All Forum Posts by: Jason Malabute

 Thank you John. This is very helpful.

I have read  The ABC's of Real Estate Investing by Ken McElroy and he does advise that you request the current rent rolls and 12 months financials.

I will check out the webinars and 2 other books.

Thank you. 

Hi All,

I JUST UPGRADED TO PRO!!!!

I am a first time investor. I want to practice and analyze rental properties using the BP calculator. My goal is I want to master (or at least practice) analyzing duplexes so many times using the BP rental property calculator that by the time my agent starts giving me leads I'll be comfortable analyzing properties quickly and accurately.

GOALS: 

Analyze 3 sample properties a week.

QUESTIONS:

1. Where can I get sample property numbers (besides purchase price) to practice with?

 2. What figures (income and expenses) must I include in all my analysis??

3. Since I am a first time investor how do I assure myself that I am analyzing my CF and other projections correctly and accurately?

Thanks.

One of the markets to buy my first duplex in was/am (kinda) considering is Hollywood CA (NOT WEST, NORTH, OR EAST). I'm talking about somewhere near the clubs, bars, hotels, and businesses. Prior to my market study I thought Hollywood would be a great idea because I am always going out and see a lot of young professionals and those in the entertainment industry in the scene. Hollywood has a real diverse crowd.  Also, Hollywood has one of the highest rents in the nation ($3110.30). However, when I was doing my research I found that the average income in Hollywood is $40,000 (annually), most residents dont have a HS degree, robberies are higher than national average, spending are lower than national average, etc. Obviously there are many pros of the Hollywood market as well.

However, for argument sake please see questions below:

1. Are my study of the market accurate? How is the rent in Hollywood so high if the average income is so low?

2. Does anybody here own a property in Hollywood and making a positive cashflow (>$200)?

3. Is Hollywood a good market for rentals (duplex) in your experience (not opinion)?

4. Any last advise about the Hollywood market?

Thank you,

Jason

 Thank you this help a lot

 found  1(potentially 2) Thank you.

 Hey Sam,

I am trying to get pre-approved right now, This is interesting that you say that the pre-approval should be based on my gross salary and not my net. I will clarify this with him.

Can you please explain more when you say that I can "use 75% of my monthly rental income towards my income"? Do you mean I can add 75% of the monthly rental income to my gross salary in order to increase the chance of getting pre-approved? If yes, how would you do so if you do not have an actual rental property yet?

Thank you,  

 thank you

 I am looking for a multifamily

I have kind of a unique problem as I am trying to purchase my first rental property.

I am 28 and looking to purchase my first property. I am interested in getting an owner occupied duplex. My research so far has made me interested in areas like Culver City and Hollywood because of the high rent and demand of the market. My situation is unique because I am the opposite of most investors. I can put a big down payment ($200k) and good credit. However, my agent told me that I will have a hard time getting approved for the loan because my salary is too low (net pay is $2000 a month lets say). My agent told me since I am looking for a property that is $800k in value I would have to make $8000 monthly net salary to get approved for the loan. Even for a $600k loan I'd have to have a $6000 monthly net salary to get approved.

The thing is I want to make my investment this quarter while interest rates are low, and AS MUCH AS POSSIBLE I'D LIKE TO AVOID CONSIGNORS.

1. Is there any way around this?

2. Have any of you ever been in my shoes and succeeded? How?

3. If I would like to look for duplexes in the $400-500k price range in Los Angeles (has to be in a good market) where would ya'll suggest?

Thanks!

Hi All,

I would like to get on a real estate broker's mailing list so they send me proformas so I can practice calculating an offer price and analysis of properties. Can you guys please suggest a mailing list?

Thanks.