All Forum Posts by: John Lee

Hello, fellow investors who are familial with Irvington area. Do you think updated 2/1 house with under 1000sqft in that area, is a good idea for rental property (as it could attract young professionals of the area)? All other conditions seem to be ok and this is the only concern so far. Or shall I focus more on at least 3/1 as a rule for everywhere no matter what? 

Thank you for your advice in advance. 

By "Market price", I mean the average price of similar homes selling in the market. I could buy below market or above market price.  Thanks for your advice, Melissa. 

Hello, fellow investors. 

I kept overbid and lost the deal for my rental property offers although my offer price is way below 1% rule of rental income vs price (for example, I offer $200~220k cash for $255K listing with no contingencies when the rental income is about $1.5K/month). 

I am wondering if I just have to pay almost full price if it has a good/stable rental income in a great location to start.

Any good advice will be appreciated. Thx  

In california, mostly seller pays agent fee of about 5~6%, which covers both of listing agent (seller's) and selling agent (buyer's), 2.5~3% each. Buyer does not pay agent commission.

And closing cost is about 3% of the purchase price.