All Forum Posts by: Vicky L.

@Whitney Hutten hi, is there a website? I'm a rookie. What can I expect?

@Tomiko Graves doesn't a permit have to pulled first - before work is started? Plans have to be submitted before permits are granted. If no permit, no inspection... but maybe a fine? Please post your result.

Hi. We bought our first investment property in Huntsville in February. Beau Miles is our property manager and is on BP.  http://www.epmhsv.com/

He should be able to help you out. Tell him Vicky Leong told you. We're in California and he was a great help to us.

@Lisa Eckman Hi. Sorry I've taken so long to reply. We plan on using the advice in the BRRRR and Long Distant Real Estate books from Bigger Pockets. And struggling and making (minor) mistakes... We are putting a team together. We'll see what happens.

Best to you as you make your plans.

Vicky

@Christina I. Did you find a contractor you like?

@Susie Lowe Congrats! I'm interested in the Boise market, too. We are looking but haven't taken the plunge yet. Do you have a property manager? Could you recommend a contractor for when we do find a property? Any wise words to share?

@Matthew McNeil I'm interested in a property management recommendation, too! I'm also interested in contractor recommendations. Thanks.

@Will Barnard according to 
https://www.cslb.ca.gov/Resources/GuidesAndPublications/AsbestosGuideForConsumers.pdf
a homeowner can remove asbestos.

Asbestos abatement or removal does not require an asbestos certification if the total
area involves less than 100 square feet. However, the job is just as risky to perform. In
fact, Cal/OSHA regulates all asbestos handling, regardless of the setting. Even small
amounts removed by a homeowner are regulated and must follow strict transportation
and disposal requirements.

We are newbie investors (looking for the first deal to BRRRR). I found a quadplex (1/1) with a detached 1 bedroom. It is a fixer! I would like to fix the fourplex and keep the small detached house as a second home. Possibly rent out the small house during the school year and use it in the summer. On skip the second home and make it a fourplex and detached 1/1? Is that commercial?

I don't know what to look for in financing a fixer. We have the down payment and rehab money from a HELOC. What options do we have to get financed? Do I put the deal thru the BRRRR calculator and print out a report for a lender? How do I find out the ARV to refinance?

Thanks in advance =)

Type of property: It is an old large house. The photos show a house in mid-rehab. It has separate electric meters in the photos.

Location of property: Near Boise, Idaho. Near a University and a downtown area.

Purpose of financing: purchase, maybe rehabbing? (we have a HELOC to fund 20% and rehabbing)

Type of financing sought: Not sure.

Current or prior ownership of real estate: We've had our primary home for 10 years together (husband owned before meeting me).

Occupancy: Renting to singles possibly students.

Value of property at present and/or your offer price:  up to $200,000

After repair value: I'm not sure but guessing $350,000. The current assessed value is $200,100.

Anticipated or actual appraisal issues: DK

Current rents per month: not occupied

Fair market rents per month: $700 per unit (according to Rentometer)

Down payment or equity: 20% 

Source of down payment funds, if applicable: We have a HELOC open. We can use this for the down payment and rehab.

Income Source: Salaried/hourly W2. We have a good yearly income and very good credit.

Gross monthly income (optional): Hubby doesn't like to disclose, but very good.

Monthly debt obligations appearing on credit report, plus (if applicable) personal rent and alimony/child support/etc: $

FICO: Over 780.

Credit issues: None.

Additional details: We are in California and plan to invest in the Boise/Treasure Valley area.

@Renee Touchton I think refinancing with cash out on our primary residence gives us the option to purchase a fixer with cash. Then get our capital back with a refinance on the rental.

@Kory McCain Thanks for the advice. I understand that Nampa and Caldwell should see growth because Boise has seen prices climbing. And Kuna, too. What do you think?