All Forum Posts by: Gordon Cuffe

@Pramod Prasad I am a mortgage broker in CA and I just priced out that loan and at that small of a loan amount 7.625% for zero points is on mark. If you find a property and submit an offer ask the seller to pay 2 points . You can then buy down the rate to around 6.5%. A month ago rates were 1/2% lower so who knows where rates will be in another month. With such a low loan amount , you only drop the payment by $92.0 dollars a month by lowering the rate by 1%.   Good luck in your property search. 

I am a mortgage broker out of the Sacramento area. One of my lenders just called me and said that my 40 basis points credit towards fees is expiring on March 31 2023. If anybody is looking to buy a home soon, you should contact me so I can give you the 40 basis points credit on your purchase loan. The loan does not need to fund by March 31, it just needs to be locked by March 31. I am a small operation that does not need to pay contract processing fees so that save my clients $795.0 on closing costs. I really hope that someone can take advantage of pricing special from my wholesale lender. If you look at my profile, you can see that I have been a member of biggerpockets for at least 10 years. I have also fix n flipped houses along with being a mortgage originator for two decades. You can send me a PM or I am easy to find online.

one bedroom condo will be listed on MLS for 229k next week. there is a pending sale right now at 249k for the same exact unit. It is the condos on Walerga rd. in Antelope. I am looking for a buyer who wants a low priced buy a hold property. I would think a unit like this would rent for 1500 per month now

@Jack Payne A person can only have one FHA loan in their name at any time. You would have to qualify for an put one fha loan in your name. Then your girlfriend would have to qualify for and put one FHA loan in her name. FHA loans are for owner occupied homes.

@Marcus Marsall A person can find a brrr property in the Sacramento market along with many cities in northern California. The price points in Sacramento are lower than the bay area and other northern CA cities. Since you do not have any experience with rehabbing a property a hard money lender will want you to put in at least 10% of your own funds on a purchase plus rehab type of loan. If you have enough equity, you can always do a cash out refinance to get your invested cash back and take out the long term 30 year loan. There is a house going through foreclosure on mls right now so deals can be found on mls. You can also find deals from wholesalers in the area. 

@Ali Nurmohamed  There isnt a one size fits all businesse plan. If you to decide on what you want to do in regards to real estate investing. Do you want to buy one rental?   That is easy. just research a city, real estate agents in that city or wholesalers in the city. Get the property manager in the city then buy the rental property. If you want to fix n flip properties. Decide what city. find contacts in that city, find wholesalers in that city. You can also learn how to market in that city for your deals. Youtube has millions of videos about real estate investing. You can watch them foreever and never buy a property like most people. Connect with people here and ask them questions. 

@Siddhanth Maheshwari You can PM for a long time mortgage broker that is also a real estate investor.  

I am selling a remodeled home with detached converted garage in Abilene Texas for only 140k. It can easily be rented for 1400 per month because of the two units. The main house had the entired foundation fixed and all new electrical. The kitchen and bathroom have been gutted a remodeled. A third unit can be added in the detached garage unit also. This property will be listed on MLS in about a week so now is your chance to get it before everyone else. The address is 2141 Clinton Street in Abilene

I know that many people in the fall of 2022 kept saying that home values will continue to drop throughout 2023. I felt the same way based on the good supply of homes for sale and higher mortgage rates in September. Mortgage rates started to decline after September 2022 and the supply of homes for sale have declined every month since July 2022. We had 4783 homes for sale in the three county areas of Sacramento, Placer, and El Dorado. We know have only 2140 homes for sale as of January 2023. I will not predict that with the spring buying season coming up and the low supply of homes for sale that property values will not be dropping throughout 2023. There still is a chance for values to drop late in the winter of 2023. I will post the graph for people looking in The Sacramento area to visually see the drop in the supply of homes for sale. 

https://www.gotrendvision.com/...

@Sean Beck if the house was your primary residence for two years or longer then you do not have to pay capital gains taxes. You pay capital gains taxes on rental homes that you declare on your tax return and sell. A way to not pay capital gains taxes on a rental property is by doing a 1031 exchange and taking the sales proceeds and buying another rental property. It is easy to qualify for another home loan if you have a income and good credit.