All Forum Posts by: Ronald Mejia

I’ve been working tirelessly to fix my credit and get it in optimal lending shape. I have been able to pay off all my debts and debt free but have negative items from years ago that still have some time to fall off.

My credit karma score is at 661. What are some factors that lenders look at when applying for loans?

Thanks BP!

Hey BP, I am looking to do some renovations on my SFH rental. There are a few things that need to get done like redoing the driveway, kitchen update, repaint. I was curious what materials to use that arent costly but still look good and will attract quality tenants. Im not familiar with the construction process so if you have any advice or suggestions id appreciate it! Thanks BP Community.

Ronald Mejia

CA Real Estate Agent 02105520

@Brad Miller Thank you for that advice, helps out a lot to put everything in perspective.

I passed my California real estate salesperson exam and wondering what I should do next. If you have any experiences to share or suggestions I would appreciate it. 

Thank you for all the insight. HELOCS work based on the amount of equity owned in a property...if you own it out 100% then you could get 70% of the value of the house?

So if house is worth $100,000

HELOC could be $70,000?

@Aaron Wade

The current owner is my mother, she is going to add me to the title due to my father passing. That’s why I’m trying to figure out our next move for the property.

Thanks

Our family home is currently rented out and mortgage free. There are no plans on going back to occupy the home. The goal is the grow into real estate portfolio.

It earns positive cash flow but does a SFH carry more risk depending on a single tenant?

What are the upsides of selling and 1031 exchange into a multi-family investment property?

OR keep property and tap into HELOC and purchase investment property with those funds?

Thanks