All Forum Posts by: Justin Yurong

@Tom S. Thank you so much for the advice! I requested an extension for the inspection and appraisal contingency due to a slow appraisal and contractor bids. I am thinking about either asking the seller to repair the big issues first, lowering the purchase price, ask for a credit at closing, or a combination of those.

@Brandon N. Thank you for the information.

I am currently near the end of escrow for a triplex in Fresno, CA (Oleander Ave and Trinity St). The plan is to fix it up, live in one of the units, and rent out the other two. Through inspections, I found that it needs much more repairs than I had originally expected. 

Current Purchase Price: $188,000

Total Expected Monthly Rent: $2,100

It is a 1925 triplex that needs (to name a few):

- Foundation work (post and pier, $11k worth of work)

- Roof replacement ($11k worth of work)

- Electric that needs to be brought up to code (still has knob and tube wiring, etc.)

- Termite treatment

- 1 dysfunctional water heater

According to contractor bids, there is at least $45k worth of repairs. I have a $20k budget for repairs. My lender would allow me to use an FHA 203k loan, instead of the normal FHA loan I originally planned on using. I still can renegotiate with the seller, as my offer is contingent on the inspection and appraisal.

Does anyone have advice that could help me decide whether I should go through with this deal, or back out of the deal and wait for something that needs less repairs? Any feedback is helpful.

Hi all. I am currently looking to buy a single-family home under 65k in Fresno/Clovis, CA to use as a rental property. That price range is what I am currently pre-approved for. In 3 months (according to my lender), I would likely be pre-approved for a 110k purchase, as I will have worked at my second job for a year. I'm willing to put up to 20k down. 

It has been very difficult finding a home in that price range that makes sense for me to use as a rental after analyzing the numbers, at least in my area. I've been analyzing several deals every day from the MLS, and haven't had any luck.

Does anyone have any experiences they are willing to share about how they've found deals in a hot market, specifically while working in a low price range? I've considered driving for dollars but don't know how to target specific neighborhoods in my price range. And I'm even considering buying my first property in a market outside of my area. Finding the deal is the part I am struggling with. Any advice would be appreciated. 

Got it. I appreciate the input, Mike. Thank you.

Hi all. When analyzing properties, where do you find how much a property would generally rent for? I have used Rentometer.com, but I've run out of free trials. Are there any other sites that estimate rents?

Hi all. My name is Justin Yurong. I'm 20 years old, and I live in Clovis, CA. I'm currently looking to buy a single-family home, duplex, or condo in the Fresno/Clovis area to use as a rental property, for under $100,000. Specifically, I am looking for homes North of Shaw Avenue. 

I've been analyzing deals every day for a couple weeks, but haven't found any deals that work for me after crunching the numbers. So my other question is, what's my next step once I do find a deal that works out for my goals? I'm not sure how to make an offer. Do I need an agent to do so?