All Forum Posts by: Account Closed

Congratulations on being so well versed in the industry! Are you going to the October 6th Roseville Real Estate Investor's group? Would love to meet and connect with you!

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Welcome Margie! Glad to have you with us! How'd you come about picking up those properties in Iowa, if you don't mind me asking? I'm super interested in knowing how out-of-state investors get into that (since I'm in Sacramento and CA RE is a bit high on the buy and hold side of things IMO.

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Originally posted by @Nathan Astrup:

Low purchase price and relatively good rental prices= good cash flow!

Just make sure you know where you're buying. One block can be great, the next can be terrible.

I just recently helped a California investor who bought a duplex for 40k sell because the area was bad, had vandalism, etc. Seemed like a deal to him with 1400/month gross rents! But the maintenance and repair costs in the particular neighborhood coupled with terrible property management had him running away from it!

Have a guy that's boots on ground.

I'm a Californian who's thinking about out of state investing in the long run, but I won't do anything outside the local markets until I have the opportunity to connect with people on BP and get out of the area to see the types of properties myself! (Being a teacher helps due to time off)

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Originally posted by @Percy N.:

Trina C. , try to do a Joint Venture with someone who can bring capital, contractor skills, project mgt, or a combination.

It will allow those who do not have the time to devote to real estate but still want to get involved a way to do it - through you.

I would imagine that most people open to a joint venture would want someone with some experience, though. Wouldn't they?

1 Vote

Originally posted by @Trina C.:

@Nick I am speaking of the private lenders...just need to meet one. The Hard Money Lenders and their point system is ridiculous.

Not ridiculous if you can't get financing otherwise.

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Originally posted by @Hattie Dizmond:

@Chris Lindmark

That's it. Three simple pieces of information. However, it assumes you know how to evaluate the ARV and come up with a reasonable repair estimate. My advice is go to the Learn tab in the blue bar and read the Ultimate Beginner's Guide to REI. Then buy J Scott's book(s) the Book on Flipping Houses & the Book on Estimating Rehab costs.

Seconded! I'm in the middle of The Book on Flipping Houses. It's great!

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From the text:

Contractors Special. Property needs significant work, has fire damage and code violation. Great investment opportunity in the heart of Redwood Estates. View of Silicon Valley off the back. Fantastic flat yard.community has parks, pool, cafe and store. 7 minutes to town, fantastic Los Gatos Schools. As-Is. Cash only sale.

This sounds like it needs an experienced rehabber and a lot of money to get it ready to sell. Sounds like you jumped into the water without knowing relevant and important information. Get out of the contract if you can. Best of luck.

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Originally posted by @Jade S.:

@Carol Venolia

It seems to me after reading multiple online news articles from California recently that rents have become a huge *political* issue for activists in the state. Given the almost socialist mentality expressed in the opinions that I see, I suspect you are catching blowback by folks who probably believe you should be allowing rents for $100/month, onerous rent controls, and insane landlord requirements intended to make it harder to get non-paying tenants out.

Good luck with getting good tenants into your properties, and if you are using Facebook, just delete the sanctimonious bloviating that those detractors are posting.

I'm around the Sacramento area. A lot of the flack I hear is about rent increases (moving up drastically from year to year).

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Originally posted by @Javier Alvarez:

Is it truly possible for someone such as me establishing credit to get a property 100% financed and for said loan to not be a huge risk?

Taking out 100% financing is a huge risk because your investment is 100% leveraged. You need to make sure you get your numbers right (including property management). It's also important that you have some reserved money for rehab work between tenants.

Otherwise, you're going to be hurting.

Also, securing 100% financing that doesn't cost you an arm and a leg is going to be challenging.

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Welcome to BP!

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All Forum Posts by: Account Closed

Account Closed has started 2 posts and replied 69 times.

Post: Investor from California

Post: Investor in California

Post: Hows Ohio for cashflow investing?

Post: Private Lenders

Post: Private Lenders

Post: Have a property under contract.. Now What? Los Gatos, CA

Post: Have a property under contract.. Now What? Los Gatos, CA

Post: Ever happen to you? I posted my rentals online and got SLAMMED.

Post: New member from California

Post: New Member In Bend Oregon.