All Forum Posts by: Noor Gill

@ArlenChou that's exactly the answer I was looking for 😁 Thank you very much!

Hi BP Community,

I keep getting all sorts of advice, from so many people wanting me to choose my first investment property in a way they best see fit, but it's becoming a little much, and it's getting harder and harder to understand what a good strategy would be, for me to follow. Yes, I know that REI can be done in many ways; that being said, what do you feel you would do in the current climate, if you were in my shoes?

Where I'm at atm:

20 y/o

Capital Saved: 35k-40k

1+ yr professional work history at 52k/yr

Based in Bay Area

I guess my main concerns are the prevailing market with RE valuation outlook for the next 2-3 yrs, and buying near or far(in or out of state).... the more insight the better! I've got a lot to learn now that some capital is ready. The goal is to grow my portfolio as fast as possible, to live a semi-retired lifestyle asap.  Thank you very much! You guys are the best!

-Noor :)

Yes, so your base loan will be 300k, and in the end will be the 300k, plus fees (which are just put into the loan, so that you don't need to come out of pocket), and any cash out and line of credit you may receive, depending on how much equity is left in the home.

Sure! Glad to help!

@Vanessa Ryder Your AVM is just a list of projections of your home's value, and a set structure of how your loan balance will increase over time. Your base loan includes the pay off of your current mortgage, fees to handle the loan process, as well as any cash out or line of credits you may receive. I have some friends at Senior Advantage Association. They work exclusively in CA, and only do the HECM Loan. I highly recommend reaching out to them, being that they are experts in this field. They will meet with clients in person and over the phone, even if it's just to help you learn more. They have offices in NorCal and SoCal. Just tell them I sent you, and I'm sure they will help you better than anyone else :)  Let me know if you have anymore questions.

Here's their site: https://saareverse.com

Thanks for tagging me in @Chris Mason. Hi @Vanessa Ryder, I am a Loan Officer who specializes in RM.

Yes, any one can be listed as a beneficiary to the property, but conventional RMs can give inheritors a lot of problems when transferring title. So I recommend the HECM Loan. Which is a FHA insured RM. It protects the lender from the borrower defaulting, and protect the borrower from ever losing the home. With the HECM loan, it is nearly impossible for anyone to take the home away from you.

So with a RM your interest and principle payments add up each month, and become the principle amount due at the time of payment. With a normal RM, sometimes, if the value of the loan exceeds the market value of the home, the bank might have the right to seise the home after the passing of the owner. HECM keeps that from happening. But yes the full amount is due after the owner passes, not any predetermined number. Normal RM gives you 2 months to pay back the loan in full, but HECM gives you a whole year to refinance the loan, pay it back in full, or sell the home, it's up to you.  With HECM if the loan exceeds 95% of the homes value, you can get the home back with 5% down, but that almost never happens. But, it's just some extra info to help. Let me know if I can answer anything else for you.

Almost all brokers and lenders provide the HECM loan. Make sure to check with whoever your working with, and try to stay local, it's worth it. :)

I'll be there!-Noor

@Sean Walton

Thanks for getting back to me. I called, and the lady I spoke to said no one under 21 after 5pm, but maybe we'll get lucky with the email? Hope I'll be able to come, if not this time, then definitely the next.

Hi there, I just joined BP, and would like to attend the meetup, since I work in the Civic Center area. One issue though, I'm 18...is it still possible for me to just come and network?