All Forum Posts by: Jake Weir

I hang my license under a broker much the same way you are thinking @Brennen Cook.  My RE activities are focused around my own, but I've also closed a couple deals for others.  I'll PM you my brokers info; free free to ask me any questions you might have.

@Stephanie Garcia

Have you talked to your lender if FHA financing is an option?

I looked at the listing on the MLS and quickly browsed comps; this seems expensive for Del Paso Heights considering the square footage and external condition of the property. The properties selling around 240k have larger units/and are in much, much better condition.
That being said, it should cash flow if you weren't living in it.  Listing agent has posted a number of reports including Pest, roof, etc.  I can send you reports if you don't yet have an agent.  All that being said, if you decide to submit, there doesn't seem to by anything to justify the value of the listed price.  I would worry it wouldn't appraise for 240k...

As you can see above, there are a variety of opinions...In my view, opportunities are opportunities!

I think you have options if this is a legit deal:

-take on the purchase yourself (sounds like you are a little apprehensive about taking on all expenses yourself)

-take on a partner of some sort

-sell the deal

-pass (but why pass when you could wholesale the deal to someone?)

@Attila Bertalan

Double checked the DRE and it looks like you need two years of full time salesperson experience (or a major or minor in RE, or have worked as an escrow officer, or loan office, etc).

@Bob H. This experience requirement is pretty new.  This wasn't the case when I was taking education courses only a few years ago (only took a handful of classes for salesperson license).

@Account Closed

Many will say that living in half and renting out the other half is a great way to get your foot in the door, and buy your first property...Nothing wrong with that!  Also, congrats on accumulating the down payment!

A few comments:

More often than not, you cannot find a 2% property in Sacramento.  It's not too difficult to find a 0.75-1% properties.  But it is tough to find them in decent/up and coming areas that have good upside for appreciation/increased rents.  If this is what you are after, you should be prepared to be very patient.  

Depending on your criteria, it might take months and a dozen offers to find what you are looking for...just wanted to set that expectation.  It is much easier to find 1% properties in rough areas (undesirable to most people): Del Paso Heights, parts of South Sacramento, parts of Oak Park.

Basically, you should see what areas you're comfortable living in, what kind of cash flow that can provide and think about if you are happy with those numbers. I have MLS access and know some areas very well/others not so much. Feel free to fire away follow up questions or PM me if your curious about a specific property.

@Jay Luke Remember there are a number of files under "Resources" then "FilePlace.  There are likely some wholesale contracts there.  Down load a few and run with whichever one looks good!

@Rami Aweti 

Speaking to Sacramento,  there are very, very few developers building right now.  Typically, they cannot build and cash flow where the cash flowing housing stock is...I don't see new builds as a threat. 

If anything, they raise market rents and make your rental look affordable by comparison.  Sometimes will include a small commercial space (coffee, etc) that is an amenity for your rental.  Would be happy to answer any area specific questions.  Some areas of Sacramento, I know very well, others I will not be much help.

@Minka Sha I would personally (or direct your agent) to follow up with code enforcement and building permit office.  Always nice to get a hold of some documentation to double check what the seller is doing.  Also provides some assurance the the web records are current.

One of my favorite sayings I've heard speaks to the timing to buy real estate:

"The best time to buy real estate is 30 years ago."

@Elijah Artman as others have said, if you like the numbers go for it.  I'm sure there are many here would be happy to (discretely) provide input on your deal.  Househacking is a great was to get started, a little easier to provide a net benefit, even if it doesn't have incredible cash flow.

@David Oldenburg Thanks for setting up.  Looking forward to meeting you and others in person!