All Forum Posts by: Corey Smith

@Troy Fisher I've seen Auburn and Burien suggested ... and obviously it'd be great for me to find an opportunity in Auburn. I've seen a couple people mention that Renton's price point was starting to get up a bit. 

I was planning on working Tacoma to start with, due to capital constraints. 

Thanks @Alex Chin. I agree completely. I'm not necessarily looking for an agent to find and negotiate deals for me. I plan to do my own market analysis, but I know that it would be helpful to talk with people that are more entrenched in the market than I could be right away in order to find out tips that can help me attack/avoid certain areas. I can drive the area, and research online about trends, but I think if I talk to enough people that have either been selling or investing in the area, then I could pick up enough tips to help me find/avoid the right/wrong areas to be trying to invest in.

I just passed the Broker's exam last week and hope to have my license hung somewhere by the end of the month so that I can have my own access to the MLS going forward.

Thanks for the referral!

Thanks to all of you that have responded so far. I have reached out to each of those!

I've started focusing my efforts on the Tacoma market, and more specifically everything on the east side of I-5, anywhere from south of the Dome down to 512. I started driving the area yesterday, and my goal is to drive every street in that area over the next few weeks. 

I'd like to talk with a couple of agents in that area that are familiar with what's going on in that market, and was hoping that I could get recommendations from some of my fellow BP'ers. It'd also be great to meet with anyone else that is investing Tacoma that's willing to share.

@Corby Goade My question about Portfolio lenders was spurred by the section about them in the Book on Flipping Houses. I don't necessarily want to use a portfolio lender. I had read/heard (I think) that portfolio lenders don't necessarily follow the Freddie/Fannie approval guidelines. 

That appeals to me because while I have the credit and income to qualify for loans, I'm not sure I've be able to get much of a loan due to my DTI, especially given that I'll likely pulling a HELOC to fund the first down payment. Plus I plan to buy fixers, either using the BRRRR or straight flipping them which could provide an additional challenge going the traditional route.

More or less, though ... this is me trying to fumble my way through figuring out what in the world I'm doing! I need to know what options I have before I get our here and start making offers.

@Rosston Smith I like that, the odd one out approach. As for the app, unfortunately it's only available in 7 states and I don't believe GA is one of them.

@Tim Lindstrom I think that's what I was missing when I was out driving my first time. Rather than taking down all of the properties that would be good candidates, I was only taking down the ones that looked to be good candidates AND vacant. 

On another note, I used to live in Douglasville back from '05-09' ... and that is where my Accidental Rental is. In the Anneewakee Falls Subdivision.

Welcome to BP, Catherine! 

I'm fairly new here myself, and I've started looking in Tacoma myself. You mentioned old craftsman style houses down in the South end, and that what I want to start looking for. I'd love to connect with you and pick your brain one where the best places to look would be.

I think I may have worded my original post wrong.

I was not asking about whether it's possible to get more than four loans via conventional loans, but rather about what other first-time investors have been able to secure as far as financing goes.

Whatever the number is for conventional loan limit is, I'm not worried about since I only have my primary residence and one rental in my name. I'd like to know what to expect as I start to contact local banks about portfolio loans, given that I don't have much REI experience. Have other first-timers had success securing portfolio/HML/Private funds, without simply just knowing someone?

I'm comfortable going the hard money route, but I'd like to explore less costly avenues if they are out there.

Nice. I'll give Caliber a shout next week, too. Thanks!

@Justin Peila I've heard both. Haven't looked too much into it, since I only have two right now anyway. On a couple of the podcasts I've heard it said that it's been moved to 10 recently, but a lot of banks still won't go past 4. 

@Greg Harriman 25% down is about what I'd expect for pretty much any route I'd have to take at this point in my REI business. A 0.5% premium over average rates would be awesome, considering the alternative of using a HML. I just started reading J Scott's Book on Flipping Houses today, and the section on Portfolio loans prompted me to make this post. He was saying that Portfolio lenders sometimes charge rates like HMLs, 9-15% with points up front as well.

I'll get in contact with Washington Federal and see what they are talking about. Thanks for that referral.