All Forum Posts by: Timz Valenzuela

Hi Tiffany, I have been listening to bigger pockets podcasts early of 2018 and was really into reading books and articles about investing. I know I was ready to jump in but I do not know where to start.

First, I decided on what area I need to invest in ( took me a long time to decide on this as I even read the Long distance investing book!), then after I have decided on the area, that is when I contacted a realtor. I also have to determine how much my budget is for the property.

The realtor informed me that it is advisable to have a pre-qualification before I even start looking so I could scope on the price of the properties. I applied for HELOC (for more buying power) and also for a conventional loan.

Everyday, I was looking at properties through realtor app (also from the lists that the realtor provided)and also analyzing deals based on the webinars of Brandon and David. 

I saw a property that was below my budget, was able to purchase it through HELOC as the seller prefers cash buyer. But the proper needs work as the previous owner has not replaced the roof nor did any improvements on the property. Still working on the improvements and planning to refinance soon.

I was able to purchase the property last September, so it took me a while to finally jump in!

I hope that helps. 

I still listen to the podcasts, read articles and books about REI and investing in general as I have a great deal to learn!

Good luck Tiffany! 

Best regards,

Timz

Hi BP Family,

I would like to request for some advice. 

I have purchased my first REI using my primary home's HELOC (purchased a small duplex) and I plan to utilize the BRRR strategy then refinance.

I would like to form an LLC but I would like to know if it is better to refinance the property first under my name then transfer the property in an LLC via quitclaim deed after cash out refinance? From what I have read, banks would not loan to new LLC's without proof of income.

Furthermore, I have inquired for a lawyer's assistance with LLC formation and he quoted me $2000 to $2,500 for professional fees. I am just starting with my investment and I am quite unsure if it is wise to pay that amount of money for a simple LLC formation as I only have one property for now. Please advise. Thank you!

Best,

Timz

Congratulations @Account Closed says, create your great deal!

I have been listening to the podcasts and also just finished reading the Long Distance Real Estate Investing by @David Greene. I am also from the Bay Area and still determining what state I would invest in. Keep us posted! 

Hi Amir,

Wondering if you were able to find an investor-friendly Real estate agent in Fresno, CA?

Hello! I am new to Real-estate investing. I have not purchased any property other than our home. I currently live in San Jose and very thankful that we have purchased our home back in 2011(still affordable then). Bay Area market is at an all-time high and I am looking into investing in Modesto Area, specifically 95355 area code. 

I have been listening to the BP podcasts for a while now and the speakers usually advice 4-plex and above rather than a duplex to get more earning potential. Well, for 5-plex, a commercial loan is needed, that is why I am opting for a 4-plex for now to get a conventional loan and lower down payment.

I am looking for a realtor that I could work with, knows the central valley area and contractor/s for a  fixer-upper property to work with.

Any advice, suggestions, or knowledge about a potential 4-plex investment property would be greatly appreciated.

Thank you very much,

Timz