All Forum Posts by: Vince Rodriguez

Thanks for the ping. Will be there

How did it go guys? i missed it since was outta town, I live in Costa Mesa and would love to connect with the local people. I have a few units as rentals in Bakersfield. 

thanks

I bought a property in Bakersfield,CA in July 2018 and spent over 40k in evictions, renovations, repairs, HVAC and carpet replacement.

My question is does anyone know a good tax person to hire in southern california/ Orange county area? I was thinking about h and r block. They would cost around $700 if i go in, or about $200 if i do it online. Not so much worried about the cost, just the expertise, thanks all

-Vince

Hello friends,

I am just finishing up on renovating my 1st deal on a triplex in Bakersfield which I bought in July 2018, had to put in a lot of work, but its good now.

My question is I am looking to buy a 2nd property in the 1st quarter of 2019 in Bakersfield area and I will be raising money from my family and friends. How should i go about splitting up equity and profits. 

If my sister puts in 20% of the property's value , should she get 50% equity and 50% profits ? and she will split the repairs cost as well. I will be doing all the work including, finding, running comps , making sure numbers are good, hiring management company and doing the repairs with my team in CA. 

eg: property value 100k, sis puts in 20k. repairs and renovation 20k , I split 50/50 

income 1k per month, profit after all expenses and mortage 300 , we split and she get $150 per month. thats a 6% return on investment (1st year, 9% if you dont include repairs) + 50% equity

sounds fair to me

Let me know and thank you in advance

-Vince 

Hello Sanjeev,

its a triplex with possible section 8 in one unit. yup lots of repair work needed but nothing major

We are currently looking for high quality property management in Bakersfield, CA starting next month.  This is for a triplex in the east side of the city.   Thank you!

@Neal Collins haha

@Trevor Lohman thanks for the response. I figured, it seems like people are doing more cash down and are happy with less of a return, so they are pushing us out of the market. I want to do two FHA with my name and my buddy (partner) and then plan on looking for properties in the south (Georgia) where my sister lives. The property you are talking about is at 0.8% if the expenses are low and you can put 30% it might cash flow , but a bad roi fa sure

I am gonna keep looking for another month or so. thanks again 

Hello people,

I am a new investor and looking to buy a property within the next 90 days in southern California. I have about 20k saved up and have a pre approval up to 450k using FHA.

I am finding it hard to find cash flow positive properties in these areas, i havent seen any properties fit the 1% rule and in general they all lose money, esp considering pmi and 3.5% down. I would like your expert opinion on this matter? thanks 

-Vince