Any Meet Ups In San Bernardino County?

Question

Are there any meetups in the IE, OC, San Bernadino county area?

About to close on my first Fourplex. Using FHA loan. The offer was accepted, but Getting a bit nervous.  The numbers look right according to the Renal Property Calculator,  but the issue is that I have tenants in other units already that I'll need to raise rents on to hit my numbers. they are paying under market.

Lex Phumirat · Answer

Quick update on the FourPlex.   The deal didn't go through after all. I was in escrow for a few days and the seller side couldn't give me access to see all 4 units. Only got to see 2 of them.  Also, they weren't able to vacant a unit so that i can use FHA. The communication was very bad.

A lot of red flags so we backed out.

Here is the listing

https://www.redfin.com/CA/Redlands/1023-Herald-St-...

James Gates · Answer

@Lex Phumirat The next couple of Thursdays I have appointments, but if you are available on the weekends, I could always use more cold brew!

Lex Phumirat · Answer

@Ali Boone   I really think they just want to cash out.  But we'll be doing our inspection soon.

@James Gates would love a meet up out in redlands. I'm around downtown redlands a lot on Thursdays for the farmers market.

James Gates · Answer

Hello all, I am an investor and Realtor based out of Redlands, and would love to meet up for coffee or attend a real estate meet up in the area. Redlands is such an awesome town and what is better than having cold brew with local enthusiastic investors?

Ali Boone · Answer

Yeah, I love that area. But it's also all the more reason I worry about why a 4plex there would be only $469k.

Lex Phumirat · Answer

@Matthew Daly    That's great, I grew up in Redlands myself. Graduated from Redlands High.  I'm planning on investing in Vegas soon if my current deal goes through.

I'm still very new, so any advice would be awesome.

Will for sure keep in contact.

Matthew Daly · Answer

@Lex Phumirat I just got started in REI. Will be doing tons of research over the coming months and not sure if I want to wait a few years and save up or get in sooner. Probably will opt to save. I currently live in Vegas, but I lived in Redlands for 25 years and visit often. If you ever have any questions about the area, let me know and I will be happy to answer them!

Lex Phumirat · Answer

@Ali Boone   great advice.. thank you so much. I'll be calling around tomorrow for sure.

the first year is going to be hard for sure. And as the holiday is coming around the corner as well.

One of my contingencies for me buying is to have one of the units empty so I can live in one using FHA.

The thing i like about this area is that Starbucks and Coffee bean is close by. And they just built a brand new packing house, with trader joes, and sprouts.  And downtown is less than 5mins away.

Ali Boone · Answer

I don't want to sound like I'm micromanaging anything, but my parents live in Redlands so I'm familiar with the area....which is why I worry about this one a little. Two things I would do, and you can totally take them or leave them: 1. talk to local property managers or someone familiar with rentals there and ask about the rentability of those units at your desired rent, or the market rent. You want to make sure someone will actually rent them at that price. 2. run all your numbers just with the current income rates and see what it looks like. For worst-case scenario numbers in case you can't raise the rents like you're hoping.

Lex Phumirat · Answer

@Ali Boone i was able to walk into 2 of the 4. It’s not too bad, needs work for sure. I would say about 5-8000 grand a unit. New flooring, kitchen counters and cabinets maybe. It was a little hard to see because the tenants that are there kept their units pretty messy.

When talking to the selling agent, the seller wanted to cash out and retire.

I’m still waiting to check the other 2 and have all 4 units inspected.

I have a lot of contingencies on the offer before I move forward.