All Forum Posts by: Patrick McCandless

Not dead at all. I'm in escrow representing a client here on BP on a property I found for him while cold-calling a specific neighborhood he knew he wanted to target. It took me about two hours total of cold calling that neighborhood and I came out with a second lead as well. Just closed escrow on another one for good friends of mine in August from cold calling a specific neighborhood. Came out with about 4 other solid leads from that as well in about another 2 hours of cold calling. I'm reminding myself as I'm typing this that I need to get back at it!

Well I'm in a 1,500sqft 3/2 in Paso Robles and I pay $67/month. I just asked one of my clients who I just sold a STR to last year and he's paying about the same for a 3,000sqft home even as a STR.

Will PM you. 

Hey Bryan I am located in Paso Robles, but I use an accountant based out of Scottsdale, AZ. I started using him back in about 2011 when I lived out there and had a brokerage in the Phoenix market and he has several California clients. Everything can be done remotely these days so I would go with someone who understands your personal situation rather than just finding someone close by.

Hi Daryl. Just curious as to why you're furnishing a long term rental?

Hi all. I've been repairing my wife and I's credit for the last 6 months or so in preparation to refinance and then open a HELOC to invest. I have been self-employed (realtor) for 11 years now and had a W2 job (sales manager for real estate brokerage) up until this last Thursday. I got my credit up to the 760's and my wife is just not able to get hers up despite the monthly credit repair company subscription we've had her on for 6 months now. Now that I lost my W2 I am not showing enough income on my own with all my write-offs but I have the great credit and my wife has a solid W2 income, but crappy credit. I decided to bring in a family member to cosign who has 800 credit and just enough income to satisfy the DTI requirement for me. Well that was before I found out I lost my W2. Lender is saying he needs my W2 to make it work. Am I just dead in the water until I can get my wife's credit back up? The lender I am going through is a mortgage broker who I have used for my buyer clients for quite some time now, but I'm not married to him by any means. Would a credit union or direct lender of some sort be able to pull some strings on this more? Would I look more appealing to a credit union or bank who does both mortgages as well as HELOCs if I tell them I am looking to do both a refinance with them and a subsequent HELOC? Any input is much appreciated!

@Andrew Lake I am in about the exact same stage as you also looking at Indy and based out of the CA Central Coast. I would love to connect with you and any others on this thread.

Congrats!

I agree with @Ben Tilbury on everything. This area sucks for cash flow comparatively speaking. No way you'll get even close to the 1% rule. More like half percent rule. And to find something at a discount is like a needle in a haystack. What I'm in the process of doing in Paso Robles is a live-in flip which I will turn into a rental once completed and move onto the next. Purchased a couple years ago as a trust sale for $405k with only 5% down. I now owe $364k and it's worth about $525k. Have put MAYBE $15k into the place as I've done almost all work myself. Dropped the PMI off a while ago and will be refinancing probably in the next month which will bring PITI down to <$2,000/month and I will be able to rent it out for about $2500-$2600. By the time I'm ready to move onto the next hopefully more like $2750. Contemplating what to do with $55k HELOC I'm now eligible for (even more if I want to pay higher interest). Next one I hope to find off market and for a deeper discount and possibly with an ADU. Good luck and let me know if I can help!

Congrats on the purchase John! Paso local here. Let me know if I can help with anything.