All Forum Posts by: Phil Collett

If your going to live in it, and can afford the mortgage, why not use an FHA 3.5% down loan for a primary residence and keep them all (you have 2 condos now?).
As long as the Moreno valley place cashflows with a mortgage. You could always do a cash out (leaving some money in the condo so it barely cashflows, don't make an alligator) and cash out refi or establish a HELOC on it so you have access to some equity if you need or want to use it.

It could be a market high right now and a good time to offload less desirable houses (if there is something odd about it besides the city), but inflation could also keep house prices here or they could go higher. Also, if we are in for a bunch of inflation, your rents will go up while your mortgage rate is fixed on the mortgages.

Lots of investors I know say they wish they would have kept more of their properties over the years. That being said, I am offloading a house and doing a 1031 into another property. If you live in the Moreno place, you could get $250k tax free gains (or $500k if married) with the primary house sale tax exclusion if you lived in it 2 out of the last 5 years. Condos have not gone up as much as the SFH have in the last year, so I have heard they might be decently priced right now compared to houses (read a few times from REI newsletters).

MeetKevin on youtube has a good REI class about buying realestate (and holding) and what to look for and it isn't to expensive. There are plenty of meetups down there in SD also.
BP has lots of good books on many aspects of real estate. Millionaire Real Estate Investor is a great book for buy and hold. 

After you get the basics, you can niche down.

T&G Roofing did my parents house a few years ago. A Friend's brother owns it and they did a good job, good price and I don't think I got the good guy discount either.

They are in Upland and their website is tgroofing dot com. Think links get stripped from the forum.

I used Robert Hall & Associates (Glendale, Ca) last year and that went ok with all the fun with extended deadlines and lockdowns and remote work. My returns also got a bit too complicated with niche REI stuff for the great tax guy I used for many years and still does my parents and sisters taxes.
They handle other REI guys and attend some REIA groups I went to and knew about bonus depreciation, K1, cost segs, schedule E and HELOC junk used for investing and private lending. Knew I could recapture points paid in a previous loan after a refi, etc.

They will do a intro call. Be prepared to do a bunch of legwork filling in their questionnaire though. I interrogated the crap out of my quicken files to fill in some of the info for the property sheets.

(Hi @Katie L., we chatted a bit last year around this time :)

Some of the meetups have zoom meetings. A Few of the meetups have break out sessions during the meeting and you can talk to a smaller group of say 4 to 6 people. So Cal wise, FIBI has zoom meetings, I forget if there were break out groups; LAREIA has zoom meetings and breakouts. IEREIC has zoom meetings.

Even some multifamily meetups have zoom meetings with break out groups. A Lot of the syndication for MF are definitely looking for investors after the stock market hiccups where I am sure they got plenty of people around 2008.

You could put their house title into a trust, and then make yourselves the beneficiaries of that trust so you control it. This would be a subject to deal. Taking out a HELOC may get sticky with the trust, and the bank probably won't do it. This also means that a refi would need to be taken out of the trusts name as well, and then put back into the trust.

You could take the transaction to an escrow company and your parents sell you the house at some price, and you get a mortgage for that amount. You would pay title and escrow fees, but no realtor fees. Then they would have $250k single, or $500k married as tax free from their equity and you would have a house with a mortgage you are paying and it would show up on your credit as a liability and the house as an asset as far as future loans / DTI are concerned. You and the parents come up with a price. You could use some of their equity from their sale to you as payments on the house and they still live there. Then you can refi, do whatever you need with the mortgage and you can probably claim it as a second house and be able to get a HELOC on it as well.

not sure if NREIG does apartments, but they shop for group rates with providers.

Option 4 is a HELOC. Variable rate though, but 80% ltv. I did 1 last year and it was at .8 below wall Street journal rate. Mine had not costs unless I refi within a year then $400.

just looked at refi of my 1st lien (@ 3.625 to maybe 3.1), and of course the HELOC makes that harder.

You can try it and be mindful of up-sells urgency call to actions like all marketing has (only 3 seats, for 2 hours only, level 2 is only $1500). 

There is a FIBI meeting in Pasadena ($20) which is anti pitch, also the LAREIA is this Wednesday also ($20). These are meetups with a presenter usually and not courses. You can meet people and ask how to do stuff if your just getting started.

There are some duplexes and quads tucked away behind "Pinkies" in Rancho (from the movie). 

There are some multi's in Rancho, but they are priced high because it is Rancho. I am not good at finding deals and am trying to work on that though. Loopnet shows some, but run your numbers because the some of brokers are using real funny numbers on the P/L.