All Forum Posts by: Jace Im

Gary Burrell Jr , Welcome to BP! and Thank you for your service. I am a veteran myself new myself and new to REI as well. You will love the BP community. Make sure you check out the podcasts, blogs, and plug into the webinars! They are true gems. I work in LA but live in OC. Best of Luck!

@Manolo D., Thanks! I enjoyed reading and learned a lot of tips from it. 

@Kevin Foxthat sounds great Kevin. Thanks.

@Ron H., yeah the link seems to break up for some reason...here it is again

My Home Analysis

@Elizabeth Colegrove thanks for the tips! I will definitely do that.  I do agree that great rewards comes with great risks.  I will definitely look into owner financing!

Hello Dear BP family,

This is my current situation and in dire need of advice.  I am currently renting a one unit in a 9 unit multifamily unit in Buena Park, CA.  I love, love, love this property, and the owner of this property is an elderly gentleman (70's) and I heard from another long term resident that he planned on selling this property. 

This property is not listed on MLS, but it seems to have some basic history on Redfin. What I want to do is house-hack and get OWC on it. This will be my first rodeo and super nervous, I did an analysis to the best of my ability via the rental property calculator on BP (crosses fingers).

Here is the link to my report: https://www.biggerpockets.com/buy_and_hold_results...

Now my questions.  

1. This property is not cheap. Should I stick to lower priced homes since it is my first time? 

2. The property manager lady is mean. I don't like her and do not want to go thru her to contact the owner, but I do not have the owners direct contact info, can I just skip the property manager and see if I can get his number from someone else? 

3. Do I need to have a broker to do OWC? and seek seller finance consultants? 

4. What are effective ways to ask the owner if he'd seller finance? In writing, phone, in person?

Other than that, I can't sleep at night because I feel like this is the home I want want want..almost to a point where I don't see any other homes that give me better investment opportunities.  

Thanks BP fam in advance, you all are so awesome sauce.  

Hey @John T.welcome! I too am new and just getting into REI and also in OC. I definitely recommend the podcasts just like @Chris E. says.  So much valuable information for free. Don't be afraid to post questions even if you think it's a no-brainer.  The more you engage with investors the fun it will be!  Enjoy the ride!

@Kevin Fox Hi there! and thanks for responding.  I am looking to purchase a multifamily 3-4 unit near Long Beach or right where I live now Buena Park or Fullerton.  It is a bit challenging to find it in Orange County unless I'm willing to go further down to Santa Ana area, but-- that takes more time for me to commute to Downtown LA (my job).  I'd love a recommendation :)

@Fred Heller @Ana Marie B. I see, good point!  Thanks so much for your response!

Hello BP fam, and happy Friday. 

A very newbie question, and it's probably more common sense than anything..I am wondering, if I see a listing on MLS and there's an agent assigned to that home, do I have to use that agent to view that home and consider buying? I know some people work with their own preferred agents...but I'm not sure how the MLS are concerned..?

Thanks again :)

@Brie Schmidt thanks for the tip on VA and FHA 555 per 100K. That makes so much easier to run the potential numbers. The amazing rules of thumbs you learn on BP! :)