any debt, PenFed will not move forward. In my case, it will not work out, BUT, for others, it may be an option.

I am still waiting for Union Bank to call me back.   I will post once I get that info. 

The journey continues......

@Kyle: Thanks for the reply. I spoke with Wells Fargo (whom I have been banking with since 1996 for both business and personal), this is what the lending officer told me. She told me that once you own 5 or more rentals (free and clear or with debt), Wells Fargo will not offer a HELOC unless it is on a primary residence / 2nd home. In probing for more detail, it appears to be a company policy due to the issues that Wells Fargo is having.

I will try Union and PenFed.  Thanks for the post.

Hi Jacent,

When is your next meeting for March (day and time)?  Also, do you have an e-mail list in where you can send out invites and updates?  

Joseph

@Chris Moore:  No cop hate here.  I just do not like bullies,  cop or no cop.  They are trying to bully this LL.  However, after doing this long enough, you start to know which professions have an "authority complex" and can be difficult to work with.  

You sent the applicant the check back along with the required denial form.  Leave it at that and move on.  If the father continues to harass you, I would file an official complaint with his department's Internal Affairs department and also his watch commander / shift supervisor. Just move on and you will be fine.  Welcome to the glamorous world of being a LL.  This is the ugly side of the business, but with experience, you will not let things like this stop you from excelling and becoming successful.  Please keep us posted.