All Forum Posts by: Account Closed
Account Closed has started 20 posts and replied 140 times.
Post: Hello from Northern California
- Specialist
- Northern CA
- Posts 154
- Votes 57
Originally posted by @Brian Zitzow:
@Mindy Jensen Since I first posted I have learned how to analyze a deal and started analyzing single family homes in the area. I confirmed first hand what common knowledge already told me - single family residential buy and hold for rental income is not realistic in my area.
I am now looking into multi-family. My understanding is that if I choose to live in one unit I can get better financing. I'm pre approved for 500k.
Funny enough, a gentleman flipped a house across the street from me since this post started. I approached him and he said that I could take him out to lunch. I'm going to call him after the holidays.
Furthermore, I've started looking up properties on the tax assessors website and identifying the owners of properties - like the vacant duplex the next street over.
So now that I've got that address, should I send a letter / postcard to the owners to find out more information or see if they may be interested in selling it?
I feel fairly confident in analyzing the cash flow properly on a deal. Repair costs - less confident because of my lack of experience. Marketing, the same - not very confident.
Time to read some more about these other areas.
Welcome to the site. Dont be discouraged as I have been investing in SFR around your counties for sometime now. Cashflows very well. Feel free to reach out if you want some more info. With 500k loan you can defiantly get into a nice multifamily units with nice cash but with less than 100k investment you can be getting a 1k monthly return in rents.
Post: Newbie Investing in Northern California?
- Specialist
- Northern CA
- Posts 154
- Votes 57
Also a local CA investor/general contractor currently investing in Northern CA. Sonoma, Mendocino, Sonoma, Butte, Sacramento Counties.
I just recently bought a 3/2 SFR for 80k/ 8k rehab/ 125k ARV/ Now currently renting for 1k a month. There is no need for a 45% maintenance cost when you do your rehab prior to rent.
Let me know if you want to team up on anything or just need some guidance.
Post: Money to invest in California
- Specialist
- Northern CA
- Posts 154
- Votes 57
Also a local CA investor/general contractor currently investing in Northern CA. Sonoma, Mendocino, Sonoma, Butte, Sacramento Counties. You can find good cash flow deals with great appreciation compared to other states. Many properties selling under 100k and renting for 1k.
Feel free to reach out
Post: Investing in California. Where?
- Specialist
- Northern CA
- Posts 154
- Votes 57
Also a local CA investor/general contractor currently investing in Bay Area. Sonoma, Mendocino, Sonoma, Butte, Sacramento Counties. I just recently bought a 3/2 SFR for 80k/ 8k rehab/ 125k ARV/ Now currently renting for 1k a month. There is no need for a 45% maintenance cost when you do your rehab prior to rent
Let me know if you want to team up on anything or just need some guidance.
Post: Investing In California
- Specialist
- Northern CA
- Posts 154
- Votes 57
Originally posted by @Martin Scherer:
I am liquidating my non California properties and moving the money back here. For years "cash flow" has been my mantra but after 11 years of out of state properties with little to no appreciation it no longer makes sense. The depreciation no longer offsets the increased rental income enough to miss the appreciation of NorCal.
This is one of the main reason I stay in state. Higher appreciation rates than say OH, MI, AL, FL, AZ, TX. General contractor currently investing in Northern CA I would love to tie up sometime. You can still find good deals here. Homes under 100k renting for 1k
Post: Investing in Chico California
- Specialist
- Northern CA
- Posts 154
- Votes 57
Also a local CA investor/general contractor currently investing in Northern CA. Sonoma, Mendocino, Sonoma, Butte, Sacramento Counties. I would be interested in anything 3/2 SFR or duplex 2/1 or greater. It would need to at least meet the 1% rule ( 1% monthly rent to purchase price )
Keep in touch. Currently living in lake county
Post: California
- Specialist
- Northern CA
- Posts 154
- Votes 57
Also a local CA investor currently investing in Northern CA couple hours out of the Bay Area. Before investing out of state you can still find good deals here. Homes under 100k renting for 1k and remember much higher appreciation rates than say OH, MI, AL, FL, AZ
Feel free to reach out if you need guidance.
Post: Information to provide Hard Money Lenders
- Specialist
- Northern CA
- Posts 154
- Votes 57
Just what i was looking for. Thanks Don. Im trying to prepare paperwork to present my deal to HML. Much appreciated.
Post: What will a hml require for this fixnflip
- Specialist
- Northern CA
- Posts 154
- Votes 57
The problem would be i would need to go stated income and i only have 30 days to make this deal work. I havent found anyone that could make that happen. Value of 7 properties ARV is only 1mil. Which is another major factor.
Post: What will a hml require for this fixnflip
- Specialist
- Northern CA
- Posts 154
- Votes 57
Ill try to keep this simple. I own 7 sfr outright and currently have minimal cash capital left to invest into this potentially great opportunity for a fixnflip. Im a general contractor with not enough income reported on my taxes to make this deal work. I have months of bank statements to prove the steady income to make this deal work. Can you please help analyze this deal and what type of skin in the game i would need.
House is in the heart of silicon valley. Mountain view CA.
Purchase price 1.5mil
ARV 2mil comparable comps in area are 2.5 mil last 30 days
Rehab cost 200k over estimated value. Realistically 150k
Now this area is such a prime location that i can easily add a second story on the home and complete remodel for 250-300k and easily get 2.8mil. Local comps last 30 days is 3mil-3.3mil
Please help me to understand if this would work with a hml and a break down of requirements for myself needed. The home is a family members so i get first dibs.