What the “BLEEP”??!!

General Real Estate Investing
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What the “BLEEP”??!!

Robin Gravlin
Flipper/Rehabber · Granite Bay, CA · Member since 2019 · 24 posts · 12 votes

My scenario... need help getting me off the freakin tea cup ride and onto the race track.

Facts;

Retired and married to a self made millionaire with assets only in his name. That’s fine... he worked his *** off!

I own two sfr in Northern California.

One is co-signed by my father 🥴 (I’m 56)

Other is co-signed with my husband. (😖😖)

neither of them are keen to adding more properties in their names

I can’t qualify by my self and I want to invest in more properties or even flips to increase lumps of cash to start buying on MY OWN!  It’s killing me.  

I have approx 150000 equity in each property.  I can’t even qualify for a refi!

Should I get a job that sucks to have a w-2?  

What’s my plan B??  Ideas? Please help I’m getting dizzy and frustrated!!! Open to many ideas.  I just want to get going!

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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
5y
Originally posted by @Taylor L.:

Why not sell and look in other areas? Or partner with someone else? $300k (granted you'll likely pay tax on at least some of that) is enough to get you a good few units in many markets outside of California. California's job market stinks right now, if the W2 strategy isn't for you then why not build a business of some kind? Get into wholesaling. Or go work for a successful investor for free for a while.

or get a real estate license and get PAID to learn how to do real estate not sure why anyone would work for free in the wholesaling space..  waste of time.

further since your hubby is a self made millionare then I suspect like others said your social circle will be well off folks who own expensive homes.. you become a realtor and start listing their homes.. and selling them homes.. much better shelf life .. wholesaling is very intensive and hard to do..

you get on a top producer team and you will make money while you learn.. Plus you meet all sorts of real players. not just investors who only look at you as someone to bring them a deall .. chew you up and spit you out.. 

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31 Replies

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  • Todd Rasmussen
    Rental Property Investor · Clarksville, TN · Member since 2016 · 1k+ posts · 1k+ votes
    5y

    @Robin Gravlin

    What have you tried to get a refi?

    0Reply
  • Taylor L.
    Rental Property Investor · RVA · Member since 2016 · 5k+ posts · 4k+ votes
    5y

    Why not sell and look in other areas? Or partner with someone else? $300k (granted you'll likely pay tax on at least some of that) is enough to get you a good few units in many markets outside of California. California's job market stinks right now, if the W2 strategy isn't for you then why not build a business of some kind? Get into wholesaling. Or go work for a successful investor for free for a while.

    1Reply
  • Josh C.Pro Member
    Property Manager · Indianapolis, IN · Member since 2010 · 1k+ posts · 1k+ votes
    5y

    Sell and you’ll have a 150k. Good starting bank roll.

    Option two ask your husband to just deed you the house. That’s weird he has stuff and controls your stuff too based on what you wrote.

    3Reply
  • Henry Lazerow
    Real Estate Agent · Chicago, IL · Member since 2017 · 2k+ posts · 2k+ votes
    5y

    If you have 150,000 in equity call a few credit unions to ask about a HELOC. I have seen the underwriting be much more flexible for HELOC then a traditional mortgage. You can then refinance out of the HELOC into a commercial loan or if it's a cheap property just pay it off over the 15 year term.

    0Reply
  • Fernan Nava
    Rental Property Investor · Barstow, CA · Member since 2015 · 131 posts · 102 votes
    5y

    You look very exciting to me, makes me think of something pressurise that wants to explode but does not know in which direction. my five cents is, be wiling to embarrassed yourself and go find an investor to work for even if is for free, that is going  to give you enough confidence to move and start your explotion. Funding is not your real problem you got 20 times more money than many of us when we got started, you have a millionaire husband your social circle probably has alot of people like your husband self made millionaires that is a repository of knowledge at your disposal. I think learning from an experienced investor will go a long way for you. Good luck

    1Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    5y
    Originally posted by @Taylor L.:

