All Forum Posts by: Andrew Yip

Hi There

I'm exploring to purchase auction property. And my experience going to county office in LA, they also require the current owner name. How can I find that information? 

Good info above.. for abstrax.. do you know how much to do title search and O&E ?

Thank you

Hi BPers,

I learned a lot by listening the BP podcasts and because of it, I become an investor. Still very new at this and so far I've been buying and holding about 6 properties in los angeles area.

I would like to explore opportunities in multifamily, commercial property, financing, or even flipping since I haven't done it. Would like to learn more from all of you. 

Thank you Robert and Jon for your advice. As you can tell , I'm very new on this.

So far my deals has always been conventional and this is the first time, I'm buying property all cash.

Is there any hard money loan that is not secured by property? I'm willing to pay the point and interest at this point to get this going.

I have 3 properties so far. With Heloc, I can only pull maxed 400 k. (I used up heloc for other purpose, and also I don't want to max it out in case if something happen). The balance that I need is 200k.

Do you have any hard money referral that can help me in my situation?   3 of hard money that I contacted require appraisal and all loans is secured by the property. 

This house has unpermitted pool...   I have a lender that will accept this as conventional financing.

If you know any hard money out there that doesn't have point .. that'll be great option too. 

Hi experts,

I would like to ask for the best strategy and hopefully also some pointers on finding private investors (referral would be greatly appreciated too).

I just won an online bid about $600k. The property has to be purchased all cash within 1 month.

Problem is that I only have about 320k cash. So I need about 280k -300 k to cover the balance.

I have shopped for hard money lender.. and most of them charge about 2-3 points with about 10 % interest. And most of them require appraiser to come and value the property. The problem is that I don't have access to the property yet.. and they won't let me send the appraiser.

Also I don't mind 10% interest but 2-3 points is very high.

So my question would be

1. What would be the best option for my scenario? (more economical option that I could do within this 3.5 week time)

2. Where can I find private investor/lender who would want to work with me?

3. Since I'm new on this... what is the collateral when working with private investor or lender?  will the title be split between me and him ... then after I pay him back.. it would change the title back to me?

Thank you very much for your help

Thank you very much for your advice Minh, you're very experienced.

I am guessing this creative strategy only works for multifamily properties right? The one that can show proof of rental income, otherwise lender won't approve.

Thank you Minh for the input,

for the downpayment, let's say if I pay it using my HELLOC would that be possible or going to be a problem? Or it has to be a cash money that I already have?

I will start researching on the lender.

Thank you for your input Albert. I'm looking for investment that I could probably try to sell within 7 years.

I'm not sure if there's any other loan out there for non stated income, or something in that nature. I would like to maximize loan instead of using my own capital.

Thank you Josh for your wise input.

I'm still very new on investing and I just want to make sure that I'm avoiding potential pitfalls in real estate.

So glad that I found this site. :)

I am actually open to the idea on investing near USC area, however I'm not sure if I can get the financing.... for 400k -600 k.. if it's a multifamily with positive cash flow perhaps maybe. But if it's a single family, I know I only can get financed for up to 300k. But then again I'm very worry about the downpayment, If I'm paying the downpayment through HELLOC would that be possible? Or would there be a negative effect on it ?

Do you still think investing in LA is still a good option? I'm a bit concern because of the hike in prices recently, not sure if we're approaching another bubble for the market.

Thank you very much for your help

Andrew

Hi BP experts,

First of all thank you for reading this thread, I am a newbie here and have been reading, listening and learning about real estate through BP.

I would like to ask for some of you experts opinion regarding my situation and what would be best options for me according to your experience.

Although I live in west Los Angeles, I really appreciate all of experts input despite of the state where they live in. Regarding my finances, I have a good job and businesses that sustain my day to day expenses. However last year I made stupid decision on raking my inventory that cost me arms and legs. Right now I'm about 20k negative which i'm thinking to put this under second mortgage instead of my current credit card. Just this month, I got approved for 195k second mortgage.

Question that I have:

1. What would be the best scenario for me to do Real estate Investment?

I like appreciation and cash flow. But with the amount of money that I have I'm not sure what kind of investing that I could do. Definitely property near my area is ridiculously overpriced now, I might seek something in CA or nearby that still make sense and also something that I can afford.

If I buy property, most likely I would have to utilize my second mortgage to buy it cash.. then perhaps take the money out.. through equity line of the new property that I will buy.. Is this the right strategy?

I don't think I can get financing/ refinance using conventional loan given my option.. maybe I could but the max is probably 200k unless if I could increase my income significantly this year. This is where I need your input on what kind of creative financing strategy that i could adapt from my situation.

I would like to buy and sell (flipping) however I m aware of the risk of not selling and potential big loss as newbie. Thus I would probably buy and hold it for for a few years while renting the property.

However, I also don't want to be stuck in just one property. (maxing my options). I would like to have the ability to buy more properties next year, etc when my finances get better.

2. I'm aware that CA potential, can any investor in CA area guide me on how likely if I were to do flipping and where to start. I have hardware, flooring, appliances business that I think could help me if I were going to do this route. However I would like to minimize my risk as much as I could. I just don't want my girlfriend not to marry me if she realize I am in much higher debt than now. :P

If I were going to find partner..

3. If I were going to do cash flow, where would be the best place to do this and how 's the best way to start and finance this? CA caps rate is perhaps not good for cash flow investing.... but at least it's within my reach if something happen to the property. :P perhaps I'm wrong... I've never dealt with property management before. :) I am also a bit afraid on the risk on having hard to find tenants or troubled tenants. I also learned through BP how people can declare bankruptcy and investor could be stuck for 1 year. ouch :) what do you guys think about vegas or memphis?

Thank you very much for taking time on helping me with my questions.

Andrew