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All Forum Posts by: Brad S.

Brad S. has started 11 posts and replied 56 times.

Post: Anyone dealing with Code Enforcement in Rancho Cordova?

Brad S.Posted
  • Investor
  • Mission Hills, KS
  • Posts 59
  • Votes 11

@Account Closed in my experience  there are only 2 reasons code enforcement will reach out to you. One if renters are storing stuff at a location visible from the street, like front porch or in back porch if the fence is low or wired. OR if one of your renter goes and complains. In some cities they would go on Neighbour’s request as well but that’s not very common.

Post: Cash requirement for small multi family

Brad S.Posted
  • Investor
  • Mission Hills, KS
  • Posts 59
  • Votes 11

thank you @Todd Dexheimer I did check a local credit union but as u said, I should check with few more, asking seller to finance 10% is a good idea as well, I will give it a try. Thanks  @Greg Downey I did not talk to them about Roth, yes I have part of my IRA in Roth that's a great advise I would mention that next time around.

Post: Cash requirement for small multi family

Brad S.Posted
  • Investor
  • Mission Hills, KS
  • Posts 59
  • Votes 11
Wondering what are downpayment and reserve requirements for small mutifamily these days. I spoke to a credit union and they said 25% down and approx 10% in reserve as a liquid asset (saving or CD). Ideally (assuming) I have 250K that I would like to borrow 2 million and show my 401/IRA funds for reserve, is this scenario possible or is the bank right? Thanks for any insight and any financial institutions you might know of that offer more flexible terms. The only reason I want to leverage more is so I can afford to buy in B neighborhood instead of a C or D, would you agree that make sense?

Post: Plenty of equity in Long Beach...Now how can I get it?

Brad S.Posted
  • Investor
  • Mission Hills, KS
  • Posts 59
  • Votes 11
Amanda T. I did consider that, but in my case I locked in very low interest rate and I am looking for HELOC amount of less than half the equity in the property, refi all of it at much higher interest rate probably will be a bit more expensive, plus my needs are not permanent, I plan to pull the funds out for few months and put them back as needed.

Post: Build vs Buy & Renovate mutifamily in California

Brad S.Posted
  • Investor
  • Mission Hills, KS
  • Posts 59
  • Votes 11
Thank you Embert Madison jr Jason Hsiao and Joe Bertolino y'all have given me great insight, I agree even if I factor in most of the cost, getting through regulations like low income housing, processing and approval delays etc would definitely kill the deal. Sometimes I think about moving my money out of California but I would still be on the hook on my 1031 because of Claw-Back provision. While back I saw a hotel project in Folsom they were building out of boxes and thought it was brilliant, but later learned it got delayed and ended up costing same if not more as the ground up. Guess will have to wait till 3D printers are common in construction 😅 Jason as you mentioned there at lot of people looking for value add multi and the market is pretty tight, just got to keep spinning wheels and think out of the box, that's the only way to stand out, in California innovation is the key I guess.

Post: Plenty of equity in Long Beach...Now how can I get it?

Brad S.Posted
  • Investor
  • Mission Hills, KS
  • Posts 59
  • Votes 11
James Peters let me know how it goes, I am still undecided and have not finalized which one to go with, I will check out few more and let you know as well if find something better.

Post: Build vs Buy & Renovate mutifamily in California

Brad S.Posted
  • Investor
  • Mission Hills, KS
  • Posts 59
  • Votes 11
On moving from Bay Area to Sacramento the multi-family market here looked a lot better, but after analyzing a bit more I am realizing that the cap rates are not significantly different and come along with a reduced appreciation upside. The big difference i see here is abundance of land available to build something new in Sac valley vs in Bay Area. Assuming I am looking for a 40 unit property and plan to hold it for long term (20-25 years), wondering what other think of building a new multi family vs buying and updating an old building, at what point (maybe in terms of $ per square foot) it make sense to build instead of buying old. I would guess new building will have less maintenance for first 15-20 years vs an old one, which should make up for the difference in terms of money and time, but I haven't read much on people building new on bigger pockets (which btw I believe in like religion) makes me wonder what am I missing.

Post: Plenty of equity in Long Beach...Now how can I get it?

Brad S.Posted
  • Investor
  • Mission Hills, KS
  • Posts 59
  • Votes 11

@James Peters I am currently applying for HELOC on investment with Golden1 credit union for one of my property in Bay Area. Also First Tech Fed say they do it, but I did not had good experience working with them.

Post: What does it take to be a Resident PM in Sacramento

Brad S.Posted
  • Investor
  • Mission Hills, KS
  • Posts 59
  • Votes 11
Thank you Kim Meredith Hampton that's a great advise, and thank you Tobias Falzone yes I do want to mange the property at some point, just not ready to quit my job yet.

Post: What does it take to be a Resident PM in Sacramento

Brad S.Posted
  • Investor
  • Mission Hills, KS
  • Posts 59
  • Votes 11
After investing in single family and small multi family for past 8 years I am looking into buying a 20+ unit apartment complex in Sacramento area. My initial thought was to self manage the building along with my partner, but then I learned that California law (and probably other states as well) requires a residential PM for apartments over 16 units. I do not know where to start, would appreciate any insight from experts on how they handle property management for small (over 16 but under 30) apartment buildings in California. Can a property management company handle this without dedicating a full time employee for my property (cost saving) and how much do they usually charge? Also if in future I decide to manage on my own how do I qualify to be a PM. Thanks you for reading.
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