All Forum Posts by: Dylan Vargas

@Karen Casey I completely understand. The new rental laws have made us think twice about our income property. It will take you approximatley 30 years to make the $75k you could walk away with. There will be deals near you just may take some time. If the home appreciates a lot well, thats another story.

@Karen Casey Welcome! Been to pollock Pines many times. Used to live in Garden Valley. First thing,  make sure you are ok with being a landlord if not for any reason do not do it. Maybe its best you have a property management company deal with the property if you are not up to the task. Are you up to date on what the current rents on the property are? Many people tell me they are up to date but then are way off how much houses rent for now. This may be a good surprise for you. I am always cautious when someone is in a hurry. Not that they may have a legitimate reason but I still tread carefully. This is a good time to sell in most areas and pocket some cash. I would look at what area the house is in and see if there is future growth potential. Speak with a local property manager to ask about renters and what costs would be. Speak to a local Realtor to see what house would sell for. I am assuming this house is far from you and not in Pollock Pines. Good luck and keep us posted.

@Chelsea Parisio Welcome! @Ashley Hernandez does property management as well and a personal touch. Be careful with the student rentals at this moment as the CSU system is online for this Fall semester. Not saying student investing will not work just be cautious and research what is going on here in Chico with regard to Covid 19 and student housing. 

As far as Oroville I have a 5 unit there. I love the area and downtown but man, it has a LONG way to go. Maybe now is the time to get in but dont be fooled for a second. My tenants are great and many neighbors are as well but block by block can be a drastic change. Real bad actors around Oroville. The area has so much to offer such as the downtown, Lineman School, the river actually is right in town, water front park etc. Just a massive homeless, crime and drug problem. I hope it changes and I am doing my part. Lots of new property owners/ investors so maybe this will turn things around. Tons of potential but........Good luck and keep us posted.

@Javier Grimaldo Welcome! USE A REALTOR! I say this based on your experience. One main thing NOT mentioned above is EO Insurance. Errors and Omissions Insurance. This is something that helps protect you if the Realtor makes an error. Local Realtors know what requirements locally may be. We have local city requirements where I live  among other things. You are paying cash, for the love of GOD, use a realtor! Good luck and keep us posted.

@Charles Cooper Welcome! One thing to be clear on is the Yuba river area you are referring to in Grass Valley area is MUCH different than the Yuba City area in CA. Just make sure you know the two are different. Not that you dont. Grass Valley/Nevada City is a great area up good ole HWY 49. Others will hopefully chime in on the area. Many retirees and outdoor enthusiasts love this area. A little remote but close to Tahoe and Auburn CA. Grass Valley is NOT a stop on the way to Tahoe as most take I 80 and not 49. Good luck and keep us posted.

@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.