All Forum Posts by: Nancy L.

@Account Closed I've inquired about refinancing rentals and was told that I needed a 70% LTV. Hope someone else will give you a different answer that could help us both!

I believe a typical refi term is 15 yrs. I'm sure there are shorter terms, don't know if longer terms are available.

@Arlen Chou Gotcha... I guess it's never good to overgeneralize... CA is a big state, I'm sure there must be lots of opportunities.

Where are people investing in terms of cities and neighborhoods within those cities?? How is San Diego? Based mainly on things I thought I heard somewhere (not the best source), I was under the impression that San Diego was a bit more affordable and is on the upswing.

Nice @Matt R. , thanks! I want to see just about everything in that video!!! Maybe 3 days per city isn't enough.... I was digging the music too :-p

@Arlen Chou Great suggestions, thanks! I hadn't even thought about wine country! :)

I know that's a pretty broad question... I do have up to about 2 weeks though, so am happy for any/all random suggestions! From past trips I've tended to like to spend 3-4 days per city, so in addition to LA could visit at least 2 more cities easily... San Fran was actually top on my list! 

I am wondering about the RE markets... Is it true that margins are tight in most of CA for investments, and if so, where and how are people finding success?

At the end of March I'm going to a wedding in Tucson AZ, and am planning to turn it into a vacation by heading to California from there. Wondering where to go? What to check out? I often fantasize about moving there and escaping the cold NE winters... What are the RE markets like? Where are there good profit margins for flipping and/or rentals?

I'm planning to visit an aunt in Santa Monica, maybe a friend in LA... Other than that have no plans. I'd like to check out at least one more city. Other than scoping real estate, I'm interested in seeing some architecture, maybe doing some hiking or camping... What attractions/features can ppl recommend to get a sense of what's out there?? I hear there's an ocean, but other than that have no clue. Thanks!!!

@Jordyn Matusevich , The idea of purchasing a duplex and living in one half is great! That's something I've done personally... This may or may not be the right duplex, and if not, you might be able to find another one with better numbers. 

The numbers that @Ryan Fagan went through look about right to me. Correct me if I'm misinterpreting Ryan, but it basically looks like after paying all the taxes, insurance, repairs, etc. and considering that there will be times when you may be between tenants, you will be paying about $1000 or so per year MORE than you are right now as renters. 

But don't take anyone's word for it, make sure you and your husband understand the numbers! I have a background in teaching math, and am happy to explain more if that helps.

Another thing to consider in addition to whether it's a good deal for you personally, is whether you'd be able to resell for at least as much as you put in. The next person to purchase it might not want to live there, so I think it's important to analyze the value purely from the investment standpoint to make sure you'll be able to resell.

 Philly Office of Property Assessment has a website that will tell you the taxes and all sorts of other info for properties: http://property.phila.gov/ For the mortgage, there are many online mortgage calculators that will help you estimate the costs. I like Zillow's. Just be aware of whether the calculator is also including a tax and insurance estimate, which is often a default option that needs to be turned off. For ball parking, you'll be paying roughly $500 per $100K financed.

@Chris C. Welcome to the site! I'm an investor in Philly. Feel free to contact me if you have Philly related questions or are planning a visit! I'll be out on the west coast in about a month from now. Heading to the LA area but may visit some other cities as well.... Please let me know if you have any tips for things to check out! :)

@Christopher Noto I'm not too familiar with the burbs for investing, but happen to have gone out with a friend of mine to see a listing like that. It looked pretty nice and had a good sized yard, driveway, and garage as well, if I remember correctly. Message me if you'd like the link to that listing.

The old homes here were built to last!!! They have lots of character and charm. As far as maintenance, wet basements can sometimes be an issue, but many can be fixed easily enough by doing things like regrading the yard. Also, brick exteriors sometimes need repointing. Let me know if you have any more questions about Philly investments!