All Forum Posts by: Mark Bommarito

Hi, 

Im in the process of setting up a new short term rental property and have several questions and looking for advice to track expenses properly when remodeling and setting up the property.  Im located in Los Angeles, CA and the property is in the San Bernardino Mountains.  

What is the best app for tracking mileage when traveling back and forth to remodel, set-up, and maintain the STR home.

Good Stuff @Jibran Najmi.  I am looking into AZ currently for rental property but also going to take your advice and start looking into Fort Worth properties as well.  I will DM you as I have more questions.  Thanks for the good advise!

Hi @Jibran Najmi, quick response that's cool!  I am okay investing out of state as long as they say in the Podcasts that there is a solid team that I can become comfortable with that can manage the month to month operations of the property.  

Do you work with out of state investors?  Whats your thoughts on the property tax rates in TX?  

What type of properties do you invest in?

-Mark 

@Michael T.,  I was curious where in Texas you invest. It appears the Fort Worth/ Arlington area is growing as i have been doing research in this area too. I have read some other blogs mention concern for high State property taxes. Have you experienced that?

-Mark

Hi @MichaelTripp, I was curious where in Texas you invest.  It appears the Fort Worth/ Arlington area is growing as i have been doing research in this area too.  I have read some other blogs mention concern for high State property taxes.  Have you experienced that?

-Mark

@Michael Tripp - thanks for the information.  Im sure Inglewood will be appreciating with the addition of a new stadium, i drive by it every day.  I would like to some day be able to invest here in LA.  

@Doug McVinua - Thank for the info as well.  I am a semi hands on person, as I will be interested in checking in on the property from time to time but given it will be in another state will need to rely on a good PM to manage day to day operations as needed.  I have a construction background so I am knowledgeable in assessing what repairs need to be done and approx. cost.  I actually don't mind and would like to get to know AZ more.  Given that it is a quick flight away or a 5hr drive from LA sounds intriguing to me.  

Single Family or mutlifamily is okay with me, a duplex, triplex, quadplex. Most ideal for me would be a BRRRR strategy as I will be using my HELOC to provide the down payment and any rehab work then would like to refinance so that I don;t have to continue to pay the interest on the HELOC loan amount.

Which types of properties do you manage?  Do you work with out of state investors? 

Hi,

I am a new investor in CA that has a HELOC on my primary residence and looking to invest in single family or small multifamily out of state due to the high prices in CA. I have read how many people have found success in many various Cities across many state. With all information out there I am almost on information overload and cannot figure out the best way to select a City and find investment properties. My budget is properties in the 100-200K price range. I would like to find a city that has a growing economy and has a potential for appreciation as well.

Can anyone share their process or steps that have worked for determining which state & city to invest in?  

Hi Frank,  I have since the beginning of the new year gotten more active in reading and getting familiar with out of state investing.  I live in Los Angeles and need to look out of state if i want to get started with rental properties.  My biggest struggle is nailing down which particular city/ state to invest in.  I have looked into GA, TX, AZ but it seems for the price (150K) or less i can afford, that most areas either have higher crime than desirable or bad school districts.  It seems to me if you have a rental property, good school districts and low crime would be best but im not finding such areas in my price budget.  Any thoughts or am I being too picky for my first rental property?

Hi, 

I currently have a HELOC from my primary residence. I originally obtained the HELOC in 2014 and have since made more improvements on my residence and feel the HELOC amount is low and could be higher. I would like to have the HELOC for starting out this year for fix and flip real estate investing and business start-up funds.

How would I go about increasing my HELOC. Can i ask my current lender to perform an appraisal and raise the amount? Is it okay to tell them i am going to use the funds to start a business when they request reason for increase or is this a big red flag to them?

Or should i shop for new HELOC all together? I am looking for initial funds to be able to partner with others to get started in real estate investing.

Thanks for any advice, 

Mark

@John Robinson, just wanted to check in and see how your doing with your new rental property in Normal, IL.  Are you close to getting it rented, can you share some of your experiences.  How much did the property cost?

Thanks for sharing in advance!