All Forum Posts by: Gordon Cuffe

@austin 

@Austin TamIf you sell and do a 1031 exchange ,you will want to have an idea of what you want to buy and achieve. You can put 300k down and buy a small apartment in the Sacramento area. You can buy out of state and get better returns. for example buy 2 duplexes in the kansas city area for 300k that rent for 3000.0.  You can do the cash out refi at 200k and buy out of state and do the same thing. The rental demand is so strong that you will always be able to rent out the house in elk grove. Even when prices tanked in 08, people still needed to rent homes. The only thing now is that rents have gone up a bunch since the downturn. For that matter, you can cash out refi, then lend the money and earn 10% . You did the right thing before when you purchased at the bottom of the real estate cycle. 

quicken is terrible to work with as you deal with someone far away. With that said , only the loan officer can order the appraisal. He can order an expedited appraisal with the buyers paying a little more for that service. If the buyers dont want to pay the extra fee, ask the buyers agent to pay it in order to save the deal. It is not a big fee. 

@Tandi H.if you go to Zillow , you will see reno prices are the same or higher than your City . There is no secret city where the investors are making more money than other investors . If you want cash flow , you can pick any of the mid west cities to get better cash flow . Every person from each mid west city will say their city is the best. The key is to pick a City then find out where the ghetto is in that city , where the A , B , C areas are and decide where you want to invest in. Then find the best property manager in that area along with finding good real estate agents and good wholesalers in that area for your deals to choose from. Pick a property that is below value so that you can do a cash out refi and repeat. 

@Account Closedif you ever have questions about prices and rents in the Sacramento Area, you can email me . 

@Jose Quintanathe hardest part about flipping now is finding the property that you can buy for enough of a discount to make money after all the repairs, commissions and lender fees. You will need to network with all the wholesalers in the area or do your own marketing to find properties off market. 

I have a letter of intent on a 32 unit apartment in mississippi near the coast. 9 units are vacant. The seller is willing to do seller financing with 25% down on a 600k purchase price. amortized over 10 years due in 5. I am looking for a down payment partner. The rents are low now so the goal on this property is update the 9 units get them to market rents, then eventually remodel the remaining 23 units, increase those to market rents. then do a cash out refi. high cap rate. you can pm me for numbers 

You will not be able to take out a conventional loan as a llc. This is a simple transaction. You both can take out the loan to purchase the property. You will be 50/50 owners. Write a simple one page agreement stating that you are 50/50 responsible for repairs and mortgage payments. You might also consider each buying your own duplexes as you do not need 30% down for owner occupied duplex loans. 

I am selling a remodeled home in kansas city mo. I dont have pictures yet as it is supposed to be finished at the end of the week. I want to make this as easy as possible for an investor. Seller will pay for closing costs so that less of a down payment is required. I have determined that the house will rent form 800 to 850 per month. Prior owner had it rented section 8 for 825 per month when it was not even remodeled. A 20 % down payment equals $12,600.0. That would make a piti payment of $360.0 per month. The water bill will be 35 per month. so the conservative numbers are rent at 800 per month less 80 per month property management. That leaves 325 per month after all expenses including mortgage payment. If you add 262 per month to the mortgage ,you can pay it off in 10 years.

I am looking for a property manager for a triplex in old town Roseville ca. please reply or send me a pm I need a property manager asap. 

@Maria D'Aura David Huston is correct in that the lowest homes are 150k or more and they are not in good areas. John j has posted a house that is not in a good area and the reality is that the owner is not selling for that low price. He wants to sell it rent to own which is another term "for rent".You can call the guy and verify that.  The 95815 and 95838 zip codes are not good areas. They could be good for owning rentals at the right price. You can find a couple of homes for sale under 100k up north in Oroville. They will be very small, beat up and you just have to make sure you dont live next door to tweakers.