All Forum Posts by: Allen Maris

Hi Casey,

Welcome to BP. I don't live in the area anymore, but I still invest in Clovis.

Enjoy the site!
Allen

Hey Kellen, welcome to BP and one of the best counties in CA.

Best,

Allen

Hi Lawrence,

I'm not from WA, but I've never heard this as a pure zoning. If it's a house, it's probably zoned SFR. Now there might be an ordinance by the city that doesn't allow rentals or has put a moratorium on rentals for a certain time period.

If the house is located within an HOA, then the association could impose a no rental rule in the CC&Rs.

If neither of those exist, it's time to dig a little deeper and see. Maybe Section 8 people that inspected could clarify why they think that.

Good luck.

Hi Andre,

You're bound to get a ton of responses and opinions on this one. Just remember it's an opinion, there's not a correct answer really except for what works for you.

For me, I'm a little more risky because I'm still relatively young so I want to leverage what I can. If it were me and if the house I was buying was purchased below market value, so there's be a little equity in it and my job was fairly stable, I'd put down the minimum. 

You also have to look to see how much PMI will be too and see if that's worth it to you and how the numbers work. For me, if I had a 4 or 5% interest rate on the house, I know I could better that by investing the money elsewhere so I'd put as little in and use the extra to invest in something that will make more money.

Allen

Thanks for everyone that got in contact, it's under contract now.

My financing partner needs his money for an unexpected personal issue so I told him I'd make an effort to sell this to get his money out instead of fixing and flipping. ...but renovations begin next week so if no one wants it, then we continue on. 

3+2 Clovis school district in Buchanan High.Check out comps, there's room in the deal to make this a pretty nice property and retail it to a homeowner or maybe someone that wants a turn key rental. 

$139,500

342 W. Richert Ave, Clovis CA

@Jon Keeney, Yes, I was looking for reasons why it could work. I've got plenty of reasons in my head why it's not a good idea. But I'm always looking to learn from people that have done something before. Of course they could have had an anomaly, but I'm always open to learning.

Thanks, Brian, thanks, Seth.

Allen

@Brian Gibbons - my A plan exit is fix, lease option and be out in 18 months.  I could wholesale it though for a quick exit though. 

@Chris Williams - Me too. That's why I was thinking this is a bad idea. It will turn me into a manager making sure they're actually doing something correctly. I don't want to get stuck with a half-a**ed reno.

@Randy E. Thanks, good points.

@Jeremiah Perry

Yes, I'm offering it for sale or lease option. If they lease option it, there's still a decent chance they won't buy it. They might be over estimating their chance of qualifying.

@David G

Thanks, just worry that if they are into it for 20k plus option money, it seems that they'd have more incentive to fight to keep it, both good and bad. If they just have a security deposit and they're just taking a shot at legal action without basis, they'll probably think twice about losing in court.