All Forum Posts by: Dylan Vargas

@David J. Welcome! Sorry to hear. I would confirm that they are working less due to Covid 19. Then I would take any rent you can and evict after the crisis is over and eviction moratorium lifted. Follow the law by giving proper notices etc but find new tenants. Read up on how to do this properly. You can tell the tenant are going to evict after this Covid 19 is over and moratorium on evictions lifted but then you will not receive any money. This is just the way I would do it. Be firm with the rent collection even if they are paying partial rent. Be firm on dates etc. I would only do it this way as some form of collecting some money and not losing out on all your money until the moratorium is lifted. Make sense? This is not legal advice and just simply my opinion. Good luck and keep us posted.

@William Decker Welcome! I second what others have said. Local credit unions or community banks will do. Either way expect to put %20 down if not more. If you get less count yourself fortunate. Cant remember if you talked about owner occupy on a duplex, triplex or 4 plex then you would get regular down payment requirements such as zero to %5 down. Good luck and keep us posted.

I have 12 doors. 2 states. 11 have paid and 1 asked to split their rent over two payments in April. One payment now and one in 2 weeks. I said sure. All well this month. These are C and D rentals.

@Lesley Resnick Well, I hope so or this will get messy real fast.

@Sabra Kay Welcome! I think you will enjoy the Midwest and the home/land you can get for your money. The only thing I would mention is the Gray  skies and dreary weather. Not a major thing for some but coming from Inland Empire or California in general this can be a challenge. Interestingly I always love the change of weather when I leave California but eventually miss the warmth and Sunshine. Each to his/her own. I like the idea of the adventure and see for yourself. You can always move back. I have never regretted moving around and seeing different places. Good luck and keep us posted.

@Kevin Hoff Welcome! Stay safe and hibernate as it sounds like you are. Many are very worried. We will pull through but this is a drastic hit and fast. This will pass and at 31 you are going to be fine. Hang in there. Personally we are getting our taxes done, paper work for rentals organized and other things we have been putting off. Making the best use of our time and trying to stay calm. The economy will and is taking a massive hit, no doubt. Hopeful next couple of weeks will have some good news to build on. Things were chugging along just fine so hope we can get back to that after the storm passes.

@Ricardo Campos Welcome! You are spending approx $30,000. to make $97 per month. Not my cup of tea but each to his own. If you want buy and hold long term and this fits your model then go for it. I think there are many other properties that would produce much more money per month. Each investor has their own type of investing though so whatever makes you comfortable. Good luck and keep us posted

@Tammy Skeath Welcome! Its all about the numbers. If its a true deal then nothing will matter and do it. If its a slim deal and numbers are real close well, be careful. The old saying, "you make the money when you buy" is appropriate here. Things will pass but if the number are there get on it. For me I have a "must be way below market value even after repairs" to leave a lot of wiggle room for exit strategies. Rents need to be the same in the event of an economic downturn. Good luck and keep us posted.

@Andrew Davis Welcome! What are Duplex homes going for in your area? I did exactly what you are talking about and the loan was based off the income from the property. Check with a local credit union and make sure comps are good. Good luck and keep us posted.

@Kevin L. Welcome! These are great rates. I refinanced a 5 plex in California and am paying %6.5. Two months ago. Everyone says there are much lower rates but could not find a local or any other bank or credit union give a lower rate when it came right down to it.