All Forum Posts by: Jared Palacios

Thank you everyone for your feedback. I do have a rental currently and have been a landlord/investor over the past 15 years. But capital is slim, credit is great, annual income for Northern California standards is low. So I need to syndicate some deals for either equity stakes, or a Fee to start building a bankroll. I am not against pounding the pavement and doing the work myself if I can get a property for 70% FMV and upgrading for a later refi. BRRR would be ideal.

How many times would you say you find yourself wandering through listing after listing Searching areas, criteria, rental income, number crunching? Me - Seems to be all day. I just keep stalling my own progress by being scared to jump back in. I have taken to Nevada real estate license exams more then I’d like to admit and have passed the state my never the national. I currently live in California now and want to be in real estate more then anything, but I feel I do not need to go after a RE License but more over bring value by driving for doors, and using my resourcefulness rather then resources. I want and need a mentor/ leader to get me to that next step. I can sell, I feel I can connect with anyone and find common ground and empathy towards people.  Have you ever felt that way? I am just looking to serve and know it will come full circle. My question to all BP is where do I start to look for a Mentor? Do I just research every Brokerage in my area and find out which RE Agent or Broker owns the most RE investments and beg to be his slave and provide value in any way possible for them so I might gain more knowledge and wisdom? Do I go after being a REA? What is your advice, Experience?

@Brian Serina I do believe that many Bay Area people are moving over this way because the price per sq. Foot is so drastically different. And most people commute anyway but would have a 300k-500k mortgage instead of 1.2-1.8 Million dollar price tag.  The question is more so is $1550 rent a smarter cost then a 330k mortgage with only 3% down. If i was able to owner finance i could avoid Mortgage Insurance but id be paying $500-$650 more per month.

@Arlen Chou thank you for the reply. So fair market Value for this house would be around 325-350k, it is in Rancho Cordova CA 15 minutes East of Sacramento. The house has an addition but its a enclosed porch that is included in the square footage and half the garage (2 car is now 1) if a large laundry room with cabinet storage. 

Investment Info:

Single-family residence buy & hold investment in Las Vegas.

Purchase price: $232,000
Cash invested: $100,000

We bought this house as a BRRR. It was the beginning of the crash and at the time seemed like a good buy ($106k below purchase price only a few years old) we have held this property over the past 10 years as a rental and the market in Las vegas has Rebounded nicely. In the process of a possible refi. Just cant decide on a 15 year loan on the owed balance (108k) or a 30 year to increase cashflow...

What was the outcome?

We have owned this rental property for the past 10 years

Lessons learned? Challenges?

We bought it at the beginning of the downturn in 2008. We should have waited and possibly could have bought it for 50-75k less. But the market has since rebounded and surpassed our 232k purchase price.

Hello all BP friends, if you are reading this post I personally thank you as all opinions are appreciated. My family has recently moved to the Sacramento California area within the past 18 months. Leaving Las Vegas in the rear view, I still have a few investment properties there that have fairly low Mortgage Loans and Cashflow nicely. I currently pay $1550 a month in rent for a 3/2/2 house. The market here are starting to pop up way more homes for sale then sold in the past 60-90 days. Are rent is really a great price, and my landlord has asked if we are interested in buying but at a 330k price tag knowing how much updating it needs is hard for me to pull the trigger. I would rather downsize and try to find a home off market below ARV. But given the average rent for this home in my area would run $300-$400 more per month I am stuck with do I move and purchase and receive all the tax benefits from ownership? Or - Do I stay put and wait the market out and try to purchase during the slower months in November and December and try to get a mortgage that's lower then my monthly rent now? I know the price at what you pay, appraised value, and adding equity are all factors to be taken into account. But if you have ever been in my position and have some personal experiences to relate I am all ears...

Thank you, Jared

@Caleb Heimsoth Thanx for the response,  put down 100k in 2008 right before the crash. So I have finally got my equity built back into the property with appreciation and paying down the mortgage the past 8-9 years. There are places i can buy cash (condo's / Townhouses) for $80-120k cash, that would cashflow double or even triple what I'm currently getting now. 

Hello everyone...

I would like some of your personal thoughts on a situation i am currently facing.

I have a rental property that is currently grossing about $3600 annually. I have over $100k in equity, but still have a mortgage balance of around $116k. My question is, in your own opinion... would you sell and try a flip? Refi and take equity out, but be breaking even on the cashflow? Do nothing? ...

Any and all feedback and opinions are greatly appreciated.