All Forum Posts by: Daniel Higuera

I bought a major fixer SFH in Santa Ana, CA in January 2020 and refinanced in July 2020. Am I eligible to get funding for another primary residence low downpayment in January 2021 or July 2021?

I want to rent out my current house, and buy another fixer and repeat the process. 

Uh oh! My investing partner and I have recently begun studying the housing market in Vegas. Tenant income is a key indicator for us determining the quality of tenant. I'm curious to see what local investors are going to pivot. 

Ill be following this thread

I am not from LV, buy my investing partner just recently moved out there. We in the beginning stages in learning the market out there. I have prior commitments but I would love to join the next online meetup! 

Can i apply for a small business loan to cover the cost of a down payment and rehab work for a rental property? I looking to invest in LA, OC or Riverside county. Mostly interested in multifamily. 

Thank you all in advance

@Jaysen Medhurst @Sebby Gabre Madhin Thank you both for your feedback. My agent is going to renegotiate the price. If the seller doesn't agree then I'll be pulling out of the deal. 

Im in escrow for a duplex in Montclair CA. Id be living in 1 and renting the other. I just had my inspection done on the property and its in need of a complete overhaul. From living room, kitchen, bathroom, plumbing, electrical, and roof within 5 years of so. 

Offer was accepted at $420k and renovations are estimate at $50k. When doing the math, i'd be purchasing a property in need of alot of work at $312 / sq ft. while comp properties sold within past 60 days (which are in better shape) at $266-$290 per sq ft. 

This would be my first investment property. The duplex is 1344 sq ft on a 7720 sq ft. its zoned for up to 6 units and all the properties on the block have 4 to 6 units on them. My mortgage when accounting for principle, interest, tax, and insurance, including PMI is $2250. Market rent for 1 bed 1 bath is $1250. Therefore i see potential in this property.

But is there something I am not seeing? I don't have a mentor so I'm pretty much figuring things out as I go. Any advice is welcome, i want to make sure my first experience is a good one!

Thank you all in advance

@Kyle J. Thank you for linking that article. It did provide some further insight. I got word that 1 tenant is leaving willingly while the other would like to stay. I would like to renovate both units and bring the rent up to market value so ill have to ask the current owner to issue notice to vacate. Otherwise the deal wouldn't work at current rent (~400$ under market rent)

@Samad Javed I found it off the LA Fair Housing Laws website. 

$8k relocation for tenants living in the property for less than 3 years

$16k relocation for tenants living in the property for more than 3 years 

@Lynnette E. That is a great idea! I will bring it up to the current landlord! thank you for the tip!

I'm in escrow for my first duplex in Montclair CA and I'm looking to take advantage of the energy efficient mortgage program. My lender has an HUD inspector lined up However my lender cannot find an approved contractor willing to do the repairs.

Does anyone know of a contractor local to Montclair that does these repairs? 

Thank you all for your help!