All Forum Posts by: Justin R.

@Brian Garlington Thanks for the heads up! I’ll send you a PM, I live in the Bay Area as well.

@Fahadbin Alam basically BRRR'd the apartment. Bought it with rents around $500 a door (and rough tenants). Spent nearly 12 months doing a full renovation. My goal was to do each unit upon vacancy but the tenants were too dangerous to mix with a good tenant.

The average rent now is $850, and I have been able to refinance the property and pull out nearly all my capital (besides holding costs.)

@Andrey Y. You could have got 10x that if you invested with G. Cardone! Congrats on your success

I’m looking for referrals on a contractor in Marin County. Preferably one that specializes in mid to high end home renovations.

I just got my first estimate in and was shocked by the cost. 4000 sq ft home, no change to infrastructure/foundation/electrical/plumbing or exterior. Just moving a couple non load bearing walls and renovating the interior with nice but not exquisite materials. Estimate came back over 1m $275 sq ft.) I understand Marin is pricey but this cost per sq foot builds me ground up construction in other areas.

Architect informed us Marin is 6 months out for permits so we have some time haha.

@Grant Schroeder Thank you for replying. Besides some minimal K1 income, 98% is schedule E. Yeah I’ve worked with several banks in the past that have gone through and added back “one time “ expenses, some of the capex, and depreciation. It is always an arduous process though and ends up with underwriting issues 45 days in.

I understand every loan that is originated with the mindset of getting sold off to the secondary mortgage market gets scrutinized to the fullest. Just hoping there is a bank that has a reputation of working with better with unorthodox (non W2) income.

Hoping for better than a bank statement loan or regional bank 7yr fixed.

Thanks

About to start the dreaded process of working with a bank for a conforming loan. What banks have you worked with that offer conforming/jumbo loans (California) that understand RE investors income? I deal mostly with small regional banks and credit unions for my real estate business, but I definitely want to get tied up in a 30 year fixed conventional loan on my primary property.

I paid cash for the house and only have about 60 days to close on the loan, in order to take advantage of the primary home interest deduction. Even when I had a W2 job it was tough getting loans because underwriters took so long attempting to seperate out "one time expenses" vs ongoing expenses on my schedule E's. Without doing this I show a loss on paper year after year. 

Thanks in advance!!

@Julien Amparan Yes you should wait. Everyone should wait....... Except myself

 Great advice. Thank you for your words, and service!

 No, I live out of state and rely on a PM. The PM has less experience with Military so I offered to research this market

@Mike Gordon Depends on the tenant and local rent protection law. If you're in an area with a rent increase cap, you better take that % increase every year you can, if you don't you will never catch back up.