All Forum Posts by: Joseph Bernal

Hi all - Can someone point me in the direction to a good HELOC calculator? Does BP have anything here? I have been unable to find anything reliable online. I pulled a HELOC recently and am having a hard time calculating the HELOC payment which makes it difficult to analyze a deal. In the past (prior to HELOC) I would just use the BP rental calculator and plug in all the numbers, but that is based on either a cash deal or financing. I have a contact on the Credit Union who I have asked what our HELOC payment amount would be based on X dollar amount but I don't want to ask every time as it would be easier and faster to run the numbers myself. Thank you for any input!

Thanks.  Yes, agree completely.  It may not work for everyone but for first time buyers, or any buyers really who need to be approved for more purchasing power as prices have jumped so high. For investors this will help find deals that cash flow.

I'm a Real Estate Broker and Investor in WA state. I recently met with a local lender who is rolling out a 40yr loan package. He's supposed to send me the details but from what I remember it's a 40yr ARM. 20% down, the first 10 years you only pay interest only. My initial thoughts was this is a good way to be able to purchase an investment property in todays market so it actually cash flows. Obviously there is inherent risks but wanted to get your opinions. Initial thoughts?

They also are rolling out a 40 yr ARM for first time buyers @ 3.25 IR. IR is locked for the first 7 years. This is a play so that new buyers can be approved for more purchase price and the payment amount is lower. The lender said they will approve based on worst case scenario in the event IR rise dramatically to curb the risk for the buyer later on when the rate adjusts. Just like most loans through history, they create longer loan terms, I believe these will be more of the norm as the years go on. Thoughts?

Afternoon all -  Does anyone know of any services to help find off market deals?  I am sure there must be something out there and wasn't sure if Biggerpockets had something or if folks on here have had good experiences with some sort of strategy or service out there?  The last property we purchased in 2021 was an off market deal that just randomly fell in our lap.  As most of us know, once a property hits the market it's gone super fast, and the selling price is so high that is doesn't pencil out.  So we are looking at spending some money in 2022 to try and find some properties that people want to sell that just haven't hit the market yet.  Thanks in advance!  

Interested 

Whats up Eric!  Just sent you a message 

Hey all! I am new to investing in rental properties and have a goal of acquiring my first Multi-Fam in 2020. There is a TriPlex I am interested in pursuing after running the numbers. I want to finance my first deal and the seller is good with accepting offers from buyers that will be financing. After taking a look at it, the roof is going to need repair for it to pass appraisal. Does anyone have any ideas on how to get financing on properties that need repairs to get a loan? FHA 203K is not an option as I will not be living in this. Thanks in advance!

Hey everyone - I am new to BP and looking to purchase my first BRRRR in 2020. Multi Fam.

Couple questions:

1.)  Most of the listings coming on the market have tenants already.  For those who have experience investing - If/when its time to rehab, what have you done with the current tenants? Several have good/long term tenants so ideally would like to keep them in there. 

2.) When finding comparable properties to come up with ARV, have you found only comparing Multi Fam units or do you also use SFR?

Thanks in advance 

@Gabriel Graumann thanks for the reply!  I should touch on a few items.   I love the idea of buying a multi and living in one unit and renting out the others.  I did do this (sort of) on the first home I bought in my early 20's.  I bought a home in Vegas in 2009 that I lived in and rented out the other rooms. Mortgage was paid in full so it costs me nothing to live there.  This was sheer coincidence as I did not make any intentional decisions to create that, I just happened to finish college and moved to Vegas for my job at the time and had some buddies who needed a place to live. The market went nuts and I sold that home, made a good chuck of change and moved to WA state.  I did the same thing in WA state by buying a home that needed repair/updating lived in that home for a few years and we ended up selling that and making another good chunk of change.  My wife and I made the decision together at that time to take our cash into buying our forever home while we started a family.  So, that is basically where we are now.  We have a nice spread and don't plan on moving ever again (or foreseeable future).  So moving into a multi fam is not the plan at this point, just want to start buying Multi Units locally if the numbers make sense.  Right now its finding the deal and deciding what the best route is for the Down Payment.   

Whats up everyone! I am brand new to BiggerPockets and wanted to introduce myself. I live in WA state and plan to get started investing which lead me to BP. I have been educating myself on all things investing for the last few months especially on how to get started on my first deal. I'm a real estate broker so am very familiar with the buying/selling process and have access to the local MLS and familiar with the area here. I have always planned to use my real estate license as the conduit to get into investing and my wife and I are thinking we would like to start going down that path. Like most, we are a bit tentative to take the plunge! Mostly because we have a 2 yr old and another baby on the way (wife due in Feb 2020). Up until recent times, we were going to wait until both kids were about 5 before we started investing. Now we are thinking, why wait? My wife has a good job working in Health Care and the goal for 2020 is to acquire our first multi fam unit. There are deals here locally right now where I can have positive cash flow each month around 8-10% Cash on Cash ROI (factoring in CapX, Repairs, vacancy fee, PM, etc)

I plan to go the Brrr route and looking for a little advice on what others have done to come up with the down payment on their first deal. I would like to do 20% down to avoid PMI. I have a meeting with my Financial advisor next week to discuss all of this. We have chatted previously about me using invested money to get things rolling into real estate investing and I know he will advise not to. He is very conservative and obviously has a vested interest in me not taking away money he is managing for me. I have about 30K in an individual brokerage account w/him that I can access with no penalties. I do have more tied up w/him that's in a Roth & 401K. For others who got started, what would you say about tapping into 401K/Roth to come up with the downpayment? Thanks for much for any input!