All Forum Posts by: Theresa K.

We talked to Wells Fargo about a HELOC last year. They would do the HELOC on a house (but not a condo) and I believe the max amount was 60% of the purchase price in the first year. So if you purchase the property for $65K, they would do the HELOC for $39K.

Ben Schembri: California Code of Regulations, Title 25, section 42 basically says that an apartment building with 16 or more units requires an on-site resident manager if the owner doesn't live there.

Steve Babiak: good point. I guess I was thinking that the flips are doing ok in that area right now so he could potentially make $40-50K or more on that deal right now depending on how he improves the property and how much work he does himself. I'm not a flipper so I don't know if that would be considered a good profit or not.

Steven Straughn: I'm in San Carlos area too. Why do you want to hold it for 2 years instead of flipping it in a few months? I don't know that it would cash flow much as a rental. Rents are probably around $2200/month.

I'd guess around low to mid $500K's depending on what you do to it.

If I'm reading this right, I would cost you $162.50 per month for electric (650x.25). It might be a good deal if you are going to convert all of your appliances to electric. However, if your heat and appliances are gas, overall this is not really a great deal for this area. It could be a good deal in July-September if you run your A/C a lot, but the rest of the year it would probably be more costly than SDG&E.

We have tossed around the idea of putting in solar, but I never got around to running the numbers on it. Your post make me look at my electric bill to see if this would be a good deal. Personally, I wouldn't do it. My house is about the same size as yours.

Are you on Jackson, by the lake?

Talk to the county assessor's office (or whatever entity issues the tax bill in your area). Alterations that substantially improve the property to "like-new" condition may trigger reassessment. Assessor usually finds out about it if permits have been pulled for certain items.

What type of real estate is your broker involved in? Third party property management in CA requires a broker's license. Your broker may have some contacts you can tap.

Check with the HOA and see if there is any pending litigation. If there is, you probably won't be able to do a cash-out refi until the litigation is settled.