All Forum Posts by: Frankie Woods

Homestead isn't worth much.  Put it on another property.

In CA, you check for liens on properties thru the County Clerk Recorder's office.

@Daniel Kong, the banks that I've worked with will calculate your DTI based on the minimum payment of each of your lines of credit. So for the credit cards that I have balances on, they added about $25/mo. I try to keep my credit card balances below 30% to avoid the most drastic credit hit for these cards. The credit cards may look like credit cards to your bank of choice.

A lot of times, LOCs are considered installment loans.  The credit hit in these cases will most likely come from the hard inquires and not the credit balances themselves.

I just began drawing on my first HELOC over the last couple of months, and my credit took no hit. Keep in mind the HELOC is secured whereas the personal lines are not. Also, the DTI calculation was 1% of the loan balance per the terms of the loan.

YMMV.

I did this myself over a 1 - 2 year period.  I have so much credit now that I'm denied on new applications just for that.  I just caution you to be careful with consumer debt even if you have the best intentions.  You never know when your circumstances will change.  Ensure that you can pay off the debt before the offer periods lapse, or, at a minimum, that the interest / payments give you a better return than traditional financing (unlikely).

I have two

@Christopher Levine find a realtor in your market(s) to give you MLS postings that match your criteria (e.g., meet the 1% rule, value-add, etc.). You can also analyze a few deals a day off zillow. If you do that for a year, you'll know your market like the back of your hand. You may want to find a PM that has in-house contracting before you leave in case you find something while overseas. That way you can pull the trigger from afar.

Hello fellow military member! Love that you are interested / passionate in real estate. If I were in your shoes, I'd take the overseas job and look for properties to house hack while there. Use your spare time to research your market of choice and find a solid deal. Then come back and house hack a deal and buy some BRRR rentals. The 100k will give you a huge leg up on others in the space.

I’ve been doing strictly buy and holds.  The market is tough unless you have some serious systems.  The REIAs I’ve been going to are ABQREIA, New Mexico Real Estate Mastermind, and ABQ Apartment Investor Breakfast.

I’m about to close on my 12th.  If you have the cash flow, then there really shouldn’t be a point where it’s unmanageable.  Just setup autopay and ensure your renters pay on time.  Easy peasy. Oh...and always have reserves to cover the unexpected.

I'm looking for recommendations on property managers in the Lancaster, CA area. I currently own a SFR, but I'm looking to pickup a multifamily in the near future. Thanks in advance!