All Forum Posts by: Bill Manassero

@Steve Lawson do you ever sell multi-family properties?

Wells Fargo is still very interested in the multi-family and will hopefully give me a pre-approval this week.  I have about 60 days.

I have two different loan apps with Wells Fargo - one for the re-fi of three properties and one commercial loan app for the apartment.  The re-fi did not go through.  The other is still active.

How long do I have to own it before i apply for re-fi?

I'm looking for a good national insurance carrier that can cover mixed properties (SFRs and multi-families) in multiple states.  Any good recommendations?  Thanks fellow BPers.

O.K.  You finally get to the point where you make enough "passive income" where can quit you J.O.B.  You find a great multi-family property, make an offer that gets accepted and it goes to contract.  You have a bunch of equity in your properties and want to do a cash-out re-fi on 3 properties to get the down payment for the multi.  You go through 3 months of grueling paperwork back-and-forth with the bank only to find out they won't finance the loan because you don't have traditional W-2 income.  True story.  Now what?  The clock is ticking.  What would you do?

Zaki,

Welcome to BK.  Yes, you do have a lot of options.  I would talk with @Joe Homs.  Great guy, good contact and wealth of info on general investing and OC flips.  Also, you mentioned vacation rentals.  The Big Bear Lake and Lake Arrowhead area (about 1.5-2 hours from OC) have homes for sale from $150K and up.  Speak with @Mike R. and @Account Closed - both very experienced.

I live in Mission Viejo and purchase out-of-state -- from SFRs to multi -- in Memphis, Atlanta, Indianapolis and possibly Dayton.

Feel free to contact me if you think I can be of assistance.

bill

@Cynthia Calhoun Amen, sister!

@Cynthia Calhoun I did the same thing. Almost 25 years in business and nothing but a modest IRA account to show for it. In a little over a year, I have 4 properties and offers on apartment buildings, healthy cash flow and a more than promising outlook for the next 10-20 years. Us late starters, I believe, are more motivated than many of the youngsters out there because the clock is a tickin'. I encourage you to continue to pursue your dreams and if I can be a resource, feel free to contact me. God bless.

@Christopher Suh Hey!  It works!  Thanks.  Maybe we can meet for coffee.  Message me.