Southern California
My dad and I are looking to get into the Real Estate Investing game. We have over $100k cash on hand, credit scores of 750+ and would like to rehab or fix up some properties.
We are debating whether or not we should get our real estate license as part of this process.
Both of us are wanting to start this full-time as we just sold our previous business.
Any advice, bird dogs, or partners interested in moving forward. We would prefer San Bernardino County or Los Angeles County but are open to other options.
I am a realtor and a birddogger in Rancho Cucamonga, CA. I am working with numerous investors and am looking to increase my investor base. My services include the locating and analysis of distressed property (ie.. pre-forclosures and flips) in San Bernardino, Los Angeles, Orange and Riverside Counties. I perform the property analysis, determine and negotiate suggested purchase and resale price, and handling all of the paperwork. The deals I present will have at least $75K in equity. I also locate commercial income property for syndication. Let me know if you are interested and I will give you more info.
Damion Webb
Is your objective to flip properties or rentals?
My suggestion is that you find a reputable realtor and have thier lender pre qualify you.
Once you and your realtor have determined what you can afford to do, have your realtor search for fixer properties.
Orange county is too expensive in my opinion, but you can find affordable properties in the Victor Valley and the Coachella Valley.
You can search the local MLS...
Victor Valley....www.vvmls.com
Coachella Valley...www.desertareamls.com
General So. Ca...www.mrmls.com
thank you for your advice. very much appreciated.
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Quote:
On 2007-03-09 01:53, sirbeigealot wrote:
My suggestion is that you find a reputable realtor and have thier lender pre qualify you.
Once you and your realtor have determined what you can afford to do, have your realtor search for fixer properties.
Orange county is too expensive in my opinion, but you can find affordable properties in the Victor Valley and the Coachella Valley.
You can search the local MLS...
Victor Valley....www.vvmls.com
Coachella Valley...www.desertareamls.com
General So. Ca...www.mrmls.com
I have Bank of America, Advanta, and Chase business cards (all guaranteed with personal SS# but not appearing on personal credit report) that have $12k-25K lines. They all came with 0% Balance transfer options, which I used right away. When I transferred balances from personal cards, my personal scores went up 50-60 points. Also go to a US Bank branch, schmooze em a little, and open a business checking account for $300, when I did they offered me a $30k unsecured "line of credit" and a bus. Visa card. Start with Advanta, they seem looser than others and gave me $12k without blinking. I have pretty good credit though.
Just as this site is super specific to real estate, check out a site dedicated to finance and credit cards. When I needed a new card, I browsed through www.fatwallet.com and found exactly what I needed.
New card came with $100 bonus (in the form of two $50 checks shortly after first purchase).
[ Edited by Hibby on Date 02/08/2007 ]
I must say, the way you describe the transaction it smells of loan fraud.
[ Edited by Hibby on Date 02/08/2007 ]
[[ Edited by Hibby on Date 02/08/2007 ]
Exactly correct
thanks - sorry for any confusion
For an assignment "fee", cant you just get paid as a facilitator? I believe that in MN you can do a couple beofre needed to be licensed.
It appears that unless you have the property paid off you are probably losing money or breaking even at best at 1100/mo. If you take money out for Austin, you will have a higher negative cash flow. Have you considered selling it instead in a 1031 exchange for Austin properties?
I think we are breaking even in the property. Selling the property is an option also. But selling it in this market may not yield the highest dollars at this moment. Sometime back this property worth around 400K. This is in Fresno, CA.
A refinance will generally have a substantially lower interest rate than a line of credit (HELOC), but you have to take into account the substantial loan fees you will pay. Also, your current interest rate is below the national average, so you will probably wind up paying a higher rate on that portion also if you refinance. Most likely this is a question of how much time you plan on borrowing the money for. Over the short term, you will be better off with the HELOC; but if you are going to take many years to repay it, you will probably save money using a refinance. Exactly where the break point is on this depends on the exact numbers- you need to know the interest rates and fees on both options, then look at amortization tables presuming that you make the same payment on both loans, and see where the balance on the refinance drops below the combined balance of the HELOC and your current loan. If you will be holding the properties until that point, use the refi- if you are going to sell before then, use the HELOC.
Chris