All Forum Posts by: Dylan Vargas

@Sean McCluskey Hello! I would just fill it in. Its a long term buy and hold right? Dont redo the entire siding yet. give yourself time to think and save your money. This is an easy fix and will look fine for a rental. Good luck and keep us posted.

@Samuel Gates Welcome! I would do both. I also check local credit unions or banks in the area as they will do commercial loans. Good luck and keep us posted.

@Jose Guzman Welcome! If you are buying a home to owner Occupy the home this is an easy one. Do you have a local Credit Union? Try a mortgage broker. You are an easy fist time home buyer so unless there are other issues like 1 month on the job you are good to go for owner occupy home. @Chris Mason can help I would think. Good luck and keep us posted.

@Mitch Jacobs Welcome! Great plan. My bigger point would be to pay attention to how you rehab the home. DO NOT over rehab. Rehab the home in a way that is appropriate for the neighborhood. Tour other similar homes on the market and see what type of finishes the home has. Make sense? This plan isa great way to lear and make money while building equity. Owner occupy will help you get the lowest out of pocket money as well unless a non lendable fix and flip. No biggie at that point but would need to get a fix and flip loan which will be a higher interest rate etc. Good luck and keep us posted.

@Kelly Halloran Welcome! What part of Northern Michigan? I have spent many years up there. I have wondered about the areas you are traveling to and look forward to an update after your visit. 

I dont even think this is about taxes or cost of living at this point. The cities and towns are being taken over by homeless, druggies, crime, feces, needles, urinating etc. This is a serious problem. Homeless are allowed to defecate wherever they please on city streets, in front of restaurants, anywhere! The needle issue is insane. They are everywhere. Homeless encampments are in many cites in populated, downtown, recreational and business areas. Our town of Chico is overran with these issues. It wasn't always like this even a handful of years ago. Our beautiful Bidwell Park has tents everywhere, needles and crime all over the place. I no longer can bike safely through there. The downtown is occupied by homeless in the beautiful city plaza, around the college campus and by all the businesses. The businesses are scared and getting vandalized on a routine basis not to mention the defecating and urinating on the public areas. This beautiful town is an election away from goodbye forever. I see this in many parts of California. Cost of living has been replaced by the 3rd world issue. You wouldn't believe it until you see it with your own eyes.

@Rebecca A. Welcome! I would use a Realtor. A local one as a buyers agent. They will know local requirements and protect you and your investment. Offer them %2. If the seller wants to save on commission that is fine and 145K from 155K is a good discount. The commission comes out of the sellers pocket in a normal transaction. The buyers agent will also let you know if your deal isn't any good. So, ask the seller to give the %2 as a credit or increase the price to 148K. Make sense? Also remember the Realtor represents you and NOT the seller. Many buyers agents and up doing more paperwork because the seller has no representation. It will not be uncommon for a Realtor to ask for more commission if they have to do more paperwork because seller is not represented. My point is if this is a good deal add another 1/2 percent or 1 % for a total of 2.5 to %3 buyers agent commission. I think you will have no problem with a buyers agent at %2 to %2.5 and just add to the selling price if seller doesn't want to pay. This is protecting you and not the seller. Good luck and keep us posted.

@Tanya Villanueva Welcome! A couple things. I would wait until you have your license as this will provide some income on the transaction. Second I would keep researching the market to see what a true deal looks like. You will be able to see what people pay after a property closes (would you have overpaid or needed to up the offer?) and will know a deal when you see it. I would also look at a duplex , triplex or 4 plex so you can Air BnB if allowed or have the other tenants help pay the mortgage while building equity. You can also do this with a SFH and charge roommates rent to help off set the payment. Just a few thoughts. Good luck and keep us posted.

@John Narmontas Welcome! Call their bluff! Have Girlfriend and Mom find you deals. Maybe they are on to something. Have them bring you deals. You will see real fast which way to go. Clearly you found a deal for your condo. Make sense? Good luck and keep us posted.

@Account Closed Welcome! Can you handle roommates or prefer a duplex, triplex 4 plex? This is a good option. You need a place to live, down payment is nominal (because of your savings/stocks), ease of entry into the market and local. If i were in your position I would consider this if in the greater LA area. Another option is to keep renting, start selling real estate and find a deal while in the business and having the market knowledge to make a good decision on a property. Good luck and keep us posted.