All Forum Posts by: Luis Castillo

How many total units? What percentage is owner occupied? How many units in foreclosure or vacant? I assume they can be sold separately, what do they comp out individually?

If you can't lower the price, knock the interest down or go to an adjustable. Maybe start at 5 percent and go up 1 percent per year until you hit 9.

You can go into any area pick the worst listings in the area and ask why would anyone buy these properties. If your not looking at properties that have sold and closed, those asking prices don't mean anything. Even if somebody was crazy enough to make an offer, they'll probably never get financing.

I am from southern Ca. And have left the state in the last 10 years because of the inflated prices and terrible cash flows. Once you start buying at 10-15k per door, it's hard to go back and pay 100k a door and receive a terrible cash flow.

Hello Cameron, not from San Diego but wanted to welcome you. Where are you from?

Great job Nancy, it seems like you're on the right track. Sit down with a good mentor and figure out your short and long term plans. Know exactly where you want to be in ten years and you'll accomplish it much easier. Good luck!

I just googled ca real estate purchase contract and there are several for sale and some that are free. By the way, your actual question was "do you need a license to fill out a purchase agreement in Ca." The answer is no. You need the license to use CAR forms.

CAR documents are for members only and to belong to the CAR you do have to be licensed. I'm sure all there materials are copyrighted. However, if you go on the Internet I'm sure you can find purchase agreements that will cover the major portion of what you need. You can also agree to let the escrow instructions supersede your offer, then a friendly escrow agent might help fill in any important items you may have missed.

Mathew there is no limit. I believe the IRS use to have a limit that makes your gains go from capital gains to ordinary income if you buy and sell more than a certain number per year. I'm not sure if that applies anymore but as far as buying properties for yourself, you don't need a license and there's no limit.

Joel I think you mean to multiply the gross income by 50 percent. I believe if you divide it by 50 percent you will double the income.

Brian when in doubt, just ask for clarification. You'll get it.

Vaishal, if you are in school then you know there are no dumb questions. I can tell that you have not done enough homework on investment properties. Study up a little on multi family investments. Familiarize yourself with net operating income, expenses, financing, 2 percent rule, 50 percent rule, cap rates, cash on cash returns, DCSR, capx and property management to name just a few things. When you know how to arrive at the value of an income property and the true net income it will leave then take the plunge.

Age does not matter. I started in real estate at the age of 18 and purchased my first property a year later. I wish more young people what start investing in real estate but it's hard to convince them.

Finish your education and continue learning more about income property. I don't mean to sound negative about your RE knowledge, I just want you to have your eyes open before you make a move.

Good luck!! There is a lot of information on this site but if you have any other questions feel free to call me.

Nick you might even start by birddogging for someone. If you can find 3-4 deals that an expert can buy and be willing to pay you for finding them then that will confirm that you are on the right track. Next step might be to flip a few of your own properties. This might give you the cash you need to start buying storage units. Your ultimate goal may need a few steps sideways but you can still end up where you want to go.