All Forum Posts by: Fay Chen

@Grant Med, thank you! I found a bank in California that has a partnership with a local bank in TX. They said that they are not restricted. So I'm submitting the docs and going through the process. Their rates are about 1/4-1/2 pt. higher. But I also found a credit union who can refinance TX properties for out-of-state owners as long as I don't take out any equity. So my plan is to get the cash out first with the California bank, then refinance it into a lower rate with the credit union. I'll let you know if I'm successful.

I'm looking to cash out refi a SFR rental property in Irving, TX. I live in WA. So I've been rejected by several national lenders now. Is it pretty much impossible? If not, please show me how. Thank you!

Hi hi, BP Fam,

I'm looking for construction loan lenders in WA for primary/investment development. I came across this article from CNBC. Here's their list for best construction lenders:

• : Flagstar Bank
• : TD Bank
• : Connexus Credit Union
• : Citizens Bank
• : Old National Bank
• : VA Nationwide
• : New American Funding
• : Guild Mortgage

I would love to hear from my BP fam who has actually taken out construction loans. Do you agree with the list? Have you used any of the banks on the list? Who would you recommend? Last but not least, who would you avoid?

See the original CNBC's article here.

This it's crazy. I just finished my ADU last year. I paid just under $1000 to the city of LA. $7400 for drawings. Mine is also a garage conversion, only 330 sq. ft. though. Right after I got my permit, a law passed to mandate the city to issue their permits within a limited time frame. Mine took over a year with all the back and forth. Hope this helps.

 Thank you, Tony. The construction took 3 months. The permitting took over a year because I had a bad architect and city. 

Investment Info

Purchase price: $150,000
Cash invested: $150,000

Garage conversion ADU at primary residence. Increased property value by ~$200K. Rent $2000/mon. Taken HELOC at promotional rate of 3.75% for the first year.

 Thank you, Danie!

Hello, Bigger Pockets Fam,

Does anyone know any good fee-only financial advisor who are experienced in private equity and real estate?

My husband and I have been looking for a financial advisor to give us some guidance on how to optimize our portfolio for growth while minimizing risk. Our portfolio is 35% private equity, 30% real estate, & 25% stock market. All of the financial advisors we've seen only seem to be knowledgeable on stock. They also seem to have the cookie cutter advice for general personal finance. We are looking for someone who can really give us advice specific to our needs.

We appreciate any referrals and advice. Thank you!

I think there's an eviction ban now. So that makes the already difficult process even more difficult.

@Theresa Harris, I agree! I'm not familiar with the Ohio market. If it has a good momentum, keeping it would be idea, especially because you have positive cash flow.