All Forum Posts by: Sayli Mulay

@Craig Shutich

Thank you for sharing your experience and knowledge.

@Chad Young

The lender won’t do loan modification.

I also tried to do loan modification for another property but that lender also said no.

@Kumar Gaurav I want to refinance first mortgage because it could save me about 700$ per month in my mortgage payment.

@David Kelly

I am in California

I don’t want to close heloc because There is early pay off penalty and to reopen new heloc there is appraisal cost.

@Mike McCarthy Does the closing gets delayed due to Subordination process? Because 60 day rate lock would be higher than 30 day lock.

I didn’t want to close heloc because There is early pay off penalty and to reopen new heloc there will be appraisal cost. So paying 400 for subordination paperwork would make more sense. Thanks

@David M. That’s good to know. I will reach out to my heloc lender. hopefully the heloc lender will agree to go on second position. Thanks

I want to refinance my primary residence for lower interest rate but I have HELOC on it. Currently it's all paid down. But in order to get the best refi rate I will have to close that heloc… due to subordination. My question is - Is there any way I can keep the line of credit and still get the best rate on first mortgage ?

So many great advices here!

@Heather B.Congratulations for moving forward towards your goals.

I started last year at age 47. Just like you, I don’t want to take a lot of risk, unlike a 25 year old would. Though I understand Risk and Gains are directly correlated, I try to be cautious.

I started with one rental at a time and now I am hooked. I constantly have to control myself from ‘Shiny Object Syndrome’.

I don’t have enough experience to give you any advice but I think you made a wise decision to pass up other opportunities and focus on one opportunity at a time. Good Luck!

@Travis Biziorek

That makes complete sense. Thank you for explaining so well. Yeah, it sounds very risky.

But I think, there is a slight difference in the strategy and the mindset of this tenant base. The landlord is not renting to the group of friends. He finds individual tenant (individual rent is much higher than the group) from the get go and as n when a room is available. And it seems vacancy rate is very low, depending on the property of course.

I guess it’s a Gen-Z (or Gen-Y) thing. I am too old to understand their lifestyle choices. However It is very private living arrangement than you would imagine.

Generally these tenants don’t socialize with roommates, they are hardly in the common area, they are always in their rooms or go out to hang out with their friends or whatever they do. it’s minimal hassle to the landlord.

Or this could be just a rosy picture painted in front of audiences in the meetups. In reality , as you said, such investors could be set up for failure.

I am learning so much on this forums. Thanks for sharing your knowledge and wisdom.

@Travis Biziorek

I am just a newbie. My knowledge is limited to the local reia meetups . so I just shared what I learnt in these meetups. That’s all.

You might be right. what I see in the Bay Area meetups may not be a true or full picture of Bay Area 🤷‍♀️

I didn’t understand your comment “acting as gatekeeper”

These “gatekeepers” are the actual Owners of the property!

@David, per my limited knowledge- what these investors do is they only buy bigger houses with more number of rooms and bathrooms. Sometimes they convert common rooms like family room or formal dining room to additional bedroom or Add adu in backyard Or convert garage. That’s how they make the numbers work in expensive market.

I wish you the best. Who knows? This strategy may work for you in RO market. If you buy right and are able to find right young professional tenants. Good luck!