All Forum Posts by: Steven Wade

Thank you all so much for the great advice and the kind offers. A bit of good news for me, it looks like I have a job in the works again so I can get back going with the loan and getting the house. I appreciate the insight about it being harder to get a loan etc if you do a career switch.  

Hi Everyone,

I just got laid off from my job, and I'm trying to plan next steps as a beginner investor. I'm in San Diego County (Escondido), and my wife I were just starting to look for deals out of state in San Antonio. We were planning to BRRR using cash and money from a HELOC for the original purchase, but the HELOC fell through due to the employment change. I know there are some alternate options for funding the deal such as private/hard money, but I'm not sure about trying that for our first deal, when we don't really have much experience out of state. I'm wondering if it is best to wait until I get employment again to get the HELOC and continue to invest, or if there is another option I'm overlooking.

I'm also considering if I can transition to an career that would better position myself to invest in Real Estate, specifically becoming an agent. So my question is, do you have any advice on what you would do to progress toward financial independence through Real Estate if you were in my situation? 

Being unemployed currently, I find myself with more time to hustle than I had previously, so if any investor in SD county needs an extra hand on a deal, feel free to hit me up.

Thanks,

Steven

Thanks again everyone,

I ended up researching Credit Unions in my area. If anyone is looking for a HELOC in San Diego, I'd recommend looking at California Coast Credit Union. They have the best rates that I have seen (3.98% starting 12 months , no margin on top of prime after that).

https://calcoastcu.mortgagewebcenter.com/CheckRates

Hey Aaron,

I know it is a little bit late, but I also just discovered California Coast Credit Union. They have the best rates that I have seen (3.98% starting 12 months , no margin on top of prime after that). So if you haven't obtained your Heloc yet, I'd recommend looking there.

https://calcoastcu.mortgagewebcenter.com/CheckRates

I'm still researching one myself, but I think that Bank of America looks pretty good. They don't charge annual fees, origination fees,and you you can lock a portion of the balance into a fixed rate if you want. Their rates seem pretty reasonable as well 4.74 for first year, then prime + 2.36.

I'm also looking into San Diego County Credit Union, it looks like their margin is smaller (1.5), and they have better introductory rates. (https://www.sdccu.com/CURates/EquityLineandLoanRat...). Mission Federal seems to have similar offerings

Good Luck! Let me know if you find any better alternatives

Hello Everyone,

Do you have any recommendations for a HELOC originator? I want to capture the equity in my primary home(condo) to fund my first BRRR deal.

  I'm looking into Bank of America as they don't charge annual fees, origination fees,and you you can lock a portion of the balance into a fixed rate if you want. Their rates seem pretty reasonable as well 4.74 for first year, then prime + 2.36. Are there any other considerations you take into account when originating a HELOC? 

Thanks to you both @Kevin Swart and @Wougi Heap of Birds brought up definitely make me wonder if I can make local investing work, but I am not sure if I'm creative enough currently to compete in the local market. I guess I just need to analyze some deals!

Thanks @Dan H. and @Trudy Pachon. Those are really good points about investing local instead of out of state. Investing locally definitely sounds a lot nicer to me, as I know the area, and can physically visit the properties. 

I probably just need to work on how to find cash flowing properties so I can make investing locally cash flow, with a down-payment that is within our means. So far I've just been looking at MLS sources for deals, that's probably the main problem.

If you don't mind, I'd definitely like to hear more about from you about the benefits of investing locally. I'll private message you.

@Scott R. Thanks for sharing that too! I have family in Amarillo, and one of them is a Realtor, so I thought it might it might be a good place to start. But those are definitely good points about the deals going quickly.