All Forum Posts by: Account Closed

Here is my story if anyone can help me out would be much appreciated. Im located in Northern CA (bay area) I have locked up a SFR under contract for 95k cash. I need help with financing. I can not provide 2-3 years tax statements as on paper I do not make enough money due to a previous HELOC and some credit card debit however I own 7 properties ( 6 off them paid off no debt total value 700k ) all of them collecting rent ( around 7k a month ) I can provide bank statements for proof of funds. I believe stated income is my only way to get funding. My credit score is 730

I have searched far and wide for local banks credit unions ( large and small ) to give me a stated income HELOC or Cash Out REFI with no luck.

Is there any lenders on this site that may help me get this financing or are there any small local banks anywhere in Northern CA that can help a savy investor. I can't get anyone to even consider this as they are not savy to real estate investing. Some of them haven't even heard of stated income which is just crazy to me.

Thanks

Can i ask what is it about Oklahoma City your interested in and why?

Great video and as the video says the prices will only go higher and higher. Market is on fire and on the rise. As a general contractor i would buy if I could get in but these homes are sold in days for cash. I see no reason why the market would not continue for at least the next 3-5 years before a possible plateau.  Other may feel different so Id like to see what others says.

 Welcome to BP. I would defiantly listen to some of these other members with the cashflow is not the answer to your continued success. Yes its helps but you need to remember there are many members on here selling these so called turnkey properties ( which majority of them are just lipstick repairs ) meaning there are major cost when having to repair a old plumbing system, roof, structural issues, water damage, flooring, foundations, etc. These fixes will cost year 2 years of your good cashflow and a little $400 deposit will not even cover the cost to repaint the home. Appreciation is king along with a good cashflow. Not good cashflow with negative appreciation.

There are still many deals in the north bay area further up from you. I am buying under valued homes under 100k (ARV 125k) renting for 1k a month with at least a 8% yearly appreciation. To all you CA investors you don't need to run out of state to get good cashflow. Im not sure why many of you guys feel that you need to leave the state to get good returns.

You guys need an exit strategy. If you buy these out of state rentals with good cashflow how will you sell for a profit with little to no cashflow? How will you guys take out equity lines with low to negative appreciation. Doesn't make sense to me

 As I tell all my CA investors. You don't need to leave the state to get 7-10% cap rates with appreciations 6%+ minimum. Why would you want to leave the state? Im investing in Northern CA getting 10%cap with 8-10% appreciations. 

 $1.80 Thats a deal for LVT. The durability is one of the best however the coldness and cement like feel to the feet turn a lot of people off. Did you need to add any underlayment or moisture barrier to that product?

@Lance Knapp Sonoma, Mendocino, Sonoma, Butte, Sacramento Counties and some other surrounding counties have good cash flow with good appreciation. You just need to know where to look and to be ready once a deal arises.

Feel free to PM me if want to know more. I have a few investors that I team up with that we do buy and hold along with flips.

I just picked this one up 2 months ago. 3/2 SFR for 80k/ 8k rehab/ 125k ARV/ Now currently renting for 1k a month.

Personally I think good equity growth far surpasses a good cashflow. Your good cashflow property may be nice but properties in those area never seem to appreciate. That being said @Lance Knapp LA is a very tough area to get any kind of positive cashflow but you do not need to go out of state to reap good cashflow along with the benefit of appreciation. Im getting 1k a month rents for houses under 100k in Northern CA. and last years appreciation was 13% . I don't need to buy 3 properties for 35k that get 2% rule and worry about 3 roofs, 3 plumbing systems and 3 times the problems. The deposit you are collecting will not even cover the cost to replace your flooring if the tenants damage them. What if your roof leaks? That now becomes 1 year or more of your hard earned profits. Ill stop rambling on and maybe start a post. 

If all your interested is in cashflow then invest out of state(2% rule) however there are many investment opportunities here in Northern California that have good cash flow (1% rule) but you get the bonus of appreciation which out of state cashflows do not. I just recently bought a 3/2 SFR for 80k/ 8k rehab/ 125k ARV/ Now currently renting for 1k a month. 

Feel free to reach out if you have any questions

Lake county,  is a great place to start your investments. I have been investing in Lake county for the last 6 years. Great entry point to getting started. Good cash flow plus you get the appreciation value where you don't get with out of state cheap turn key properties.

As for Lake county PM, I have been operating a great property management company for last 5 years along with being a general contractor for the last 12. Majority of our business is investor properties along with my own. As majority of tenants are low income producers or state paid employees so as others have stated above a good renter is hard to find. We help with all that.

Contact me anytime for some insight