    Why not sell and look in other areas? Or partner with someone else? $300k (granted you'll likely pay tax on at least some of that) is enough to get you a good few units in many markets outside of California. California's job market stinks right now, if the W2 strategy isn't for you then why not build a business of some kind? Get into wholesaling. Or go work for a successful investor for free for a while.

    or get a real estate license and get PAID to learn how to do real estate not sure why anyone would work for free in the wholesaling space..  waste of time.

    further since your hubby is a self made millionare then I suspect like others said your social circle will be well off folks who own expensive homes.. you become a realtor and start listing their homes.. and selling them homes.. much better shelf life .. wholesaling is very intensive and hard to do..

    you get on a top producer team and you will make money while you learn.. Plus you meet all sorts of real players. not just investors who only look at you as someone to bring them a deall .. chew you up and spit you out.. 

    Podcast Guest on Show #222
    JLH Capital Partners51 Review
    WebsiteView Page
    4Reply
  • Bridgette Delva
    Rental Property Investor · Ocala, FL · Member since 2017 · 138 posts · 100 votes
    5y

    @Robin Gravlin you could always look at hard money lenders to help you get started independently.  HMLs are more expensive but when you are a newbie and don't have many options the traditional way, you have to pay to play.  HMLs will want somewhere between 10-20%, maybe 25% for a newbie but they look at the financials of the deal and almost none care about your credit or work stability. 

    The interest rate will be anywhere from 8-15% but as long as you factor in the cost of money and your deal still turns a profit, who cares?! HMLs are great for flippers and many are BRRRR friendly as well however when you BRRRR out of a HML loan and into a traditional loan, the traditional lenders will be looking for the traditional financial risk factors (job stability, credit, assets, etc.) so BRRRR might not be the way for you to get started.

    I like @Jay Hinrichs's idea to become a licensed Realtor and get paid to learn!  Good luck!

    0Reply
  • Pearce G.
    Investor · Hendersonville, NC · Member since 2016 · 138 posts · 71 votes
    5y

    @Robin Gravlin

    Assuming you don't need income to support yourself, throw all your surplus cash flow at one of your two current loans.  Maintain open communications with lenders, so they can see the rate of paydown.  Find out the point at which they would be ready to refi either property.

    Consider commercial loans. Yes, you can get a commercial loan or refi on a SFR. Terms are not quite as good as conventional, but qualifications are not as strict either. I did it, and I'm about the same age without a W2.

    Be patient.  I think you will get your financing within 12 months.  Then consider multifamily.  @Account Closed is right about the difficulty of scaling SFRs.

    1Reply
  • Joe SplitrockPro Member
    Moderator
    Rental Property Investor · Sioux Falls, SD · Member since 2015 · 9k+ posts · 18k+ votes
    5y

    @Robin Gravlin you mentioned being retired, what is your source of income? If it is some type of investment, can it be sold and converted to cash as seed money to invest in real estate? 

    0Reply
  • Whitney HuttenPro Member
    Investor · Boulder, CO · Member since 2016 · 1k+ posts · 1k+ votes
    5y

    @Robin Gravlin Are these primary / secondary residences, or rentals already?  If they are rentals, and they underwrite well, have you tried a local portfolio lender?  If not, I'd think about selling.  This won't necessarily solve your lending issues, but you can reposition the equity into a better market and look to either work with a commercial lender or find a partner that can carry the loan. Honestly, I'd start building some assets in your name ;). You could also think about investing in syndications to build wealth... You can leverage the GP's ability to get the loan.

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    0Reply
  • Robin Gravlin
    OP
    Flipper/Rehabber · Granite Bay, CA · Member since 2019 · 24 posts · 12 votes
    5y

    @Todd Rasmussen

    I have looked into a traditional (Quicken Loans) and also going directly with one of the existing lien holder. Also traditional.

    My other thought is going with a Credit Union which was suggested here. The bad thing is you get dinged every time you inquired for a loan.

