All Forum Posts by: Orion Walker

Hey @Joshua Dorkin, last two cents on this and then I'll let it go. I bet Pat Flynn (I've heard you mention him a couple times on the podcast, been following him for years) would back me up on my notion that this video has too much of a polished corporate feel. How about doing a split test? Do a scrappy video with you and @Brandon Turner introducing the site or something, randomly split new visits to the site, and track how many folks sign up (or something like that, I'm not an expert on split testing). I KNOW Pat would recommend testing it in various ways. Anyhow, not trying to beat the issue to death, just offering my two cents. I'm a huge fan of the site and want to see the site (and you guys) be as successful as possible. 

-Orion

Welcome aboard @Joseph Davis. Great to see you joining the community. I'm based two hours north, but working on expanding my bay area network. I'm not playing at the bay area apartment level yet, but maybe one day.

quick tip: add a picture to your profile, really helps in the "getting to know folks" arena.

cheers.

Hey @Brandon Turner my two cents would be that this video is very smooth, perhaps a bit too smooth. I've listened to most of the podcasts and I like how informal/real/down-to-earth they are. I think one of the strengths of BP is that you don't have to spend very long on the site or listening to the podcasts to realize that it is made of up a bunch of real people just being real. There's a fine line between professional (good), and over-polished/artificial (bad). In a space like real estate investing I think there's probably too much over-polished sales pitchy stuff out there, so I'd tend to air on the side of staying a little less polished, a little more authentic. 

Just my two cents. Curious what others think.

I'm up north two hours beyond San Francisco. I bought a triplex, now 4plex, up here in 2012. I'd love to get into additional 4's or jump up beyond that if I can swing it. Right now the 4 and under is probably my best bet as I can stick with owner occupy funding, unless I find some partners. Brian Burke has been on the BP podcast a couple of times (3, and 76) he owns a big RE company based in Santa Rosa. They have a bunch of apartment complexes.

Thanks for the comments @Curt Davis. The mortgage guy I'm working with so far says that based on my current loan at a little under 240k, the property would need to appraise at above $325k to pull money out (after fees). Zillow is not known for being accurate on valuations around here, but it has the property at over 600k, so I'm thinking, can Zillow really be that far off?

I've heard sprucing up the landscaping/curb appeal helps with appraisal. Wondering if I should focus on that or if there are other things that would be more important.

Anyhow, thanks for your comments.

Hey @Jonny C., yeah, I've been wondering the same thing. There are definitely some more affordable areas up here in what I call the northern north bay, but I haven't yet determined ones that I think have strong potential. 

Hi Folks,

I'm looking into to getting a HELOC or cash-out refi to enable my next purchase. Looking for tips on options, things to look for, potential problems, how to prepare for appraisal to get best valuation... I've done some reading and picked up some tips, but here are some details on my situation and questions. Thanks for any advice/tips you might have.

My wife and I bought a triplex in 2012 as an owner occupy for 250k. FHA loan with PMI, 3.5% down, 3.75 fixed APR. Getting a read on current market value is a little hard because there are few comps in the area but I think it has gone up enough to get above 75% LTV so I could get cash out.

Questions: 

1. Currently I have moved back to a family property and have all units rented. My mortgage guy recommends I refi as owner occupy. Should I move back? Just say I live there? or proceed as non owner occupy?  

2. What are top things I can/should do to get a good valuation on the appraisal? (I know that's a big topic, any tips or links to good threads on this would be great)

3. Should I be concerned about losing my 3.75 fixed APR? If it appraises at under 70% LTV I can get out of the PMI right?

4. From what I've read a HELOC would be better option than the cash out refi if my plan is to use that money toward next buys. Anyone disagree?

Any other pointers/suggestions would be much appreciated.

Thanks

It has been a lot of fun reading this thread. Up here in what I call the northern north bay things have been going up pretty fast too. Makes it hard to get started and build momentum, but I'm looking to get a HELOC on my 2012 triplex and use that to move forward. Looking forward to getting to know some of you SF/bay area folks. Any upcoming meetups that I should know about? (aside from one in November which I've heard about)

Hi @Billy Daniel. Definitely do your research on all of your options with the VA loan. There are some good threads on that here on BP. From what I've read that is an excellent loan option to have and you can basically keep using it for various deals until you max it out.

I could be wrong but I'm pretty sure our FHA loan on triplex did take into account some of the existing rental income from the property. We did have to have 3 or 6 months reserves in our bank account and that couldn't be gift money. It took a bit of time (4 month escrow) but we eventually got it. So far has been a great way to get started.

Cheers,

-Orion

Hey @Emmeriah McDowell, welcome aboard. Not sure how the contractor licensing laws work in your state but I know here in Cali you have to be able to demonstrate 2-4 years (depending on how much relevant education) of on-the-job experience before you can get your license. I was going to get mine but ran into some challenges around demonstrating experience as much of my experience was in building my own house and it was difficult to verify. Anyhow, sounds like you and your partner are setting goals, getting focused, and heading in the right direction. If you are currently paying rent then I'd look at getting into a duplex or hacking your living situation (as Josh and Brandon always recommend) so that you can live for free to save for that down payment. Also, make sure you know about FHA loans. We bought our place for 3.5% down.

Cheers,

-Orion