All Forum Posts by: Dylan Vargas

@Syman Scarpellino @Lana Johnson Welcome! Thats usually the toughest part, finding the deal. Like Lana stated start networking with local wholesalers and flippers. Scour the MLS daily for a 3-6 months so you can see what homes list and SELL for. Get to know the entry level neighborhoods and areas. Familiarize yourself with the costs of materials such as types of flooring, water heaters, heat and a/c units, appliances, counter tops, windows etc. You can get all this info for free at Home Depot and Lowes. I always allow and allowed people to walk my jobs to learn and run their own numbers for experience. I have met many friends and other investors this way. Thats why it is important to network. Also learn Realtor commission so you can factor in costs to sell. Get to know a hard money lender and his/her fees and how fast they fund. This is a start. Good luck and keep us posted.

@Elias Parisca Welcome. I second what @Simone G. stated. Spot on! A great way to get an insight to rehab costs is to spend time at Home Depot and Lowes. When you visit these stores you get the material costs for items as well as the installation costs on many things like flooring, countertops, cabinets, water heaters, appliances, tile, lighting, toilets etc. This isn't a gold standard because Home Depot and Lowes gives a cheaper rate on labor usually but puts you in the ball park. You will also be able to tell the different prices for entry level flooring and higher end flooring as an example.Familiarize yourself with the cost of lumber and roofing, insulation doors etc. Painting quotes are easy to get. Bathroom and kitchen guts vary. Roofing quotes are easy to get also. I mostly use Home Depot and Lowes for carpet install, counter install, appliances, vanities, toilets, lighting, water heaters, and most supplies. Private roofing companies are better priced than Home Depot or Lowes. I cannot say enough about doing your own flips locally first. The lesson is invaluable and you will understand what a contractor means when issues arise and not doubt them as much. Using Home Depot and Lowes allows me to pick products out and have my out of state contractor pick up or get delivered the items I want in a project. Again, it would behoove you to do some local flips first. The two stores also take everything back and always refund you. I never have a problem with either store. Good luck and keep us posted.

@Shelby Willitts Welcome! I had a friend who did this and it paid off very well. Having cash for this would be even better. He viewed the transaction as saving Approx 50k per 4 years for a dorm room or 30k per 4 years if renting a room. Paying cash allows a person to recoup much of their investment and gain a ton of equity especially when you charge the other renters which could bring in another 50k to 100k over 4 years to add to the equity. Now to buy with high loan amounts I am not so sure this is worth it unless you BRRRR the property and sell after 4 or 5 years. Not that it wouldn't be a good investment in a college town just after little Jenny moves after graduation do you still want to deal with a rental? Maybe you do. I would run the numbers. If she rents a room or apartment for 600 per month for 4 years= 29k approx you could use for a property to put down. Will that make much of a difference? Good luck and keep us posted.

@Alan DeRossett Welcome. I just input the same information you did and received the exact opposite result. Dallas to San Francisco 26 ft=$1655..........San Francisco to Dallas 26 ft=$5290. This is direct from Uhaul site. Maybe I did something wrong but have double checked. Keep me posted if you see different.

@Emily N. Welcome! I agree with @Greg Scott. I am also wondering why a person owning a 60 unit property would not assume or be comfortable with financing. Just appears like a flag that should be looked at. Good luck and keep us posted.

@Hannah L. Welcome! If you have documented self employment income it shouldn't be a problem. Search Kerry Baird on here. She has an extensive list put together. Where at in NorCal? Local credit unions are good. Good luck and keep us posted.

@Russell Mackie Welcome! I self manage my own in Oroville. Very tough to find contractors and handymen in this area. They are out there just have to keep searching. Good luck and I will share any I come across.

@Ryan Cleary Welcome! After purchase, rehab and selling costs you are looking at taxes on 35 to 45k approximately. I personally would sell if you want to as this would be a nominal amount of money. Not a CPA but the cap gains rate would be  low on this profit. Say 0 to 15% based on your financials. Good luck and keep us posted.

@Jc M. Welcome! I would run the numbers and go from there. If you rented another home would that cost you much less than your current house payment and lower unit rental? If you are breaking even I would stay put and wait it out. If you cant tolerate the pain outside the home list and sell. Meet with a Realtor (its free) and see what they would list at. You dont have to sell if you dont like the price or offer. Everyone has there own tolerance level. Do what lets you sleep at night. There will always be more opportunities. Good luck and keep us posted.

@Paul Kubin Welcome! Both are good options depending on your goals and type of investing. I will say I think its best to do a few local deals before heading out of state so you understand what goes on during the process with regard to BRRRR or flipping. This way you will know what to expect from contractors and such when going out of state to flip or BRRRR. This process will also help you define what type of investing you would like to do. As far as a good place to invest not many beat California over a long period of time. The state has MANY issues but has been proven a winner. I will say out of state may make more sense to some because of the things you mentioned like fires, cost of living etc. We consider moving daily! Good returns can be achieved anywhere but I personally would get my feet wet locally first. How much will a home in Sunnyvale be worth in 20 years? Who knows but history has proven California a winer! Good luck and keep us posted.