All Forum Posts by: Michelle Oblena
Michelle Oblena has started 5 posts and replied 21 times.
Post: Apartments.com to manage roommates??
- California
- Posts 21
- Votes 7
hi everyone!
does anyone have any experience using apartments.com for managing tenants in a shared-living situation, in essence roommates (up to 3 individuals)? we're house hacking a sfh - not multi-family - with 3bed/3bath and trying to figure out the best tool to use for the entire process: from application to rental payments, etc.
if you know of any simple/free tool, please share as well.
thanks!
Post: Sacramento First Time Homebuyer/Investment Property
- California
- Posts 21
- Votes 7
Originally posted by @Brian Sherman:
@Brady Bisgaard it's actually way easier than you think. We're just adding a kitchen, closing off a hallway, and changing an entrance to a bathroom. That will make up one of the units. The other unit will be converting the garage to a studio. This will be the bigger of the two projects.
hi brian! separately, could i pick your brain about your adu garage conversion? we’re looking to house hack too and want to jump into the conversion process soon and was wondering how your project is going. we’re also in the sacramento area.
Post: 95-100% LTV HELOC Company on Primary Residence in Washington DC
- California
- Posts 21
- Votes 7
Originally posted by @Cassidy Burns:
Hi @Michelle Oblena I ended up opening one up with Tower Federal and also was in contact with Arlington Community Federal Credit Union who had a 99% LTV Product for primary residesences and 80% for investment properties. I'd give both of them a call if you are interested in a quote.
Sorry, the LOC is a HELOC on an existing primary residence that I purchased and is tied to the homes equity., sorry for the confusion.
whoa 99% that’s amazing. i’ll check them out - thanks!
Post: 95-100% LTV HELOC Company on Primary Residence in Washington DC
- California
- Posts 21
- Votes 7
hi @Cassidy Burns! how’s your search going? i‘m shopping for 95-100 ltv heloc as well. also, you mentioned you have a loc with tower federal. i’m curious - that’s not the same as heloc, right? is that just plain line of credit not tied to home equity? i have two properties and one bank noted i can only do a heloc on my primary. the other property would be considered second home and i can’t do a heloc on a second/vacation home..
Post: Reporting rent payments to credit bureaus
- California
- Posts 21
- Votes 7
Originally posted by @Joe Demasi:
@Michelle Oblena rentredi is a collection service I use. It lets the tenants report timely payments to the credit bureaus
great - thanks joe! i can check that out and compare with cozy/apartments.com.
Post: My second ADU project in the Bay Area (why and how?)
- California
- Posts 21
- Votes 7
Originally posted by @Pavan Sandhu:
You can get the lease valuation!
Originally posted by @Michelle Oblena:
Originally posted by @Victor Baquero:
I just finished a full remodel of a 4/2 SFR in the Arden-Arcade area of Sacramento. The home had 2/1 addition done in the 80s. I basically closed off the addition to the main house, did a full remodel (roof, floors, windows, electrical, plumbing, etc) and separated both units through Sacramento County. Now each has a separate address and utilities. They rented very easily and the cash flow is great. Permitting and getting the ADU address separated from the main house was a huge hassle. Now I'm refinancing to pull my cash out and the appraiser won't appraise the ADU. They say that they are not required to appraise it. Huge battle with the generic appraiser quicken loans sent over. They just have no clue what to do with an ADU since there are no good comps available. Word of warning: Appraisals can be very challenging in Sac and in the Bay Area when an ADU is involved.
hi victor - i'm curious if you were able to get a revised appraisal on your adu? we're thinking of converting our garage to an adu as well (0-1) and wanted to understand the process of making sure that adds to the property value..
thanks, pavan! lease valuation - i'll keep that in mind when we refi and make sure the appraiser is knowledgeable about that.
Post: Reporting rent payments to credit bureaus
- California
- Posts 21
- Votes 7
@JD Martin lol i get that a lot, actually! noted on cozy/apartments - i'll check that out.
Post: My second ADU project in the Bay Area (why and how?)
- California
- Posts 21
- Votes 7
Originally posted by @Victor Baquero:
I just finished a full remodel of a 4/2 SFR in the Arden-Arcade area of Sacramento. The home had 2/1 addition done in the 80s. I basically closed off the addition to the main house, did a full remodel (roof, floors, windows, electrical, plumbing, etc) and separated both units through Sacramento County. Now each has a separate address and utilities. They rented very easily and the cash flow is great. Permitting and getting the ADU address separated from the main house was a huge hassle. Now I'm refinancing to pull my cash out and the appraiser won't appraise the ADU. They say that they are not required to appraise it. Huge battle with the generic appraiser quicken loans sent over. They just have no clue what to do with an ADU since there are no good comps available. Word of warning: Appraisals can be very challenging in Sac and in the Bay Area when an ADU is involved.
hi victor - i'm curious if you were able to get a revised appraisal on your adu? we're thinking of converting our garage to an adu as well (0-1) and wanted to understand the process of making sure that adds to the property value..
Post: Reporting rent payments to credit bureaus
- California
- Posts 21
- Votes 7
@Nathan Fisher @JD Martin darn i guess i missed the boat. i'll look into rental kharma and see if that's an option. any recommendations on a rent collection service moving forward? thanks!
Post: Reporting rent payments to credit bureaus
- California
- Posts 21
- Votes 7
hi all! i can't find the resources previously mentioned here, but i'm looking to officially put in the good word about my tenants' rent track record. they're college-aged and one expressed desire in building credit via timely rent payments - and they've been very good so far. how can i report this to reflect on their fico score? tia!