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All Forum Posts by: Patrick McCandless

Patrick McCandless has started 18 posts and replied 184 times.

Post: Short/Long term rental insurance for home in San Luis Obispo, CA?

Patrick McCandlessPosted
  • Residential Real Estate Broker
  • Paso Robles, CA
  • Posts 191
  • Votes 55

Well I'm in a 1,500sqft 3/2 in Paso Robles and I pay $67/month. I just asked one of my clients who I just sold a STR to last year and he's paying about the same for a 3,000sqft home even as a STR.

Post: Recommendation for CPA in Central CA

Patrick McCandlessPosted
  • Residential Real Estate Broker
  • Paso Robles, CA
  • Posts 191
  • Votes 55

Will PM you. 

Post: Recommendation for CPA in Central CA

Patrick McCandlessPosted
  • Residential Real Estate Broker
  • Paso Robles, CA
  • Posts 191
  • Votes 55

Hey Bryan I am located in Paso Robles, but I use an accountant based out of Scottsdale, AZ. I started using him back in about 2011 when I lived out there and had a brokerage in the Phoenix market and he has several California clients. Everything can be done remotely these days so I would go with someone who understands your personal situation rather than just finding someone close by.

Post: Full house furnishing in San Luis Obispo, CA

Patrick McCandlessPosted
  • Residential Real Estate Broker
  • Paso Robles, CA
  • Posts 191
  • Votes 55

Hi Daryl. Just curious as to why you're furnishing a long term rental?

Post: Refinance and then HELOC for first investment

Patrick McCandlessPosted
  • Residential Real Estate Broker
  • Paso Robles, CA
  • Posts 191
  • Votes 55

Hi all. I've been repairing my wife and I's credit for the last 6 months or so in preparation to refinance and then open a HELOC to invest. I have been self-employed (realtor) for 11 years now and had a W2 job (sales manager for real estate brokerage) up until this last Thursday. I got my credit up to the 760's and my wife is just not able to get hers up despite the monthly credit repair company subscription we've had her on for 6 months now. Now that I lost my W2 I am not showing enough income on my own with all my write-offs but I have the great credit and my wife has a solid W2 income, but crappy credit. I decided to bring in a family member to cosign who has 800 credit and just enough income to satisfy the DTI requirement for me. Well that was before I found out I lost my W2. Lender is saying he needs my W2 to make it work. Am I just dead in the water until I can get my wife's credit back up? The lender I am going through is a mortgage broker who I have used for my buyer clients for quite some time now, but I'm not married to him by any means. Would a credit union or direct lender of some sort be able to pull some strings on this more? Would I look more appealing to a credit union or bank who does both mortgages as well as HELOCs if I tell them I am looking to do both a refinance with them and a subsequent HELOC? Any input is much appreciated!

Post: Prospective Out of State Investor

Patrick McCandlessPosted
  • Residential Real Estate Broker
  • Paso Robles, CA
  • Posts 191
  • Votes 55

@Andrew Lake I am in about the exact same stage as you also looking at Indy and based out of the CA Central Coast. I would love to connect with you and any others on this thread.

Post: Creative financing house hack!

Patrick McCandlessPosted
  • Residential Real Estate Broker
  • Paso Robles, CA
  • Posts 191
  • Votes 55

Congrats!

Post: Flipping or Buy & Hold in San Luis Obispo

Patrick McCandlessPosted
  • Residential Real Estate Broker
  • Paso Robles, CA
  • Posts 191
  • Votes 55

I agree with @Ben Tilbury on everything. This area sucks for cash flow comparatively speaking. No way you'll get even close to the 1% rule. More like half percent rule. And to find something at a discount is like a needle in a haystack. What I'm in the process of doing in Paso Robles is a live-in flip which I will turn into a rental once completed and move onto the next. Purchased a couple years ago as a trust sale for $405k with only 5% down. I now owe $364k and it's worth about $525k. Have put MAYBE $15k into the place as I've done almost all work myself. Dropped the PMI off a while ago and will be refinancing probably in the next month which will bring PITI down to <$2,000/month and I will be able to rent it out for about $2500-$2600. By the time I'm ready to move onto the next hopefully more like $2750. Contemplating what to do with $55k HELOC I'm now eligible for (even more if I want to pay higher interest). Next one I hope to find off market and for a deeper discount and possibly with an ADU. Good luck and let me know if I can help!

Post: Paso Robles area STR

Patrick McCandlessPosted
  • Residential Real Estate Broker
  • Paso Robles, CA
  • Posts 191
  • Votes 55

Congrats on the purchase John! Paso local here. Let me know if I can help with anything.

Post: EIDL SBA Loan advise

Patrick McCandlessPosted
  • Residential Real Estate Broker
  • Paso Robles, CA
  • Posts 191
  • Votes 55
Originally posted by @Drew Vann:
Originally posted by @Patrick McCandless:

Is/has anyone taken this loan offer with intent to use as a replacement to hard or private money for fix and flips/BRRRR deals? Is that allowed?

 My interpretation would be that usage of EIDL in this manner would be a hard "NO". 

 I thought the regulation on qualified expenses was for the foregiveness of the loan. This new loan that others have spoken about in thread seems to be just a 30 year amortized loan. I’m not seeing anything in my portal that explains this.