All Forum Posts by: Garrett Mayo

Robert, 

Saying hi as well. Dont live in fresno but invest there.  Curious to hear how your first 9 months with the 4 plex have been, what part of town ect. BP has tons of information and if you have any direct questions/need advice dont hesitate to ask! 

Chase, Congrats at starting an early age. Im by no means an expert but have properties in fresno/clovis with experience in purchasing and managing. If you have any questions feel to Pm me or shoot them here. There other people here on BP (who invest in fresno)with great knowledge as well

@Amos M. I live in San Jose but dont have any properties here beside my primary residence. I do watch the market and the rent amount seems about right pending the exact area. 

If its only going to take 1 month for renovations I say bite the bullet and just go for it. If you have the issues of both units are rented by same family members may be to hard to rent one and renovate another. 

Either way good luck!

If he funding of the 40k isnt an issue (now vs later) and you can take the hit of the the units being vacated during renovation process do it now would be my 2 cents.

Whats the time frame for renovations? 

Originally posted by @Andrew Wong:

Thanks @Kuang H. and @Garrett Mayo.

Are there some recommendations of the deliniations between what the B C areas are? Probably going to Google up a map later but figure it won't hurt to ask.

I dont have a map with A,B,C areas. One trick I can give is Fresno Google Street Views are usually very current (within the last 6 months) and when scanning the neighbor hood a house is for sale on, you can get a good idea of what you are looking at. I wouldn't 100% rely on this information when making a decision, but its a great place to start. 

@Myo Thein not a problem. I currently am getting into multi units as we speak and have a few offers out. I do agree the cash flow is better, but I started in SFH to get my feet wet 3 years ago.

The areas I bought in were all North Fresno. Im sure this overall conversation can be debated but I stay north of Shields Ave. Anything below is just not what I personally am looking for. The market has changed (which is making me look into multi family homes) and the prices have gone up from when I bought. 

The first house we purchased in April 2013 for $125,000. It was a flip and had everything needed to move in a renter, which is what I was looking for at that time. Today that house is worth about $150,000 - $160,000 and currently rents for $1175.00 a month. 

Feel free to shoot if you have any other questions!

Andrew, Im a San Jose resident and have properties (all sfh) in Fresno CA.  

All of the homes we own were are purchased in 2013 and 2014 around the 125k range in C neighbor hoods. Rents are around the $1100 mark. Im sure you can get 100k per unit in but there not in areas I personally would want to own. 

PM me if you ever want to meet up for coffee to discuss more and good luck!

I live in San Jose and 3 properties in Fresno/Clovis CA (2 hour drive for me) all were purchased in the 125k range. We purchased them 2 + years ago and similar properties go for about 150k now.  Plenty of options if you are looking in the 200k range in and around that area! Good luck

As someone who is buying and selling in the south bay right now ( we looked into multi family homes) anything nice or in nice ares is 1 million plus. Also unless its a property that turns away the masses, area, lots of TLC, ect its got to be hard putting in an offer with FHA vs all the cash buyers.

So far in 2 months we have put in 7 offers on SFH and 1 Multi Family home and 7/8 we got beat out on were cash offers.

Good Luck out there!

Originally posted by @Allen Maris:

Hi Garrett,

Well from what I found, there's no real rule about time frame for collecting security deposit. I've allowed a tenant to break it up over a couple months before. CA mostly has rules about the maximum you can collect as well as the rules for paying interest.

While Frank's opinion is valid, one thing to keep in mind is that these were family friends of the previous owner, so there's a chance they will be less beholden to you to be fair. They may decide to move and not give you notice.  Really depends on your comfort level of rocking the boat, if they're paying market rent and if you can handle a turnover.

Also keep in mind that if these people are still under a lease other than month to month, you can't do anything until that lease expires and you can create new terms.

If you're going to do it, I would say using the excuse of being the new owner is the best time to make changes. Doing it a few months down the line will be more painful since they may think the threat of a change has passed.

Good luck!

Allen

Yea Doing it now vs later we will do. I was just curious if (which you answered) we can require it prior to signing a new agreement. Thanks for the input.