    0Reply
  • Robin Gravlin
    OP
    Flipper/Rehabber · Granite Bay, CA · Member since 2019 · 24 posts · 12 votes
    5y

    @Taylor L.

    Yes, I am looking into some ideas.

    0Reply
  • Robin Gravlin
    OP
    Flipper/Rehabber · Granite Bay, CA · Member since 2019 · 24 posts · 12 votes
    5y

    @Josh C.

    0Reply
  • Robin Gravlin
    OP
    Flipper/Rehabber · Granite Bay, CA · Member since 2019 · 24 posts · 12 votes
    5y

    @Josh C.

    Hi Josh, well to dive into more details...I met my husband a year after he sold his business. So, we have a prenuptial agreement. Again, he earned it, not me.

    I live a pretty good life. All of my expenses are paid, have three wonderful kids together that have their college funds paid for. I enjoy fabulous vacations, have a beautiful house in Lake Tahoe etc. So, no reason to complain. I am independent and want my own deals.

    I gave up may career to have children and be a present mom. Now that they are older, its my time again and I want to make the best of it financially for me. I love this business.

    0Reply
  • Robin Gravlin
    OP
    Flipper/Rehabber · Granite Bay, CA · Member since 2019 · 24 posts · 12 votes
    5y

    @Fernan Nava

    Yes, great idea and yes, I have a great circle of friends and network. It could be a potential tap for me.

    0Reply
  • Robin Gravlin
    OP
    Flipper/Rehabber · Granite Bay, CA · Member since 2019 · 24 posts · 12 votes
    5y

    @Jay Hinrichs

    I have thought about getting my license but honestly I have no interest in spending my weekends and evenings away from my family. I would get it for interest and potential commissions as a buyer.

    0Reply
  • Robin Gravlin
    OP
    Flipper/Rehabber · Granite Bay, CA · Member since 2019 · 24 posts · 12 votes
    5y

    @Josh C. Also my one rental I am cash flowing $200 a month with $150,000 equity and the other I am cash flowing $1,000, also equity of $150,000. I would be crazy to sell that one unless I am missing something.

    0Reply
  • Steve O.Pro Member
    Rental Property Investor · West Caldwell, NJ · Member since 2019 · 104 posts · 65 votes
    5y

    @Robin Gravlin step 1- get a new husband. Step 2- get a new husband. Step 3- get a new husband.

    0Reply
  • Dustin Allen
    Real Estate Agent · South Lake Tahoe, CA · Member since 2016 · 680 posts · 644 votes
    5y

    @Robin Gravlin

    Have you considered asking your husband to be a private money lender for you? Find a deal and run the numbers then present him with an opportunity to invest with you. The money is still his, the deal is still yours and it could be a win/win.

    Also, grab the real estate license. You may miss some opportunities by not working weekends and being available 20 hours a day but it could still be a valuable tool for you.  You might even end up enjoying it as a job and going all in. Even if you refer yourself to another agent for one purchase a year, you’ll cover your expenses most likely.

    1Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    5y
    Originally posted by @Robin Gravlin:

    @Jay Hinrichs

    I have thought about getting my license but honestly I have no interest in spending my weekends and evenings away from my family. I would get it for interest and potential commissions as a buyer.

    real estate does not work that way these days.. the days of driving clients around is long gone.

    Sat or Sunday showings though that still happens..  But with docu sign etc  a lot of what my wife does is computer ..

    If she is listing someones home then of course she has to go view it etc..  its was just a suggestion as opposed to working with a wholesaler LOL.. which i am sure would not be to your liking..  unless you like to talk little old ladies into selling their homes for far less than they are worth.. ( moral issues) ..

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    0Reply
  • Robin Gravlin
    OP
    Flipper/Rehabber · Granite Bay, CA · Member since 2019 · 24 posts · 12 votes
    5y

    @Jay Hinrichs

    I really do want to fly solo. So after everyone input I will be doing the following:

    1. Get my license

    2. Sell my one rental and put the $150,000 toward a new investment, possibly a multi unit building (commercial) or a couple SMF’s. The main thing for me honestly is having the control, and making money. Whatever deal pencils for me will be the ticket.

