All Forum Posts by: Dylan Vargas

@Larry Bowers I just paid $7500 for a much larger septic tank. The leech field would have been another $2500 but I didn't need that replaced. Usually we are more expensive here in California but maybe not. When you go to sell the house the new septic adds value at least in our area as well as new sewer hook up. I dont think you will be able to "dodge a bullet" in your situation unless the septic passes inspection. If you keep the property and your cash flow is good its just the cost of having the house. I think you said you own the house free and clear and rents for %2 of value so it will not take too long to get your money back. Say 1/12 years at most? 

@Larry Bowers Welcome! I do not know how a new septic would cost 40k for this house you describe. 10k to 12k tops. There really would have to be some crazy land issues I guess. At any rate here in California you need an inspection on a septic to sell the house in most situations. I would have the septic pumped and inspected. You dont want sewage backing up as this will create more problems and money. Your county or city may not require sewer hook up, you have to check. The sewer hook up can also vary by street if they have the hook ups at the street or not. Your septic may be fine or maybe had the tank replaced 20 years ago. Go down to the permit department at your county and city and see if they have any information on the house. Good luck and keep us posted.

@Rahul Handa Looks like you will be coming to California! Once people get over the sticker shock there is plenty of money to be made in Sacramento or any other area in California. Just takes hard work and persistence. The deals are out there. Good luck and Welcome!

@Rahul Handa Welcome! This decision depends on many things. Have you ever lived in California in the past? Where is your family located and how important is it for you to be near them? Here is my take. There are many other places to make a go if it in the United States and places with a much easier entry into the real estate market. I believe people should live life and try different places if possible. I would encourage you to try California just to see what California is like. Will be tough but worth the experience to live in California in my opinion. California is its own market and has so much to offer an individual. I always encourage people to go live in a big city once in their life to gain different perspectives and vice versa for city dwellers. At any rate I vote for you taking on the experience and living in California while you have the chance. With that being said you would have much more business luck starting out in say Indianapolis, Ohio and other Midwest cities. Make sense? Good luck and keep us posted.

@Mike Franco You disturb the asbestos when you remove items that contain asbestos. As another stated the outside of shingle siding can have asbestos so dont break it open and breathe it. Thats why people paint over it without disturbing the asbestos. Same goes for drywall, many places may have asbestos but dont break open the drywall. This is my "uneducated" real life experience and talking to many others while renovating houses. I am no expert in asbestos and not giving legal advice. I like what @Steven Warner had to say. I personally would ask a property manager of a sizable property that is the same age as your house for a qualified answer. Good luck and keep us posted.

@Meagan Maestre Welcome! Great job on thinking about your future investing. Let me ask you this. What kind of area is the duplex in? Do you think this area will appreciate? Is the Duplex in great shape? Can you live in one side of the duplex for a few years or? What I am getting at is it worth it to buy your brother out and keep the duplex? The one side would probably pay the mortgage and such and you can use equity to purchase other places and BRRRR if you choose. This can allow you to save up a lot of cash if you have no mortgage payment (other side paying the mortgage). I would make sure a Realtor gets a pretty exact number on the resale price to not overpay your brother and be sure to deduct the cost to sell the place. Just thinking out loud here. Good luck and keep us posted.

@Louis D.  Welcome! Cameron Park, great area! @Gordon Cuffe has a very large Real Estate Investor Meet Up in Roseville. I would attend that meeting if I were you to network. Good luck and keep us posted.

@Daniel In Welcome! I would use @Shannon Wright for this or she will point you in the right direction. Good luck and keep us posted.

@Kimberly Winter Welcome! They are strict but reasonable from my research. Be honest and up front with your record which sounds like you are. I would think it is worth the opportunity if this is what you want to do and ket the chips fall where they may. If it doesn't work out at least you know and can move on. If things do work out then all is good. The biggest point is to not conceal anything as this may be an automatic disqualification. Honesty is the best policy and will give you a chance. Go for it! Good luck and keep us posted.

@Keith Gilbert Welcome! Thinking out loud here @Alan Grobmeier has some great info. I much smaller thinking terms I look at it like this. Say you owe 13 years on this mortgage. After 13 years if the rent is 3400 you are paying 93,600 to supplement payment (3400 rent but payment  4000 so 600x12monthsx13years) 440000 is mortgage owed -93600 you helped pay=$346,400 being paid by someone else after 13 years. So someone is paying you approx 27000 per year for the house. This would be one hell of a 401k match in the working world. My point is based on your high income I vote for 13 year payoff. Then add what @Alan Grobmeier said and it gets waaayyyy better than my laymen way of looking at it. Good luck and keep us posted.