All Forum Posts by: Andrew E.

Steve,

I would do what means the most to you, If you want more cashflow to be able to quit your job and not have to work hourly anymore go for it. Pay off the properties and you goal is accomplished. If you want to leverage more and grow you can do that too by taking out HELOC on your equity and buy more properties. You could also use all of your W2 income to invest because all of your living expense are paid by your rental income. I know that would be a good feeling getting paid by the hour and all of it goes to what you want to invest in rather than bills. Whatever path is your choice, some mathematically more sense and other more life sense.

Engelo,

Great article, really gives hopes and makes one realize anything is possible. I'm going to Nassau next year for a wedding, hoping to check the area out for the first time. Thanks for the encouragement. 

Michael,

When approaching medical professionals it is true you most likely want to have some kind of relationship with them. If you are a patient it is hard to break the patient provider relationship. There are very strict rules about talking business with a patient for nurses and physicians. Also not all physicians are high net worth, depending on the specialty and years since they have finished residency medical school loans can be a mortgage or two themselves. Even a seasoned physician with a high net worth is going to know something about investing, you have to be at least a little smart about things to become a doctor. I would suggest if you want t focus on this professional demographic to meet them outside and not as a patient. hope that helps a bit.

Wishing you the best of luck.

Adam,

That's a great idea if they approve the Raiders NFL team to move to Las Vegas in the special session next week that's some real potential. Sandoval is looking for growth in Nevada, northern and southern. Las Vegas has grown a ton in the pat years, I was part of a research project in college on assessing the las vegas airport will be at capacity soon and they are building one far south and project the city will expand to that point. Almost like the Denver airport except the city has not reached it yet. Looks like las vegas has more job growth besides just the casinos. Reno is doing the same thing steering away from the casino industry and more towards technology. Good luck, hope for high profits in the high desert.

Sophia,

Great information. It would be interesting how the Reno market just over the hill compares to Sacramento. Rents have increased here quite a bit but much less inventory from what I've researched. With mellinials under student debt it would be hard to purchase right now and boomers who didn't prep to retire renting. Sounds like a good news storm brewing for the rental market. 

Thanks again.

Lawrence,

Your analysis looks like what I would have done assuming those are the actual numbers and not the pro forma. It seems like if it's a sellers market, low supply and high demand, the ball is really in their field (or sand box). If someone is willing to pay their full price and it works for them great. As far as your offer I would thank them and leave it on the table. If they don't sell time is not on their side as the market might fluxuate not in their favor. They want to sell for one reason or another whether it he hardship or profit, time is on your side. I would check up every couple months letting them know the offer is still on the table. If they take it eventually great if not then I'm sure there is another deal just waiting out there somewhere.

Jesse,

Congratulations Jesse on your first purchase. It sounds like you got a good deal. One detail I would investigate would be the HOA. HOAs seems to increase over time but also have benefits too. I would contact the HOA and get a record of what they cover, if they have ever used a special assessment in the past and find out their budget. Hopefully they have good HOA management in place because that can really dig in to your profits in the long run if they cant manage the neighborhood your property is in. Good luck.

Par,

Congratulations on achieving your capital goals. Your next goal would depend on your preferences. CA is very expensive right now so it makes this decision difficult, I would personally spread it over multiple SFRs or a small multi if its a good deal. If your wiling to drive a couple hours over the border to NV prices are a bit lower and leaner landlord laws. There is also the option if you have the time to research foreclosures there are many ways to get into a house for very cheap if you do it right. I for one just attended a short seminar on how to purchase foreclosures which tough me a lot. Hope that helps.  PM me if you have any questions.

Rachel,

Good luck on finding an area that suites you. Some things I've learned during researching rentals compared to the east coast and here out west is placement of multi families. When back east I noticed multis 2,3,4 plexes could be found in nice neighborhoods and scattered throughout the Countryside. Out here is seems to be a bit different, most all of the homes on the countryside are all SFR and ranch style homes most neighborhoods with a decent A,B class area also SFR. Most multi families are in older run down C-D neighborhoods with the price and risk to match. I know this could be viewed as a generalization but just stating some basic observations. Hope that helps a bit.

Hi Martin,

I understand that is a difficult decision to make. One option, if your willing to drive a couple extra hours is Reno, NV just over the hill. Prices are a bit high here still but still less than California. We also have some better landlord friendly laws in NV as well. Inventory is a bit low here as well, but it's a thought...