    3. Open to out of state, (makes sense since I am California). Any recommendations for turnkey companies?

    Most importantly thank you to this forum to help me with advice including marriage. :). Lol

    Still open to ideas! Thanks again Bigger Pockets and everyone who put the time into reading my post and taking the time to give advice. Every comment taken to heart....really!

    Happy Holidays everyone!

    I will be posting any updates.

    Cheers,

    Robin~

    2Reply
  • Robin Gravlin
    OP
    Flipper/Rehabber · Granite Bay, CA · Member since 2019 · 24 posts · 12 votes
    5y

    @Jay Hinrichs

    I really do want to fly solo. So after everyone input I will be doing the following:

    1. Get my license

    2. Sell my one rental and put the $150,000 toward a new investment, possibly a multi unit building (commercial) or a couple SMF’s. The main thing for me honestly is having the control, and making money. Whatever deal pencils for me will be the ticket.

    3. Open to out of state, (makes sense since I am California). Any recommendations for turnkey companies?

    Most importantly thank you to this forum to help me with advice including marriage. :). Lol

    Still open to ideas! Thanks again Bigger Pockets and everyone who put the time into reading my post and taking the time to give advice. Every comment taken to heart....really!

    Happy Holidays everyone!

    I will be posting any updates.

    Cheers,

    Robin~

    1Reply
  • Bud Gaffney
    Rental Property Investor · Boston, MA · Member since 2019 · 2k+ posts · 1k+ votes
    5y

    @Robin Gravlin Have you looked into owner financing options? Seems like those would be great options for you.

    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    5y
    Originally posted by @Robin Gravlin:

    @Jay Hinrichs

    I really do want to fly solo. So after everyone input I will be doing the following:

    1. Get my license

    2. Sell my one rental and put the $150,000 toward a new investment, possibly a multi unit building (commercial) or a couple SMF’s. The main thing for me honestly is having the control, and making money. Whatever deal pencils for me will be the ticket.

    3. Open to out of state, (makes sense since I am California). Any recommendations for turnkey companies?

    Most importantly thank you to this forum to help me with advice including marriage. :). Lol

    Still open to ideas! Thanks again Bigger Pockets and everyone who put the time into reading my post and taking the time to give advice. Every comment taken to heart....really!

    Happy Holidays everyone!

    I will be posting any updates.

    Cheers,

    Robin~

    Good luck.. my only advice for out of state and I have a fair amount of experience at it.. is to buy top of the market  don't get fooled into chasing yield and end up with a bunch of C class that is really D class.. Buy quality  with quality tenants and you will do just fine.

    not turn key but have you thought of Vegas .. Tax rates are so low that even though the price points are a little higher they still work and usually newer product ( not talking about the old 4 plex's  but SFRs )  with very little maintenance issues..  IE desert landscaping tile roofs stucco  etc..  just a thought..

    I do a lot of business in the turn key space so I cant make a recommendation without offending one of my clients..  LOL

    Podcast Guest on Show #222
    JLH Capital Partners51 Review
    WebsiteView Page
    1Reply
  • Joe Cassandra
    Rental Property Investor · Woodstock, GA · Member since 2017 · 517 posts · 772 votes
    5y

    If you DO NOT: 

    ...want to be a realtor

    ...want to find your own deals a la similar to wholesaling

    ...want to work for anyone in REI

    than your only other options:

    1) Network to find money partners

    2) Network with realtors

    3) Do all this to find private money to fund deals

    4) Do this to find potential deals

    There aren't many other avenues if you're looking for quality rentals. In multi-family (as I'm finding), it's even harder to find deals without connections. 

    So, maybe just start with meeting with as many people as you can.

    0Reply
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