All Forum Posts by: Rhonda Blue

When I started everyone locally in SoCal said Don't invest out of state! Don't listen to the na Sayers there are plenty! I love to travel so what I did was to map it and figured the closest towns I could drive in a day! Then through process of elimination and tons of research I found three to actually visit in person and spend a week with the family! To prepare for our visit I reached out to a few realtors until I found one I liked and started having them send me listings! I also researched foreclosures and short sales! Plus all the local ordinances and city laws regarding landlording! When we visited I went and viewed the properties and bought my first one that was a short sale! 45 day close and needed about 10k in repairs! My process was to self manage in the beginning so I would know what to expect from a PM. I added a lock box from Home Depot and managed the repairs via phone. New roof, painting, I had a fix it company who was awesome and they did so much interior work! Then I drove up after listing it on zillow and craigslist! The way I handled showing was to tell everyone that there is an open house Fri and sat! So I was there for 2 days to show the property! The application process was all online through cozy.co so that worked well for me! Some people wanted old school paper apps and I said sorry all online! Everyone needs to develop a process and stick to it! That was almost 4 years ago! Since then I bought a second property in UT same neighborhood as the first! Also have become much more comfortable with my processes and have branched out to own in AL and manage through a PM! Getting ready to sell through 1031 the first property and buy two more this summer! I absolutely LOVE investing!

Check out turbotax it has been super easy for us using this easy question and answers but you will want to learn the allowed deductions so you can track them in a spreadsheet! Good luck!

update currently I'm in the process of working with our local usbank again I have all our docs submitted and am just waiting to hear back. Im trying to not get discouraged! I did try speaking to the BOfA rep and discuss how he came to our DTI numbers because my calculations show a much different number! He actually read from a script and said he couldn't help me discuss the calculations! I am very thorough and know my numbers The fact that people working with our financial information making these decisions do not know how the numbers are calculated enough to have a discussion is scary! Seriously learning a lot from this process! My DTI with the rental mortgages is only 23. I will persevere and have a story to tell. Thanks everyone for all your suggestions and advice. If this doesn't work I will reply to you who submitted for lending!

Hello

I want to take advantage of the high appreciation rates currently in SOCal so I applied for a HELOC of 120,000. I have home value of 770,000 and owe 525,000. That is 245,000 in equity.

BofA has called and said that they will approve a Heloc for 50,000 that puts our debt to income ratio at the required 54.99.  We only have our one primary mortgage on our credit report besides a few cards that we use for business and pay off every month.  I was told that last time I bought a rental that our debt to income was below 30. 

We also currently have 4 other rentals that we carry mortgages but all are cash flowing! 

Am I missing something. I thought for sure we would be approved but at this rate It's impossible to borrow against equity for any real substantial sum! I'm thinking we would be better off doing a cash out refinance! But I wanted to try the BRRR strategy with a 120,000 HELOC!

Small Rant but I'm frustrated.... Thanks for listening

I use cozy and it has worked really well for me! I like that I have the listing with photos then I can make it active or inactive easily! The application process has been great for my tenants! I haven't used the payment or lease features yet!

Jared, Could you send me the information on this property Thanks

Hello all you wonderfully talented ladies! I was listening to podcasts and was thinking I wish they had more successful woman Investor's on! Well, here we are! Im a country girl from Tennessee currently been living in Orange County, Ca been here 11 years. Started investing 4 years ago with a short sale and then turn key SFR in St George, UT. Then recently purchased 2 more SFR in Northern AL! Currently looking at auction deals in Northern AL to make use of the CA equity I have in my home with HELOC to do BRRRR. Would definitely consider other Southern areas as long as there's a team in place that works! Would love cash flowing duplex or quad! Have considered larger commercial apartment deals but just not my comfort level! Im obsessed with REI and drive everyone around me crazy! Once you CAN see deals you see them everywhere! My kids and I love playing cashflow, teaching the next generation to be REI obsessed also!

Could you PM me details thanks

I got my license and to be honest it has not helped my investing career at all! My experience with being a licensed agent is expensive and joining a big brokerage for "training" turned more into a full time job and has not fulfilled my plan of investing, deals, and improving passive cash flow! I network locally with flippers and hard money lenders already plus knew how to fill out purchase contracts! The expense with licensing, insurance, advertising, time and commitment for door knocking and turning leads into sales is a full time job! Currently my focus for our family is investing in OOS rentals to reach a goal passive income to allow for a freedom number for my husband and myself! The one advantage to being an agent was referral fees when purchasing but only has applied when purchasing off MLS! You definitely should know your goals and if getting your license aligns then it could be worth it for you!

Sara Soleimani What you are talking about is exactly what I do! My husband's work has us residing in Lake Forest with our Prime residence but all of our investments are out of state! I have a few in Utah and Alabama currently! Looking also into the TN market over the next year or so! I would be happy to have a conversation with you about what has worked and our strategy! Research is key! Know your numbers and don't be afraid of exploring other markets! You will find there are lots of opinions out there and CA seems to be a hot button for a lot of people! Appreciation galore but the competition for the select markets is insane and expensive! Tried to PM you ut it was blocked!