Flipper/Rehabber 路 Riverside, CA 路 Member since 2016 路 130 posts 路 105 votes
So we just closed on our first short sale, it wasn't as hard as everyone makes it sound our deal went pretty smooth actually馃槅. It's a nice home with a permitted back house and I already got my renters moving in.... 2 rentals for the price of one this deal was a money maker 馃憦馃徑馃憦馃徑
Real Estate Broker 路 Naples, FL 路 Member since 2013 路 9k+ posts 路 6k+ votes
9y
Forget the condo market. If you buy, get SFR. I much prefer SW Fl to SE Fl. The condo commandos will drive you nuts. They can change rules and really hurt landlords. Buying SFR that are not in a HOA is your safest bet. When you say taxes are cheap...what does THAT mean? My highest tax bill for SFR in my target area is 3300. About the cheapest is just over 2K. I think that is high but have no recourse. Selling and paying taxes is not an option. Going 1031 really isn't either because of the problem of finding replacement properties. I haven't been able to deal with out of state investing and being absentee so for now I am stuck. You can still find a few deals here occasionally but must act fast.
Flipper/Rehabber 路 Riverside, CA 路 Member since 2016 路 130 posts 路 105 votes
9y
@John Thedford here in riverside there is a wide range depending on the neighborhood your in...we like the wood streets area close to the plaza...they are older homes that have a lot of character. a typical 3 bedroom 1-2 bath 1300-1500sq ft home is 360-400k depending on how nice it is. alot of people in this area have converted detached garages into small back houses that rent for 800-900 a month all day long. we just closed on a one with a back house that has a upgraded kitchen and is real nice for 320k....it was a short sale that i got a inside tip on.
Real Estate Broker 路 Naples, FL 路 Member since 2013 路 9k+ posts 路 6k+ votes
9y
1% of the purchase price in rent per month. Pay 340K and get $3400 per month? And aren't taxes pretty high. I see a lot of investors buying with the hopes of appreciation.
Flipper/Rehabber 路 Riverside, CA 路 Member since 2016 路 130 posts 路 105 votes
9y
we are renting front unit for 1800 back unit for 800 so pretty close to 1%....thats real good for this area. taxes are cheap. in this area you cant make a lot of money on rentals unless you convert the garages to back houses which is our strategy... a lot of investors here are betting on the appreciation as you've mentioned. we picked this one up about 15% under market so we are looking good
Real Estate Broker 路 Naples, FL 路 Member since 2013 路 9k+ posts 路 6k+ votes
9y
Forget the condo market. If you buy, get SFR. I much prefer SW Fl to SE Fl. The condo commandos will drive you nuts. They can change rules and really hurt landlords. Buying SFR that are not in a HOA is your safest bet. When you say taxes are cheap...what does THAT mean? My highest tax bill for SFR in my target area is 3300. About the cheapest is just over 2K. I think that is high but have no recourse. Selling and paying taxes is not an option. Going 1031 really isn't either because of the problem of finding replacement properties. I haven't been able to deal with out of state investing and being absentee so for now I am stuck. You can still find a few deals here occasionally but must act fast.
Flipper/Rehabber 路 Riverside, CA 路 Member since 2016 路 130 posts 路 105 votes
9y
@John Thedford taxes are basically the same here 2-3k and I'm not planning on selling mine anytime soon I'm 32 I want my rentals for the long haul so when I'm old I got some income. Out of state investing and being absentee seems scary lol... I want a place in Miami just because we frequently visit south beach 1-2 times a year... if I was going to invest out of Cali I'd probably look at Vegas or AZ
Real Estate Broker 路 Naples, FL 路 Member since 2013 路 9k+ posts 路 6k+ votes
9y
Yes I see lots of people investing out of state. I prefer being 100% in control and would have to give that up. So, if I can get another couple of properties each year I am OK with that. Between rentals and HML no complaints!
Real Estate Broker 路 Naples, FL 路 Member since 2013 路 9k+ posts 路 6k+ votes
9y
I haven't done anything out of state yet. I keep getting inquiries but when I check the other state's statutes so far the requests have been in states where I am required to have a license. The beauty of FL statutes is an exemption that allows one to lend their own money without a license. I don't know CA laws. I have an uncle in the LA area that used to lend money years ago in CA and he did spectacular. He loans large sums of money, much of it to famous actors, against their houses. I have some family out in the LA area that could do lending but not sure if they have ever considered it. One has their RE brokers license. I will try and connect with them on FB and see if they have ever considered becoming a lender.
p.s. I believe Jay Hinrichs has stated you can do up to 4 or 5 loans without a license but if you exceed that you need a license or possibly go through a licensed mortgage broker in the state.
Real Estate Broker 路 Naples, FL 路 Member since 2013 路 9k+ posts 路 6k+ votes
9y
OK. Just sent my cousin a message on FB asking if he has ever done or considered HML. Will let you know. I might be interested as long as I can legally do it without a license.