All Forum Posts by: Leng Thao

Dave,

You may be looking to get your cash back quickly but outside of that, you may consider rent to own, seller carry, etc and open up your pool of potential buyers. With a carrying cost of 1k per month, your profit margin is going quickly & with the colder season approaching it is another hurdle. I've been stuck once in a similar situation & had to resort to a rent to own to stop my profit from eroding & be able to demand a fair price. Tenant buyer is still in the home on a 2 year term. Best of luck. 

Welcome Dan. You're in the right place. Great people and investors in this site. 

Great work. Thanks for sharing your experience. 

I'd be careful about the Banning & Beaumont area unless you know he area well, especially the former. I lived many years in that area and you don't want to find yourself on the wrong side of town or street. I'd recommend a good "drive by" before considering that market. 

Welcome aboard.
Your definitely in the right place. Lots of great help here.
Drove through Oshkosh once on my way to Appleton.
Take care.

Based on your situation, your best bet is to partner with someone who have both cash and/or the expertise you will need.
HML is unlikely given the lack of funds and long term rates usually not favorable.
As mentioned above, bank is best bet but that seems out of the question for you. This leads back finding someone to partner with. A piece of the pie is better than no piece of the pie imo.

With that amount, I would try to obtain a primary residence with low down payment & "hack my housing" if I didn't already owned a home. 

Alternatively, may consider partnering with someone with the main goal of learning & making a little return on the side. 

Otherwise, given the amount on hand, consider a strong marketing campaign for wholesaling. If you lack experience or certainty, consider funding  another wholesaler's marketing campaign to gain the experience & gain some returns. 

Hope it helps. 

Welcome to BP. 

Congrats on your upcoming graduation. 

Like many, the Fresno market was much better 2-3 years ago. Now, more challenging to find strong cash flowing properties. You will usually find that it will cost about 50-60k / unit in the Fresno area. You may still cash flow but the margins will be on the thin side. The "1% Rule" can still be met here. 

I have a 4plex that I acquired last year via short sale for $135K + 5K into repairs in a C class neighborhood. It is low income and/or section 8. Even these are challenging to find these days. 

I feel that for California, Stockton and Sacramento may still be viable areas. 

Hope that helps. 

I live in CA & have been tapped for the $800 fee too despite LLC located outside of CA. My CPA's answer at the time was that CA will charge you this fee regardless just because you live in CA. CA has been very aggressive at going after things like this per my CPA.

Also, as mentioned above, you may want to revisit whether or not you really need an LLC to begin with at the present time. I'd say it depends on your current assets, what you are looking to protect, & what you are looking to acquire out of state.

Just thought I'd pitch in & share my experiences too. Hope it helps.