All Forum Posts by: Dylan Vargas

@Gomez Agou Welcome! If you are looking at Grand Traverse area you better up your budget. Homes have risen very high in value. Even the outlying communities are tough now. Very few multi family opportunities that make sense. Jackson and Lansing have much more opportunity but that comes with some more risk in my opinion. Good luck and keep us posted.

@Joseph Castro Welcome! There is a local REI meet up every month in Chico. Chico Area Real Estate Investors. Its on Facebook. We meet the 2nd Tuesday of each month. Free to attend and network. See you in town. Good luck and keep us posted.

@Tabor Lewis Welcome! Congratulations on your investment. California tenant laws are not landlord friendly but doesn't mean things will not work out for you. Learn about the basics of Landlording in California.All the information is free and online. You can use online leases that are available that are specific to California. I prefer month to month lease but some prefer yearly lease. Avail, Tenant Cloud, Zillow and others have California specific leases. Bottom line....its all about pre screening your potential tenants. This is what most time should be spent on. Avail and the others allow you to run eviction, credit and background checks. Roommate leases may be different as I have not done those. You can always talk to a property manager and see if that is the way you should go. They do not charge to go speak with them. Every investor has their own view on this. Familiarize yourself with the eviction process, application process and criteria in selecting tenants. Learn about the difference in pets versus service animals. Good luck and keep us posted.

@Brett B. Welcome! I use Avail and have used Tenant Cloud in the past as well as Zillow to run ads. IYou can use the screening service these companies offer. I really search social media to no end to check on potential applicants to see if any red flags or issues pop up. You would be amazed at what information you can see on social media. Put a lock box on the home or have a cleaning/repair person/ contractor etc have keys to the place for showing etc. They will need keys anyway. For $3k per month these are probably pretty nice homes so shouldn't be tough to find quality tenants. Use a local bank they can deposit or transfer rent to. You can always use a property manager if its ends up you not wanting to manage. There are many benefits to a property manager but depends on your situation. Good luck and keep us posted.

@Stephanie Gulbronson Not my cup of tea but maybe for others. Place a smaller unit on the lot? Build out? Hard to see much if any cash flow and appreciation may be a challenge if the home is actually 500 sq ft give or take.

@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.