All Forum Posts by: Dylan Vargas

@Michael Bell Welcome! Bottom line is 118k people have left the state. Doesn't matter how many flood in from other countries to California  with regard to Boise etc. The 118k people is half the size of Boise ID. People will continue to flee California. No doubt about it. This will impact the neighboring states for quality life and lower cost of living. This is not to say @Jon Schwartz is wrong as he is correct with regard to people flowing in to California. California will always have people coming here to live the California dream or whatnot. Many, many states in this great country are great places to invest in rental property. All kids of places. Even California! Just depends on what an investor wants to tolerate or deal with. Good luck and keep us posted.

@James M. Welcome! Have you called him about the bounced check? That would be my first step. If he has paid the prior two months maybe he has a reason. Give him a call and go from there. Good luck and keep us posted.

@Kyland Stevens Welcome! Another great option is to hit Home Depot and Lowes. You can see the cost of flooring plus install cost. Countertops plus install cost. Windows plus install cost. Water Heaters plus install cost. Cabinets plus installation costs. Toilets etc, You get the point. Home Depot and Lowes post these costs so look for the signs that state the cost or ask an associate. This was invaluable in my first learning. Now before people compare Home Depot contractors to independent contractors this is just a way to gauge cost. I have used Home Depot and Lowes without any problems when I cant find a local tradesman.  As @Joe Bertolino pointed out it is very difficult to find people right now. Costs will vary on type of neighborhood and type of materials. I spent hours in these stores asking questions. It really helps. Good luck and keep us posted.

@Alexis Nieves Welcome! So you are moving out of California and going to buy a house and finish school? If so you can look at private money lenders or hard money lenders as you have the down payment . You will pay higher interest for the loan but it will get you into a house. Another option would be to hold tight for a year, get a job so you can qualify for a VA Loan. It may only take a year of employment to get a loan but I am not sure. Another point, once you are out of California there are many more "Owner Finance, Owner Carry and Land Contract type transactions available. In this case you would not need a bank. I personally would caution you to spend anything with the exception of for your own shelter. Make sure real estate is what you want to do and make sure you are in the right area. You will need a bank roll and some massive tenant screening plus being able to recognize a good rental home. I would slow your roll, get shelter for yourself and then study the local market for a year. This will be invaluable. You only get lump sums like this probably once in a lifetime. Make sense? Good luck and keep us posted.

@Suzanne Chan Welcome! I have actually used a Rent A Center for appliances. They were very good and prices were fine. Also gave me time to rent a fridge at a good price until my Home Depot stuff arrived this week. Just fyi. Good luck and keep us posted.

@Kyle Laffey Welcome! I agree with @Nathan Gesner 100k is nothing to scoff at as long as you are good with your numbers. Check what the cash flow (or not cash flow) would be until the tenant is moved out. If all is good with you then proceed. DO NOT have seller deal with tenant at all. Let sleeping dogs lie. Getting a property for 100k under asking is not uncommon specifically the way you state how you found it. See it all the time. Good luck and keep us posted.

@Anastasia S. Welcome! We have been talking about doing the same as you. Mobile, Gulf Shores etc and Florida areas. Will be interested to hear your thoughts after visiting in person. This was my plan. How is the humidity compared to California? Thank you. Good luck and keep us posted.

@Albert Ng Welcome! California has so many items that need to be covered statewide and locally. I would use a Realtor. Most FSBO will offer to pay the commission for a "Buyers Agent" even if the commission is reduced. California is very litigious with regard to real estate. If the FSBO seller will not give a commission you should look at a Real Estate Attorney. Either way I would use a Realtor or Attorney if you dont have the knowledge. Just be prepared for the risk if you DONT use a Realtor. It never hurts to ask the FSBO about a buyers agent commission. All they can do is say no. Good luck and keep us posted.

@Jose S Reyes Welcome. Another idea if the tenants will not leave is to renovate one side, move them into the new side then renovate other side and fill with a new tenant at the market rate. I would raise the rent to whats allowable under law on the existing tenant. Just research this carefully as there are many rules to follow with regard to rent raising and tenants evictions etc. Its not bad to sell an occupied duplex with rent paying tenants especially if renovated. Now if the current tenants live very rough then I wouldn't put them in a new remodel I would just raise the rent allowable by law. I would also consider BRRRR method on this place if it makes sense and the refinance can be done. Also dont be afraid to talk to the tenants and ask if they will move. Maybe they want to relocate anyway. Then offer to help them out if they need money for a moving truck, gas etc. Good luck and keep us posted

@Bob Barrie Welcome! Will she pay rent? Sign a lease then evict down the road. Thinking out loud here to at least have some money coming in.