All Forum Posts by: Pam Holbrook

I'm having technical difficulties but can't delete. 

Thank you Frank, that was simple! 

Hello,

Is there a way to plug in two different sources of funding with different interest rates and amortization into the calculators? I'm using a HELOC for down payment and a 30 year fixed in for remainder.

Thank you! 

Congratulations on the purchase of your1st property Jennie!

Thank you Cassandra!

I finally applied for a HELOC with Oregon State Credit Union. The pre-approved 150K and it could take up to 6 weeks for completion. This would be enough for a cash offer on a duplex I'm looking at, so could do the BRRRR method. Another opportunity that came to my attention after applying is a 4-plex for $240k. Now I'm wondering if the HELOC with effect my DTI and not allow me to get a traditional mortgage for the rest of the amount. The 4-plex is rented so my understanding is I can use the rental income to increase my income and decrease my DTI.

SO much to learn!

Thanks again to everyone for responding with such insight!

I spoke to the agent openly about my concerns. The reason he gave for the delay was he didn't check his email during the weekend. We came to an agreement that if he was representing someone else another agent would represent me. She is a broker and lender and has more experience. He's fairly new and young but has family is in the business and he works closely with the above broker. His focus is on real estate investing and I appreciate the time and brainstorming/educational conversations we have. He is also an investor and has brought to my attention properties that aren't on the market. I think after our conversation he will be more responsive. In the future if I'm wanting an immediate reply I will contact him by phone. I'm giving him another chance. 

 He hasn't been able to contact a bank representative but found it listed on hubzu.com.  I see they are accepting bids in 4 days. This is a new site for him. 

I just got a HELOC for 150k approved but the process could take 6 weeks to complete so I'm not sure I'm ready for the bidding. I registered on the site but don't understand the agreement below and am concerned about loosing $1,000 so haven't "agreed" to the following yet.

This is a one time Bid Deposit ("hold") of $1,000 to be placed on your credit card. For more information, please see our FAQ'sTotal Hold
$1,000. I understand that if I am the selected bidder and I authorized the initial hold with my credit card, Hubzu has the right to charge my credit card if I fail to return a signed Purchase and Sale Agreement (PSA) or send the required earnest money deposit within the applicable time frames set forth in the PSA.

PLEASE NOTE: If you are the selected bidder and you fail to perform as described, then your card will be charged. ALL SUCH CHARGES ARE NON-REFUNDABLE.

So much to learn and and this seems like it just got riskier as it's now an auction. It may be too far out of my comfort zone AND I'm going to continue the process for the educational benefit with special attention to not loosing money out of ignorance. 

Hi Will Fraser,

Thanks for your reply and I really appreciate the feedback that some high crime areas on realtor.com are sizzling hot and questions to ask my realtor and PM!

Hello,

I'm working on financing and buying my 1st property. I live in Oregon and am going to be purchasing in California where my son lives. He is a contractor.

I was referred to a lender in Oregon who is friends with the property manager and realtor I've started working with in Mount Shasta-where everyone seems to know everyone. I have shared my financial information via dropbox as they are both out of my area.( Several months ago I contacted someone on a realtor.com and I ok'd a credit check before I was ready, didn't do a comparison within 14 days and it did dink in my credit. I didn't go with that lender at the time as I didn't know how to get my financial information to them and wasn't comfortable sending it via the internet. I've since learned how to scan and send them and I real newbie here! ) The mortgage lender isn't able to give me a HELOC as that is given by banks but has referred me to a bank loan officer if I decide to go that direction. The lender wouldn't give me a general pre-qualifaction letter that my realtor was wanting, only willing to give me a pre-approval letter on a specific property.

The current property I'm making an offer on is a bank owned duplex in Weed, CA. It is run down but has a new roof and windows that look like they were put in recently- probably with the help of a program in town that helps low income property owners. It is also in a neighborhood that is high crime per realtor.com. I have some reservations about the property but it is inexpensive for the area and could be purchased with cash (my home value is 200K and paid off) and my son could rehab. It is something we could BRRR. Most properties in the are are 2 to 4 times that much and difficult to find one that will cash flow. In that case of a more expensive property I would need to get a HELOC or home loan in Oregon and then a mortgage in California.

Do I move forward with a HELOC- get the maximum amount possible or wait until I find a property and get a HELOC or home loan depending on that specific property?

Thank you everyone for your replies!

Winston, thank you for your additional advice about making an offer in person. 

Eric, I haven't signed a buyers representative agreement. It's in a small town in northern California and everyone seems to know everyone so I want to make sure I respond professionally. 

Corby, nice thought about being too late to get another realtor for this offer. It's a bank owned property with the contact on the east coast which he's had difficulty reaching. 

If nothing else I've learned I'm not in position to make a speedy offer with this realtor as well as the mortgage person I was referred to in Oregon where I live. My plan is to take out a HELOC or home equity loan here in Oregon for the down payment, or in this case could do a cash offer as it's listed for 84k. Maybe that's another post.

The great thing is this is my first post asking for advice and I'm more confident in posting now. Thanks again everyone for your thoughts!