All Forum Posts by: Steven W.

Hi everyone. I've got two properties in the Raleigh area that I will be looking to refinance at some point in early 2016, and to do so, I am trying to get some comps on their value. The RE agent who helped me with the purchase is no longer in the game, and so I thought that I'd reach out to the BP community and see if there's anyone who might be able to help.

Thanks!

steven

Thanks @John Ching I appreciate the help. I'll touch bases if things don't work out.

@Shaun Weekes contacted me after seeing my plight, and he's been incredibly responsive. I don't know if we can make this work out, given all of the complications of my portfolio, but I've been very impressed with his timeliness. Heck, if a loan doesn't happen, I feel that I should cut him a check just to pay him for his service!

Just goes to show you that there are some professional folks out there.

Steven

Thanks to everyone who commented here for such fantastic replies. I did hear back from one lender, so I'll see what happens. I have no problem with being turned down--I understand that's part of the business. I'd just prefer to have people get back to me and say they can't help me at this time. 

The last thing I'd want to do is waste people's time. The only reason that I have contacted three lenders is from the lack of communication. I have no interest in shopping around from now until the end of time. I am happy to pay a premium for better service--up until now, I used one lender almost exclusively until she could no longer help, and I would highly recommend for conventional loans, if anyone is looking (send me a message and I'll forward along her contact info).

@Ron P.I'm looking into finding a portfolio lender as we speak!

Best to all,

Steven

Is everyone else finding that loan officers are completely unresponsive and unprofessional? I own 8 SFRs, and am looking to refinance several of them either to pull out some equity or to lower interest rates. These are complicated scenarios, and would take some work on their part, but I'm astounded by the lack of communication from these folks. 

For example,

A Colorado lender who promises to keep getting back to me to start the "three easy steps" to begin our relationship, but who still has failed to do so after 2 months and numerous emails.

The local lender who asked for my documentation, and after receiving it, said he would get back to me in three days. It's been about two weeks, and after various attempts at communicating, zilch.

Another lender who is supposed to get back to me by the end of the day after speaking to their underwriter. That was I think 5 days ago.

So, what gives? Is this normal out there? What's an investor to do?

Steven

Hi @Christopher Montgomery,

I think that there are plenty of folks out there, both locals and out of state folks (like myself) who purchase in Jax and continue to look for properties.

How can we be of help? 

steven

To add my two cents.... I'd ask them if they own any investment properties in the area. I think that's very helpful, since that can help to target neighborhoods within a city that might work better for an investor. Especially true for someone like myself who only invests out of state. Having a realtor tell me to focus on specific neighborhoods (and why) is invaluable. I'm always on the lookout for realtors with this type of expertise!

steven

@Wilhelm Nothnagel and @Marielle Walter ,

A good friend of mine is an SF architect who is looking to buy a lot in W. Oakland and pursue some kind of infill project, perhaps building a fourplex on the site. You'd want to google "West Oakland Specific Plan" to get the details on what the city is trying to do to promote smart growth in the area.

steven

Welcome @Sean Floyd to BP. Definitely check out the SF Real Estate meetups that take place about once a month. Great people talking about how they are trying to invest. If you are interested, get in touch with J Martin here on BP. He's the man for all things RE in the bay area (and an all around good guy!).

Steven

Hi @Wilhelm Nothnagel 

As someone who lives in SF, is an out of state RE investor, and has two kids in SFUSD public schools, here are a couple of thoughts from my perspective:

1) If you choose to live in SF, you can find a good public school, especially an elementary school, if you don't just look for the "top-rated" schools but get out, go on school tours, and talk to parents who send their children to those schools. I cannot more highly recommend connecting with Parents for Public Schools, no matter what side of the bay you live on. Of course, prices in the city are insane--families are looking at areas such as Mission Terrace, Outer Richmond/sunset, Glen Park areas to live. 

2) Out of state investing is not as scary as it sounds--go visit a market or two, connect with people from those markets on BP, and you'll find out that there's not a lot of barriers to investing out of state.

3) Buying a multi-unit in the E.Bay, living in a unit, and renting the others can be a great investment. But, you have to think of it as the place where you live first. Buying a multi-unit that "works" as an investment may well put you out of areas where you'd want your family to live. Finding a multi-unit around Lake Merritt, a fine area, that works from an investment standpoint, is going to be pretty challenging. 

4) Make sure to attend a SF RE meetup. Great people, and you'll be able to learn so much by connecting with others in the area. @J. Martin is king--do contact him!

Best of luck and don't hesitate to give me a shout.

Steven

Hi @Manasi Somalwar ,

I think that you better check carefully on construction costs. I live here in the city, and I think that those costs look more like in the $350-400 sq. ft range. Please do get make sure to get an opinion from a SF-based contractor.

steven