All Forum Posts by: Prolet Miteva

Thanks everyone for the welcomes! The site is definitely a bit overwhelming at first. I am about 1/4 through the podcasts now too (they are my commute background right now :)).

@Jay Hinrichs We will be looking at the surrounding area as well. It has been nice that our current rental is like 10 min from our primary home.

On the pro account - I do not mind supporting the site, considering the value it is already adding (at least for me) in education and inspiration. I think the calculator features would be useful as well 

We are trying to figure out financing first, as going cash only would limit what we can buy. We were thinking about maybe trying to buy a turnkey property as a start and I really do not have a strong preference where it is as long as we start. Seems to be the advice here - start somewhere :)

I am not sure about rentals, but we installed Pregra (bought through costco) on our primary home - best decision ever! No mowing, no watering (a plus when CA is in a drought) and it always looks good. We were debating installing it in the rental as well to save on maintenance, but it was not that cheap. It was cheaper for us because we did all the work ourselves.

One thing to remember - make sure to account for the cost of the supplemental materials. A good installation requires a layer of gravel (compacted) and sand for weighting down the grass, along with nails. For good installation special rubber pallets are also recommended as they help the grass stand up. 

@Jerry Padilla - would we have other options other than hard money? Also I wonder if there is a possibility of maybe buying jointly with my husband (who does not have the foreclosure on the record) or under his name, but he does not have the income requirement...

As far as Heloc on the current property is the requirement still 7 years?

Thanks!

Hi everyone,

Looking for advice if anyone has had any experience with a situation like ours.

We currently own 2 properties – one primary home owned jointly by me and my husband, and one rental owned by me. The rental currently has 50% equity, which I would like to tap into for investment. The rental currently has a positive cashflow and the loan interest rate is 5.25%.

The issue I have is that I have a foreclosure on my credit report from 2012 (in my name only) with current credit score of 720 and full time job. My husband is between jobs with VA benefits. Has anyone had experience:

1. 1.Either refinancing, or taking Heloc with Foreclosure on CR
2. 2.Buying investment property with foreclosure on CR
3. 3.If possible what interest rates should we expect for refi/HELOC/mortgage

Any input is greatly appreciated

Thanks!

Hi,

New investors here from Bay Area (CA). My husband (@Welbon Salaam) and I are located in the East Bay. I work in the tech industry and my husband is in between jobs.

We currently own one rental (purchased in 2010) alongside our primary home. We would love to expand into more rentals. Being from the Bay Area we will be looking to invest in other CA areas or out of state, as the Bay Area is too expensive for us. Business plan is a work in progress :), however our initial strategy will be to concentrate on buy-and-hold multifamily (up to 4 units to start) properties. Looking for the best strategy for initial and subsequent funding, but this will be in another post.

REI makes a lot of sense to us as a long term investment. I think we would want to try a flip at some point as well, we have been doing all the projects in all of our homes so far (except the roof) and it has always been a fun and interesting process.

So far we are reading a lot on BP, listening to the podcast and reading books. BP seems to be an awesome resource so far, and we look forward to learning more about RE investing!

Question about Pro membership – the features look great and we definitely want to sign up for it, but as newer investors we do not want to each sign up for Pro Membership. Wondering what is the best approach – have one Pro and one regular account?