All Forum Posts by: Dylan Vargas

@Jorge Barboza Jr. Welcome! I don't see the deals you are in Chico. I am local but maybe missing something. @Stephanie Gulbronson makes a couple good points. We also have SEVERAL big apartment communities that are up and running. Floral and Lassen, Meriam Park, the one by Marsh Jr High, Bruce and 20th, out by Degarmo Park etc. I think the deals are terrible unless you want to put a ton down and depending on your expectations but.....each to their own. No %1 rule anywhere that I have seen. We are having a massive issues the past 3 -5 years with homeless, drugs and crime. Not the same place I moved back to 6 or 7 years ago. At any rate in the future the current pricing may be deals. Good luck and keep us posted. 

@Thiyaga Rajan Welcome! Olivehurst has opportunities but you really need to know about the area and the neighborhood. I personally dint like the phrase "might cash flow" as that sounds very thin. At any rate just do your research as Olivehirst has its challenges compared to other cities. Good luck and keep us posted.

@Heidi Schmid Welcome. I have a 5 plex that is 2 separate buildings on the property not separated by much. At any rate I pay a policy for each building. Good luck and keep us posted.

@Dennis Nikolaev @Dennis Nikolaev Welcome! I am terribly sorry to hear about your situation. I appreciate you sharing this publicly as many would not and this will help other investors. I assume the property is NOT breaking even and losing money? Are you able to afford living in either of the properties? Are you single and possibly rent out rooms? I would certainly discuss with a very experienced bankruptcy attorney of there are no other options. I am hoping some short term rental owners and possibly locally to you will chime in and offer any information for you. Is it possible to post some income and expense numbers on the property? Good luck and keep us posted.

Welcome! With purchase and rehab you would be into the home for no less than 675K based on info provided. Questions...would someone loan 80% to refi  which outs you at 660k on refi not including costs etc? Rental amount is terrible (on refi loan) and will not cover the loan, taxes etc unless I am way off here so are you banking on appreciation? This appears to be a decent flip deal at best based on 800k selling price or an owner occupy with some equity around 10% or so. With all that being said we would need numbers on what are you paying for the owner finance on their equity, plus the existing payment plus the reno and buyout loan amount to real add this up. At any rate, love the thinking outside the box. I am no expert by any means and simply brainstorming. Good luck and keep us posted.

@Bassma Mancilla Welcome! If you are going the BRRRR method the numbers need to make sense to refinance. Based on the information the repairs will put you over the local comps and a bad refi in my opinion. This property would have to appraise at 160k or around that price to make a BRRRR. Roofs are nothing to mess around with. Heat can wait unless in a very cold climate where temps are below freezing in case an HVAC company cant get there right away. I would look for another deal or put some numbers here so others can help. Dont be discouraged by going out of state. You can get pricing on new roof, hvac and such with a few phone calls and basic info. Maybe mention where this property is located so others can check comps as well. Good luck and keep us posted.

@Richard Evanns Welcome! Are they able to build an addition to the current house they occupy? 

@Arpit Guglani Welcome! There are a ton of "what ifs" in this scenario. On a brief Zillow search not much to choose from at $1.3 Mil in either of these areas. If you are this torn choose the "keep saving money option". You haven't missed any boat or opportunity yet. I would prepare yourself to be ready to pounce if a "deal" does pop up and fits your criteria. Get a Realtor on a search mission and be firm with your budget etc. What if life changes and you stay in Knoxville? Too many what ifs but I understand your thought process. So, save cash, lots of it and be ready to pounce if you are wanting to head west my friend! Deals do come up and will continue to come up. Good luck and keep us posted.

@Ranjit Sandhu Welcome! The key to Section 8 tenants is putting in your ad "Accept HCV or Section 8 Vouchers or Vash (Veterans) vouchers". You advertise just like usual via Zillow or whatever you use. You can also post a flyer with your local housing authority which I would think Placer county would have a housing authority. You can usual email the info and the Housing Authority will add the property to their list of properties for rent. Also....make sure you know what your county allows (for section 8 rents) for market rents. You can look this info up as well and may even be on the housing authority site. Good luck and keep us posted. 

@Jane Ho With regard to screening I check all references and actually call and speak with the references. I would use social media to get a view on a person. You can find a ton of information on people. I run background and eviction checks. Credit score may be bad over a simple $200 medical bill or similar. My section 8 tenants have been wonderful. Good luck and keep us posted.