All Forum Posts by: Dylan Vargas

@Harry M. Winters Welcome! %2 is very rare in California. It exists but tougher to find or create. The deal you are talking about isn't too bad if you get an owner occupy loan at say %3 interest or lower.. The cash flow will not be great but if you fix up then I would assume the value will rise giving you equity. Then when you move on the property will be paid down by tenants over time and you acquired this asset for 0 to 9k which is pretty darn good in CA. All depends on your situation and where the town is etc. Say payment is $1600 approx which includes principal, taxes and insurance. and can rent for even $2000 per month that is ok. You will have repairs etc but you stated you would improve the property so repairs should be minimal. If you are young enough this can be paid off over 30 years bu=y other people.Good luck and keep us posted.

@Mel Guarin Welcome! I dont know why you are avoiding FHA but there are so many programs available to new home buyers. From Zero to %3 down. FHA may be your best option unless you want to put more money down. You can always refinance down the road. With rates so low and not much money to come out of pocket I would take whatever is given. Good luck and keep us posted.

@Jc M. You are welcome. I was pointing out that there are many communities and opportunities from the East Bay all the way up to Vacaville. These are close by areas and can be BRRRR. I feel you need to do a few local things before venturing out of state. @Brian Sigmon is correct about lending Home. Doing a few local will help you understand when you invest out of state. You will learn what contractors see and issues that can happen with plumbing and whats behind the drywall you decided to open up and didn't need to. I always like the idea of being able to drive to a site and confirm something. Seeing is believing. Rent control does suck here  and that why I would look out of state after a few projects. SHF are exempt from some if not all things though on rent control. Please check on that as I dont remember exactly and could be wrong. Find an area along 80 and start researching it. BRRRR is very possible with your budget and homes sell very fast in that part of California.

@Jc M. Welcome! I think you should look at the East Bay and along 80 toward Vacaville. You have enough to BRRRR. This will not tie your capital up for a year unless you are doing all the work yourself on weekends. Buy and hold is different. With regard to BRRRR learn a local market, get your feet wet before venturing out is my advice.@Darius Ogloza has a great point. Good luck and keep us posted.

@Sean McCluskey You are welcome. Fix this patch and it will not affect your appraisal unless it looks worse than the picture is showing. I would save your money for a roof or other costly repairs if needed. Even save the 13k and paint the dang thing one color and maybe an accent wall.  Just my two cents. 

@Sean McCluskey Hello! I would just fill it in. Its a long term buy and hold right? Dont redo the entire siding yet. give yourself time to think and save your money. This is an easy fix and will look fine for a rental. Good luck and keep us posted.

@Samuel Gates Welcome! I would do both. I also check local credit unions or banks in the area as they will do commercial loans. Good luck and keep us posted.

@Jose Guzman Welcome! If you are buying a home to owner Occupy the home this is an easy one. Do you have a local Credit Union? Try a mortgage broker. You are an easy fist time home buyer so unless there are other issues like 1 month on the job you are good to go for owner occupy home. @Chris Mason can help I would think. Good luck and keep us posted.

@Mitch Jacobs Welcome! Great plan. My bigger point would be to pay attention to how you rehab the home. DO NOT over rehab. Rehab the home in a way that is appropriate for the neighborhood. Tour other similar homes on the market and see what type of finishes the home has. Make sense? This plan isa great way to lear and make money while building equity. Owner occupy will help you get the lowest out of pocket money as well unless a non lendable fix and flip. No biggie at that point but would need to get a fix and flip loan which will be a higher interest rate etc. Good luck and keep us posted.

@Kelly Halloran Welcome! What part of Northern Michigan? I have spent many years up there. I have wondered about the areas you are traveling to and look forward to an update after your visit.