All Forum Posts by: Jake Leicht

@Steven Jackson, I'm late to the party here but I actually purchased two properties in Stockton in April in the exact same situation.

Yes, current COVID laws are downright crappy for landlords but with that being said, they are both crappy for us as well as anyone else that is considering purchasing the property. Equal playing field. If you look at the responses, most investors would duck out on it. But I feel like that presents opportunity. 

With both properties that I purchased, the seller allowed me full access to the "tenants" during my inspection periods. I had a property manager friend negotiate cash for keys with both "tenants" in advance and, upon having an agreement, I went back and renegotiated with the respective sellers to cover my tenant payoffs (and then some). Both "tenants" got out, got their cash, and I got my crews up and running like usual!

One thing that I think you can use to your advantage is that during negotiations with sellers in that scenario, it's probably safe to assume that nobody else is touching these properties as competitors, as indicated in this thread (unless, of course, I am trying to buy the same property :). If a seller has minimal demand for their property, the buyer has a lot more leverage. Always remember that you're not just a real estate investor or a house flipper, but you're also a problem solver. And the bigger the problem that you're solving, the better of a discount you can negotiate!

Happy investing!

Hey @Gabrielle Martin!

I flip, wholesale, and hold rentals in the San Joaquin Valley as well. I've actually flipped over 100 properties in Stockton alone over the past 4 years or so. I've also done a little bit in Sacramento as well, but not nearly as much. If you ever have something that you're looking to wholesale or that you don't have capacity to take on, please don't hesitate to reach out to me as I'm still buying very aggressively in both areas should something fit my criteria!

@Kyle J., what's up man!? Long time no talk/chat! I personally love it when investors have the "nobody wants to live there" feedback in the cities I operate in...

Happy investing, yall!

Hi @Sameer Jain, I do quite a bit of investing in Stockton and sometimes wholesale off SFRs that might not fit my criteria or workload threshold from time to time. I’d be glad send those to you as they come up. Mind sending me a private message with your criteria and capacity when you get a moment?

I've got a pretty good one I can refer you to. Shoot me a private message. 

@Cody Ward Your HML should be able to give you a POF. Sometimes they'll give you a pre-approval type document and if they do that, just ask them to attach a bank statement.

If they are unwilling, ask your GAP funder. It should be a screenshot of a bank statement from within the last 30 days along with a letter that essentially says something close to "Cody and/or his designated entity have the ability to use my funds to acquire property of his/their choosing" along with contact information for verification. 

When new agents ask for the POF saying that it is required to place the offer, more often then note they are (understandably) vetting you to make sure that you're real so they don't waste their time on you. I make cash offers all the time and over 50% of the time, I'm not asked for any POF.

Just part of the entry point of this business. The folks over there with NV are excellent and can point you in the right direction. 

Any questions, don;t hesitate to send me over a private note. I hope that this helps!

Hi @Ignacio Leyva, welcome to the site! Good to know that there are more of us in the Stockton market in this business. You'll find a ton of good information and contributions on this site. I grew up in Stockton and have done over 100 deals in that market flipping, buying rentals, and doing wholesale deals there for the last 5 or 6 years. Still pretty active buying a few each month, too. I love buying from wholesalers and have recently done a couple of deals with members that I met on this site! More than happy to answer any questions you might have so feel free to shoot me a private note when you get some time. 

Happy investing!

@Jamie Shah - a GC that is reliable, independent, AND cost effective!? Does such a thing exist? :)

I could share a few resources with you for sure, just shoot me a PM. GCs are the one area that I would never put my name behind as I've seen that there are egos in relationships that can strike a nice gasoline-soaked match with even the best intentioned investors/contractors. But I can share some names that I've worked with in the past in the city...just shoot me over a PM. 

@Kyle J. Man, that's awesome! I secretly wish that I would have hung on to that one...

Hopefully you are enjoying our contributions to appreciating the values in the neighborhood, haha! Country Club as well...

Take care buddy!

Hey @Account Closed, how have you been, sir?

Sure @Mark Balliet, please feel free to reach out.