All Forum Posts by: Yesenia C.

My in-laws and a partner own a multi-family property. After 20 years the partner wants out, he's older and just wants to cash out. My in-laws can't buy him out right now, so my husband and I are thinking about taking over that partner's half. It's a 50/50 partnership, I'm wondering what the process would be. How do you remove one property owner and replace with another. My husband and I would need a loan, but my in-law's loan is almost paid off.

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Great! Thanks everyone!

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@Stephen Underhill and @Diego A. Thanks! Sorry, I worded my question poorly. I am not looking into a 2nd FHA loan. Let's say I was approved for $100K, but my home only cost $60k. Do you think a bank would easily approve a conventional loan for $40k?

I was wondering what other types of loans are out there and how much of a down payment would I need? Thanks @Michael Wentzel for answering my question. In my reasearch I also found out about HomePath. Do you guys think that would be a good option?

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Originally posted by Danny Bower:

I was in Arcadia last night, and John Schaub made his opinions and reasons about investing locally vs. out-of-state very clear. If you missed it, you missed it. Read his book.

Thanks for the tip. I'll check out the book.

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Originally posted by Jonathan M.:

I'm watching this thread with interest as I also live in socal, am new to investing, and I'm trying to weigh the options of investing locally vs going out of state turnkey.

@Ellis San Jose and @Aaron Mazzrillo , what do you recommend for someone who's new to go about investing here, assuming the individual does not have a significant amount of cash saved? Do you guys do partnerships, how do you finance the deals? Will banks lend on investment property with less than a 20% down payment? Personally there's no way I could do 20% down on a $300,000 house.

@Jonathan M. I'm on the same boat. My husband and I make a decent income and I don't think we'd have trouble qualifying for 2nd mortage, but it would take a few years for us to come up with 20% down on a $300k+ house. So I have been looking into the Inland Empire where they are much more affordable. I heard about HomePath and sound like you can buy through them with as little as 10% down.

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@Ellis San Jose Great info, and very nicely put. Thanks! You got me to research properties here in So Cal.

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Originally posted by Michael W.:

@Yesenia C. Welcome to the forums. We were overseas and started investing in rentals in Colorado Springs. We just came back this year and I have actually changed my focus to Pueblo. It is a community of over 100,000 known for its low-cost of living. The houses are priced low, even compared to other cities in Colorado. $100,000 or less for a multi-family. $50,000 or less for a single family. So we're under contract on our first multi-family down there. I'm not sure about Grand Junction, but both Colorado Springs and Pueblo have really low property taxes, which helps the numbers. The smaller communities also seem to offer less competition. I would lean on your families knowledge of the area, but hire a property manager so the properties aren't a pain to you or your family. I hope it goes well for you.

Thanks for the advice. How did you end up investing in Colorado Springs and Pueblo? Did you have some type of connection there?

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Originally posted by Jerry W.:

@Yesenia C. there is a town in Colorado with your name also. My brother owns property there. My son lived in Grand Junction, several years ago, and when I looked at the real estate market it was very depressed. Hopefully the employment and population figures are going up. Without those being a landlord can be tough. Be sure to read the Learn section above, its loaded with helpful information.

Thanks for the tip. How does one "look at the real estate market" and determine if it's a good time and place for investing? That probably a separate topic for a future forum post.

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Originally posted by Silvestre Madrid :

Welcome @Yesenia C. Best of luck on your goals! You wasted no time putting those design skills to use..cool avatar @Aaron Mazzrillo haha wow you sure are the first to blast that idea! Awesome podcast btw! Like Yesenia that's the first thing that came to mind when I came up with my initial game plan. While I love living in So Cal, it's just hard to overlook the numbers that come with out of state investing. I have a ton of learning to do but when I first joined BP I started reading up on the 2% rule and such, I immediately thought it would be difficult to hit that number here. Can you help a beginner out by elaborating on that a bit and why you suggest staying close to home?

I have the same question. How do you make the numbers to here in So Cal? I got lots more research to do...right?

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I've been looking into HomePath to buy my first rental property. How was your experience or what is your opinion about HomePath?

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All Forum Posts by: Yesenia C.

Yesenia C. has started 4 posts and replied 14 times.

Post: Replacing a Partner

Post: Have you bought through HomePath?

Post: What are my loan options for a rental property?

Post: Newbie from SoCal, investing in Grand Junction, CO

Post: Newbie from SoCal, investing in Grand Junction, CO

Post: Newbie from SoCal, investing in Grand Junction, CO

Post: Newbie from SoCal, investing in Grand Junction, CO

Post: Newbie from SoCal, investing in Grand Junction, CO

Post: Newbie from SoCal, investing in Grand Junction, CO

Post: Have you bought through HomePath?