All Forum Posts by: Dylan Vargas

@Stella Guan Welcome! Have you looked at a fixer? You can get a hard money loan that way but make sure you know how to fix. Then refinance out of it when your schedule C taxes are done in the next year and a half or so. Another is private money. You may find someone that will accept your downpayment and do interest only. Will not be that much higher of a payment and again refi once self employment taxes are filed. Waiting isn't a bad option either as this will allow you to study the market and pounce when ready. What part of California? Good luck and keep us posted.

@Vanessa Thiele Welcome! Just an fyi Credit Unions are an option if you are out of state so ask around. Good luck and let me know if you come up with any good lenders. 

@Andre Clarke Ok, thank you. Have you considered hard/private money? Higher rate but worth it depending on goals and use.

@Andre Clarke Welcome! Congrats on the home. Check with local credit unions and community banks. Do you know what the ARV is? Dont need to answer but be knowledgable so you know what to expect. Not that you dont. Helps to get a lease signed and renter in place proving the cash flow for the bank At any rate good luck and keep us posted.

@Brynton Lemar Welcome! Go Aggies! I am up in Chico. The market is at a very interesting place right now.  Being away on Basketball work I would think a Duplex or Tri Plex etc would work good for you as an initial investment Have to have a place to come home to and the mortgage is being offset by your tenants. Try to narrow down what type of investing  in real estate you want to learn. There are plenty of people in San Diego and you are in a perfect area to learn and network with investors. Good luck and keep us posted. 

@Jeremy Davis Welcome!  Congrats on the Marriage and saving money/low debt. If you have the downpayment you say you can buy many places across this country for cash and cash flowing/house hacking opportunities. Think Duplex/4 plex etc. Also, if you have enough as you state you can use commercial loans for anything with 5 units or more. These loans are more based on cash flow, debt you have, credit and reserves. You can do this with the amount of money you have for down payment. Now, if you want to do this in NYC then all bets are off. Make sense? Find an affordable place and get after it. You only need consecutive employment not same place employment over a year or two depending on the property you want to buy. Keep in mind outside of LA LA Land things are very different for owner carry/ subject to etc. Good luck and keep us posted.

@Celeste Nadal @Crystal Smith Welcome. I agree with Crystal about screening. I have 1 tenant that is Section 8. No major hoops to jump through. Pretty simple really and the majority of the rent is guaranteed. There are great Section 8 tenants just check your area and see how the program locally is run. I am aware its nationwide but it is really simple in my area. Just my two cents. Good luck and keep us posted.

@Daniel Porter Welcome! Hang in there. Could always be worse. We had a home on the market. People broke in and took toilets, cabinets, appliances. Dropped one toilet on the floor and left it. All new stuff. Was heartbreaking more than anything. Great lesson learned though. We got alarms that night and have changed how we secure our properties. Was a rural area and didn't think this would happen. Who the heck uninstalls a $120 toilet? Totally sucked but learned and will never forget. Good luck and keep us posted.

@Bruce P. Welcome! Agree with @Aaron K. about getting it done sooner than later if backing up. What was the price for the price for the trenches replacement? If its anywhere near Arons price he had I would write a check asap. These things can get real expensive real fast. Good luck and keep us posted.

@Austin Sine Welcome! Foundation issues. Always VERY tough to find  a qualified person at a reasonable price to fix these issues. Way too much money to spend for the unknown.