All Forum Posts by: Aldwin De Torres

@Omar Khan Thank you! I'm anticipating a move to Austin, TX for job relocation. That's where I hope to find a deal or in the surrounding cities. I'll try to connect with people there. Do you happen to know wholesalers in the Austin area?

@Chris Purcell Sorry, I didn't imply there was a deal. I was hoping to learn how to buy a property with that plan. Any thoughts? 

Hi Folks! I'm thinking of buying a foreclosure or an undervalued property using Hard Money to buy in cash and then want to refinance to a conventional loan ASAP. This will be a primary residence to live in 2-5 years. We plan to either hold as a rental or sell to buy a primary + investment property.

Questions:

1) Would I need to have the title in my personal name so that I can refinance it based on our household W-2s and credit history?

2) How soon after the purchase can I refinance using conventional loan?

3) Has anyone does this successfully? If so, I would love to hear your story!

Thanks BP family!

 Hey David, can you clarify something for me? You said that you bought this 5-unit property in Hayward with all cash and that it cash flows nicely . Is there an instance where you don't cash flow nicely when you buy a property all cash? With no debt service expense, it should cash flow nicely right? 

Or are you saying that it still cash flows nicely after refinancing it to get your cash back out?

Lastly, in regards to OP, he has $50k to invest, not close to half a million. Are you saying he is still able to enter the Hayward market with $50k? I ask because I'm in a similar situation and finding difficulties entering the Bay Area market. 

That is simply amazing. Love that you drove to the property and met the tenants. Great way to solve the "difficult tenant" problem! Looking forward to hearing more about your successes!

@Arlen Chou The investor I spoke to owned rentals in Hayward about 15 years ago and he basically said the only way he was able to evict a tenant was due to late payments, nothing else. He got tired of the tenants and eventually sold the property and swore to never return to Hayward. 

Thank you for the search term - I will definitely look it up for the city I buy a multi in and play by the rules. Thanks!

@mary lou L. 

The land is barren. No utilities, no septic. My friend and I tried to dig up any plans from the county and the closest thing that may influence anything is the high-speed rail that passes through the county, but not too close to location of the land. We searched for plans earlier this year so maybe something new came up. Thanks for the reminder!

I appreciate your input, thank you!

Hi everyone, I recently had a nice chat with a real estate investor/agent who owns rental properties in various cities around the Bay Area. He knows I'm interested in house hacking and gave me a fair warning regarding tenant rights, in particular Palo Alto. He definitely told me to stay away from Hayward! 

My question is: What cities in the bay area are more landlord friendly versus others? 

Landlords, I would love to hear your thoughts on the cities you have rentals in!

Thanks! 

Hi everyone! I'm trying to help a friend figure out what to do with some land he owns in Merced County, CA. He's got 40 acres of land near the San Luis Resevior that's zoned for Agriculture. Unfortunately, there's no paved road, but there should be gravel or a dirt path leading to the property line. A few ideas that we came up with:

- Solar Panel farm

- Animal grazing (not sure if that actual generates income)

- Shooting range

- Camp grounds

If anyone out there wants to share ideas, that would be great! We can create a win-win for everyone involved. 

If you need details, PM me. I'll try to provide as much as I can. 

My apologies in advance if this was the wrong place to post this!!

I'm probably in a very similar, if not exact, situation you're in. I'm in the middle of trying todefine/redefine my goals and heaR the opinions of others before pulling the trigger. 

Shoot me a PM and we can try to sort things out together. Good luck!