All Forum Posts by: Carolina Selva

Hello BiggerPockets community! I hope you're all healthy and enjoying continued success. I'm getting ready to start looking for deals on my next investment: a cas-flowing long-term buy and hold rental SFR or MFR in Chicago, Philadelphia, or Troy/Albany, NY. I don't want the current pandemic to stop me or slow me down, but I want to be cognizant of the issues.

My main question is, if I don’t plan to do a tremendous amount of work in the new property, but I am willing to do some cosmetic upgrades, does it feel safer to buy something that’s already occupied and has good tenant history… Or some thing on occupied where I can be sure tenant selection is stringent?

Will you share your thoughts with me? Also, I will soon be looking to build teams in these markets, most likely in Chicago first… Since I’ll be dropping my son off at college (hopefully) in late August. Feel free to connect with me if you’re there!

@Alex Bekeza thanks for your thoughtful and detailed response.  I did speak with Ryan from Rain City Capital yesterday, he was awesome. He explained everything in detail and basically it’s the same thing you’re saying here. Not the right type of financing for that deal. Like I said, Ryan was awesome and very helpful and I will definitely keep him and Rain City in mind for any future deals that are appropriate for that kind of financing. 

Thank you!!!

Thank you!!!

Posting in another forum - hope that's not taboo!!! (Posted in the Creative Financing forum first).

Hoping one of you can help or refer me to someone! Finally found a deal we want to move on, and shockingly - it's in our home market of Portland, OR. Want to make an offer ASAP as we found out there are multiple offers already, but this is a gem - and they'll be reviewing offers tonight.

It's a light cosmetic "flip," way underpriced in a prime neighborhood and my family and I would live there until the two remaining teens head to college (about 2 years) while we fix it up. We have the down payment and access to cash for the renovation - but getting a conventional mortgage would be tricky because we had to walk away from a mortgage in 2008 (surprise, surprise) and it took the bank until 2013 to finalize the paperwork - hence, our waiting period is until 2020.

But the deal is NOW! My credit score is 685, our W-2 and small business income is great, we don't qualify for FHA because we currently have one (home under an FHA mortgage) that we intend to keep as a rental. My parents are willing to put their credit on the line as co-signers - they have good credit but not great income.

We'd like to make an offer tonight and get a pre-approval letter in by tomorrow. Does anyone want to consider getting in on this deal? Anyone interested and available to talk about it ASAP to see if we can make it happen?

We could/would consider refinancing as soon as we qualify for conventional financing (Jan 2020) if that helps.

Okay - hope to hear from you!!! This little family has been hawking opportunities for about a year and a half waiting for the right one. Hope you can be a part of our story.

Hoping one of you can help or refer me to someone! Finally found a deal we want to move on, and shockingly - it's in our home market of Portland, OR.  Want to make an offer ASAP as we found out there are multiple offers already, but this is a gem - and they'll be reviewing offers tonight.  

It's a light cosmetic "flip," way underpriced in a prime neighborhood and my family and I would live there until the two remaining teens head to college (about 2 years) while we fix it up.  We have the down payment and access to cash for the renovation - but getting a conventional mortgage would be tricky because we had to walk away from a mortgage in 2008 (surprise, surprise) and it took the bank until 2013 to finalize the paperwork - hence, our waiting period is until 2020.

But the deal is NOW! My credit score is 685, our W-2 and small business income is great, we don't qualify for FHA because we currently have one (home under an FHA mortgage) that we intend to keep as a rental. My parents are willing to put their credit on the line as co-signers - they have good credit but not great income.

We'd like to make an offer tonight and get a pre-approval letter in by tomorrow.  Does anyone want to consider getting in on this deal?  Anyone interested and available to talk about it ASAP to see if we can make it happen?  

We could/would consider refinancing as soon as we qualify for conventional financing (Jan 2020) if that helps.

Okay - hope to hear from you!!!  This little family has been hawking opportunities for about a year and a half waiting for the right one.  Hope you can be a part of our story.

Need a knowledgeable and reliable contractor to check out a property and provide an estimate on needed work. Any recommendations? Hoping for someone passionate about beautiful old architecture and fun to work with. Seaview, WA - Long Beach, WA - Astoria, OR

Welcome @josephgarcia! Great to see more folks from Oregon here. I know the music school you mention in your post- I used to teach on a college campus down the street!

Like Brian, I’m curious which way you’re thinking of getting started. Some sense of direction will be helpful for your networking. I know when I started I looked at all the strategies and thought: “alll! I want to do it all!” So I had to step back and ask myself, what can I start with?This helped me narrow things down. 

Sounds like your construction experience could make you a good partner on a flip. Have you been looking at property in Oregon?

Sounds great!

Thanks for posting!! Congrats, this is inspiring.