All Forum Posts by: Melyssa Green

Personally, I would keep it. I have a rental in Discovery Bay, nowhere near as desirable as San Jose, but it's still property in the Bay Area. I would leverage its equity to purchase other properties. And like someone said, you can go outside of California. That's what I'm doing. I'm only looking at appreciation due to the equity I can leverage. When California becomes a affordable again, I would definitely purchase another property in the Bay Area.

As Michael Stanton has mentioned, it's first good to know someone in that area. Then do your homework and learn about the area, and have a trusted team in place (property mgmt, contractors, etc). That's currently why I haven't jumped into purchasing a turn key property in another state.

I had to use a 203k when I bought my home. I just had such a horrible experience with it that I'd just rather avoid it for now. And yes, it really is a long process. If you're going to use contractors for your flip/rehab, then I can completely see it being quite useful. But be sure to visit the job site several times a week. If you don't, there's a good chance that you won't make your deadline. Half, if not more, of the construction crew couldn't do the basics; installing a sink, plugging in the stove, etc. I'm not joking. $20k for the rehab and we ended up doing some of the work ourselves, so we could finally move into a house that we've been paying for. Also, make sure that the person working on your loan REALLY knows how to work on a 203k. It's really frustrating when they state they have worked on these types of loans, but come to find out that they've only done it once. Which often left us in the dark because couldn't answer questions for us.

Hi Alex, I'm a newbie as well, with a single rental property under my belt. My husband and I have acquired 3 properties together; primary, 2nd home, and a rental (which was our primary initially). I never thought of just trying to get a loan in just my name. Without my husband's income, I just feared I wouldn't be able to get one. But now you've got me thinking. Can't wait to hear about your first purchase. -Melyssa

Hi @Noah Goldenberg. I am a newbie as well. Regretting not buying a multi in my early 20s when I wanted to, but learning what I can now. I'm interested in buy and hold as well.

Hi @Neal Isaacs. I'm currently in California and have one single family home as a rental. I just bought a house in nearby Clayton, NC and trying to make my way out there. Nice to see future neighbors on here.

I was thinking the same thing about the Bay Area. Prices seem insane compared to other parts of the nation. I actually bought a home in North Carolina and plan to move there sometime next year. (Heading out there to check on some investment properties as well.) I'm currently in the East Bay and have one rental in Discovery Bay. My primary is quite a unique property and I'm looking to sell it early next year once we get everything moved to NC. Now you guys are making me wonder if I should even finish the minor cosmetics or not. But back to the original topic, I just started listening to the BP podcast and reading through the forums. There's tons of info on here, so I'm learning as well. It is expensive in the Bay Area, but just on craigslist, I have seen some possible deals on the outskirts of the Bay.

I went to college and got my degree. Always wanted a multiunit, and well....life happened. I became an accidental landlord for a bit and still have that rental property. 13 years later, I still want to invest in RE which is why I'm here. To learn. College has provided me with a good foundation, but I do regret letting other things get in the way of REI. My advice, just don't let other things get in the way of REI.

I just learned that it's not so easy to get a LOC or cash out from an investment property. My normal credit union that I've been with forever, just said that they can no longer do LOCs on investment properties. And only 1 of several loan officers I've worked with in the past, can get me cash out......but only $27k. Makes no sense when it appraises for $120k more than what I currently owe.

New here and enjoy reading everyone's opinions and experiences, and learning from them. Seeing that I don't have much in my 401k...roughly $60k, I'm going to cash it out when I plan to switch employers. What it has brought over the last 10 years is pretty sad, and I feel that I can get a better return by investing it into real estate.