All Forum Posts by: Say Teoh

@Robert smith

@Robert Smith you might want to consider hiring a real estate lawyer that has experience with redemption rights. I went to a REIA meeting, and a lawyer has a presentation on forclosure, and sounds like he is very much in the game of helping folks securing redemption rights. Just FYI.

Say

I think for handyman kind of work should not be a problem, which is what you described. But for bigger work, such as changing out the electric panel, HVAC, sewage pipe etc,  I suggest you hire the licensed, bonded and insured. This is for your own protection. If a painter fall from a high ladder and break his arm and cannot work for 5 months, you better pray the sub is insured. Hope this helps. 

@Randy Johnston, thanks for the heads up.

I will be there.

Hi All, I am currently applying for a HELOC, and it has been 8 weeks and we are still at the document review stage, driving me nuts. I would like to know whats your experience, and how long is your process? Is 8 weeks normal?

The house is paid off, so the bank will be first lien, me and my wife have 800+ score, we are requesting less than 50% of the equity, we have stable income with no debt other than a car payment. So this should be low risk and easy loan for the bank, I have no idea whats taking so long. Everytime I call, it is always they are still working on it and reviewing it. I already drafted a complain letter to the senior VPs of the bank, but want to check if this is normal before I make a fuss.. :)

Thanks

Say

welcome @Joshua Sullivan! BP is a great place to be, since you are driving most of the time, you can listen to all the podcasts! Then decide what kind of RE investment suits your current financial situation and lifestyle. Ex, you on the road most of the time, hands-on flipping houses might not work for you, maybe being a landloard with the help of a PM?

After a period of learning and studying, I say just dive in and do it. Start small. I suffered analysis paralysis for a long time... all studying no action. :)

All the best!!!

@Anna Myers There are a some large farm lots further out west of Portland, they might work for you. Usually a single home can be build on the lot, very nice private setting. I can send you some information if needed.

Thanks

Say

@Carlos C., with the purchase price you mentioned, I assume the condition of the house is medium to poor, so it will likely not pass appraisal for conventional loan anyway. As folks mentioned here, you likely route is hard money lender or find an equity partner.

All the best!!

Welcome Brad! I think we might have the same background, been a EE in Portland for 11 years, and  now going full time RE agent and investor. :)

Congrats on your home. Not sure if the appraisal takes into account of the zoning factor, I suspect, you property might worth a little more than that just because of the zoning. Just a guess, as I do not know the details.

As for pulling equity out, you can also look into HELOC. I am in the process for one, no fees, and I got 2.65% (based on current prime rate) interest rate after all the discount. I like HELOC, as I can use it as needed, and pay no interest if I have no use for it. Ofcourse, the rate is variable, so thats the risk.

All the best!

Say

Welcome to BP and also Portland! You have found the 2 best place on earth.. :)

On serious note, I have learned much here on BP, and just about to close on my first flip property next week. Exciting time, enjoy!

Hi @Nicholas Narahara, welcome to BP, and congrats in taking the first step in RE investment! Since you always rented and wanted to have an rental, if you can afford the down, you might consider house hack with a duplex, you get to have a home that you call your own and a unit for renting. Just a thought.

All the best!!