All Forum Posts by: Stanley Miller

Looking for any and all advise.

Here's my situation:

I own 3 rental properties in TN.  All single family homes and each one has a remaining loan balance:

LOAN BALANCE

Rental 1: $ 44,000 (30 yr fixed: 5.25 %)

Rental 2: $ 57,000 (30 yr fixed: 4.75 %)

Rental 3: $ 63,500 (30 yr fixed: 5.25 %)

POTENTIAL APPRAISED VALUE

Rental 1: $ 108,000

Rental 2: $ 130,500

Rental 3: $ 158,000

I got the appraised value by taking the average of Realtor, Zillow, Redfin, Trulia and Realtytrac. I know not the absolute best way to get an appraised value, but I as hoping it was close enough to give me numbers to work with.

What I would like to do is refinance Rental 3 and use the extra money (approx. $55,000 leftover using a 75% LTV ratio) to pay off Rental 1 and whatever is left towards Rental 2. I would like to take advantage of the low interest rate environment and hopefully pay off one property without increasing my monthly payment too much as well as paying a ton in closing costs.

The issues and questions that I'm running into are:

1. Will I be able to get approved for this refinance at a lower rate

2. Does it make financial sense with the closing costs involved

Looking forward to it, see you there!

@Boomer Creed  Just curious if you ever got answers to your above questions.  I'm about to sit for my agent license in CA and I have the exact same concerns.  I'm about to call 10-20 brokerages this week to discuss my future plans of wholesaling and fix/flips with little to no focus towards a traditional career as a Realtor.  

I'm very much stuck on the disclosure process as well as the exact paperwork I need to have with each offer I make as the investor.

Any luck?

Thank @Joshua McGinnis, that's a huge help!

Hello BP family,

I am almost done with earning my real estate salesperson license in CA (1 more class and then the state exam). Once I receive my license I know I need to hang it with a broker since I do not have the experience requirement to become a broker myself. In general, how receptive are brokers when it comes to wanting to hang your license with them if you only plan to use it for real estate investing (MLS access, etc.) and you're not working for them full or even part time doing listings, in the office, etc.?

I still have a full time job that I enjoy, so my plan was to speak with 10 brokers in my area and be completely upfront and honest as to my plans of investing and not focusing my attention on listings.

Any thoughts or suggestions?  Thank you in advance!

Well first of all, I just wanted to say thanks to everyone for the warm welcome and I forgot to set up my alerts...so that's done now, thanks @Orion Walker!  

@Leyla Simsek it's great to know there is another new wholesaler in Solano, I definitely look forward to meeting up with you and @William Yeh hopefully very soon.  I'll PM you guys and maybe we can set up coffee.

@J. Martin  Thanks for the advice and I will definitely let you know if I find anything in Richmond, Pittsburg, Antioch, or Vallejo.  It may not be for awhile because I want to focus my energy towards the markets I'm close to and know a little better, but the future goal is to continue scaling!  And I will definitely be at some of the meetups very soon! Thanks again!

@Elizabeth Colegrove  Thank you for taking the time to explain your business model, I think that is awesome! I have a few buy and holds that I bought retail with decent cash flow, but I think your business model is great.  Can't wait to hopefully meet you in the future and pick your brain about how you deal with short sales (other than having a ton of patience).  Thanks again!

Thanks @Chris Music, I'm drafting my e-mail as we speak!

Thanks again everyone for the warm welcome and I hope I can contribute to the community!

Hello BP family, I just wanted to introduce myself. My name is Stanley and I recently moved to the northern California area.I'm working in the Vacaville, CA and Fairfield, CA markets as a wholesaler. I own a few buy and hold properties as well, but my focus is on wholesaling and eventually moving into rehabs. I’m finishing up getting my real estate license and I hope to network and meet anyone in the area and help in any way I can!

@Chance Calhoun Hi Chancy, thanks for the welcome! Yes, I can already tell BP is a ridiculously awesome resource.

@Viktor Stakhov Hi Viktor, I will definitely keep in touch. We should talk sometime soon. Good luck with the rehab, Federal Way is awesome, I used to always have to drive up there for Chipotle until they finally put one in down here!

@Albert Bui Thanks Albert and I've got your request...I'm lookin'!

@Brandon Turner Thanks Brandon...keywords are all setup, thanks!

@Justin Baker We will absolutely connect soon...I hope the appointment went well!

@Gerald K. Thanks Gerald...happy to be here!

@Christopher Hunter Hi Christopher, thanks for the welcome! We should talk some time.

@Account Closed Sounds like a solid plan to get one done over the summer, just take it one step at a time, that's really all you can do. Absolutely don't listen to the naysayers, if you haven't already I would find a local REIA group or meetup so you can hang around like minded folks. It definitely helps me being around positive people who only want to help and who have similar goals. Haha, and there's no better revenge than massive success or a big check!

@Account Closed Hi Derek, let me know if I can help in any way. Where are you located?