All Forum Posts by: Derrick Dill

Personally, I would push closing back and ask for contingency that the unit be vacant at closing. Have their family member kick them out so you don't have to deal with it. Get a new tenant, screened by you, at market rent. 

I know it may not what you want to hear, but cash for keys. Offer him $ to get out, legally. Have him sign the agreement and trade him $ for the keys. Change the locks and keep it moving.

Like many have said here, supply is low, demand is high, mortgage rates are at HISTORIC lows, inflation is getting higher (best time to get a loan). Several people on BP and otherwise took advantage of the chance to take a break from mortgage payments with the pandemic and are partially inflating the "foreclosures skyrocketing" narrative. In  Northern CA, properties are flying off the market <1 week, >50k+ above list. There's not enough supply now, and there's not going to be to catch up to demand as people can afford to buy more with mortgage rates at historic lows. Speaking from my experience.. buying right now

I would get near Fresno state college. Can get student rentals, and the area is patrolled a lot more by police to take care of the students. New developments there too

I would take out a HELOC (home equity line of credit) and use it for your down payment for your investment. Different strokes for different folks

Mortgage rates are still at historic lows. Supply hasn't caught up to demand yet. 

Get your credit score up. Start investigating areas you'd be interested in purchasing in. FHA 3.5% down for owner occupied is great for starting out

new paint job I'd say is best bang for your buck for appreciation

As someone in escrow to purchase property in bay area right now, properties are still flying off MLS within days above asking price >50k+. Market is extremely competitive still. Traffic is way better.

Pre-covid everyone talks about how rental prices are so inflated and traffic is so bad.. now that there is a correction in rental prices, the sky is falling. Before everyone wants to live in NYC, SF, but the major cities are some of the hardest to live in safely w/ COVID, so people are flocking away from the major cities. Places are shut down, some places are tele-commuting, some places purely work from home.

To me, SF and California will always be a destination for the good weather and opportunities

It's just a bill, there are tons of them being introduced everyday. Some highlights from your article:

-create a rental assistance program to provide financial relief to small landlords

-according to AB3088, are permitted to resume in February for those tenants who fail to pay at least 25% of their owed rent dating back to September.

Screen properly, do your due diligence, won't be a problem. 

I house hacked my first property in 2016 in LA county, bought for 440k, It's 660k now. You can wait out the pandemic, and the moratorium, and wait for recession, there's always going to be reasons not to buy. But, the greatest investment I made was buying. I lived for cheap and saved up, bought a property the next year, then took out a HELOC and bought another 2. 4 years later I have 6 properties under my belt. It all started with the house-hack in California. I've moved out and the property cash flows now, has appreciated 50%