All Forum Posts by: Account Closed

Go to the county website and look for a tab that says something like "property taxes" or "property search" Every county is different and some you may need to dig for awhile before you find the correct spot. You should be able to search by parcel number, address, and sometimes owner name.

@Charlie L. Hate to be a downer but it might take six months to a year, possibly longer if you have no savings and have a lot of student debt. Lenders LOVE a steady W-2 job especially on your first deal. One way to get past this though is to have a co-signer that is a relative that qualifies. They don't need to live there but they need to be on the loan. I'm assuming you'll be living in this property, correct? Another route you could go is seller-financing but it going to be difficult to find these deals without having a network of people. The vast majority of "creative financing" is done by investing professionals who have many years of experience and a lot of deals under their belt.

Another thought...If you find a great deal on a multi-family (4 units or less) you can use 75% of existing rents as income. That will help you qualify for some deals as well.

Best of luck!

@Account Closed

Here is a suggestion, not sure of your exact situation but there are programs for those in there last year of a doctorate possibly masters degree (need to double check on that) that will use future income to qualify if that income will start in the next 3 months. That may be a program to consider. Also, have you though of searching for a duplex that is for sale now and telling the current owner that you will pay them rent until you qualify, possibly using the program I spoke of before, and then just take the amount of rent you paid or half of the rent off the purchase price?

The loan you receive would be to rehab the whole property not just one unit. As for finding a four-plex that makes since on the MLS, chances are it's not going to happen. Having an agent that knows the market and invests himself is a good idea anyways though. I suggest doing that as well as driving for dollars and looking for four-plexes in the neighborhood you want to be in that look like they haven't been taken care of in the best way. Those owners should be more willing to sell and the properties could qualify for a 203k loan.

@Brian Knowles I'm actually in the middle of my first MFH live in deal right now. Closing is scheduled beginning of May. I found a realtor in the area who owns multiple MFH in the area as well as small apartment buildings. The month long process of walking properties and learning what he looks for when evaluating properties was invaluable. I was studying for months and months before I jumped in (also working in real estate doesn't hurt :P).  But the amount you learn after your under contract is incredible. Everything starts coming at you much quicker and at that point it becomes real. Every decision you make at that point has real life consequences. It's extremely exciting though once you start!

@Brian KnowlesYou can read all the books in the world about REI, listen to all the podcasts, and attend all the webinars but at some point you're going to learn all you can without actually jumping in and being hands on. Go make your first deal and the amount of knowledge you'll gain from just that will far surpass anything you've read. It's the hardest step but feels great once you've done it.

@Edwin Guerrero Were you given the notice on 3/21? He can't increase rent until 5/21 then. You have to continue to pay the current amount of rent whether you think the unit is worth the amount or not. What you need to do right now is write up a notice that you'll be leaving due to the rent increase and start looking for a new place.

@Edwin Guerrero If you pay month to month even without a lease you are technically on a month to month lease. I'm not sure of the law there in California, but if it is 60 days then he has given you a 60 day notice that rent will be increased at the end of that period. It doesn't matter that the house was sold. The new owner is your current landlord and he can increase rent as he pleases as long as it isn't a rent controlled area. Your agent is mistaken. You can't live anywhere rent free for any amount of time. If you can't afford the new rent give the landlord a written notice that you'll be leaving and start looking for a new place immediately.

@Vernon Brown

I'm not sure if you've accounted for things such as vacancy, repairs, capital expenditures, property management, etc... when finding your numbers. If you have, $300 cash flow isn't too bad for a duplex (it isn't great either) but this depends on your area. Most people who are purchasing duplexes are going to be investors and like @Maxwell Lee stated the value is largely going to be based off the rents it brings in. I'd look for what other landlords in the area are charging for similar properties and see if there is any value add over the current rents being charged for your units.

If you plan on holding onto this property for awhile just do the fixed rate. Interest rates right now are low and only going to go up over the next few years. Lock one in now while you can and don't worry about it.

If you plan on selling in the next 7 years do the 7/1 ARM