All Forum Posts by: Tou V.

Hello, I'm a newbie here. A few years ago my brother and I bought a duplex. Since my credit was shot at that time, only the brother could be on the loan and title. I've since paid off the brother and would like to transfer property under my name, yet keep the current loan. Reason is to limit personal liability away from brother in case of accidents or being sued. Also, to keep the taxes low as the property value has almost doubled and Prop 13, keeps the values based on original purchase price. I've asked a few local Title companies if they'd do all the paperwork and Quit claim my brother off deed, then add me. They've all said, "NO". For them to do it their way, I'd have to basically get Title insurance and they'd inform the lender anyway. Which might bring about the "Due on" clause and cause the loan to be called, since my brother is no longer the legal owner. It can't be this hard right? What's the easiest way to transfer the property over without triggering a new tax assessment or having the bank call the loan due. I hear people Quit claming peoperties all the time, but how do you actually do it? I'm in Northern Cali if that makes a difference. Thanks.

Show me one current listing on the MLS, which you'd consider a good buy. Trying to analyze what others would consider a good investment. Thanks.

Trying to learn here. If you don't mind, please show me a couple of current MLS listings in North Cali which you consider good buys. I'd like to analyze the listing and see what you or others consider a good buy. Maybe I'm being too critical of the available properties. Thank you.

Yikes!! If you've been able to recently purchase units for 50k-85k and have them rent for $850-$1200, then you must have insider info or a really great network to get such low prices. Everything on the MLS that's decent is $120k or up and these would only rent for $1000. At $120k, with 20% down, leaving a loan of $96k @ 5%, payments would be $515 + 200 (taxes / ins) = $715. That's not even including other expenses an fees. Every time I do the numbers, it's always cutting it slim, too slim.

Current taxes = $9000 (Would change depending on new purchase price). Same owner for 17 yrs.

Sewer / Water / Trash= $800 monthly for whole complex

Insurance = $3000 yr

Utilities = each unit has separate meter - paid by tenant

No HOA

Cap Ex and Ops = currently $10000 yearly, because owner does everything. I'd be getting it under PM.

Vacancy = none in last 2 yrs, but use average % to be safe.

There are many 2bd apts which rents for $700 all over Sacramento / Stockton. As for demographic, probably not upper middle class. Just average working people who needs a place to live.

I'm looking in the Sacramento / Stockton and surrounding areas. Within 200-300 miles away is doable. Yes, SF is 80 miles away, but anything east of Livermore is way too expensive.

I'm not even going to use the seller's current expenses, because I know it's not sustainable. He's working too hard to keep his costs down. Such as doing most repairs himself and managing the property. I'd have to outsource those items. Just wondering if it's a good deal. $600k for 12 units, which is currently fully occupied and rents for $8160 monthly.

There are lots of people who would rather pay $700 for a nice 2bd apts, then $1000 for a 3bd house. The $700 normally includes garbage / water paid for by owner. The $1000 3bd house, the renter usually pays additional $150 for water / garbage. As for GRM, it really depends on the property. There's a bunch with GRM of 8 - 9 for sale. I just don't see how any real investor can make money. Yes, there's appreciation, but you can't always count on that.

Haven't really looked at condos, but SFR which are in decent areas and 3bd are between $120-150k and rents around $1000 monthly. An investor just bought a house around the corner from where I live for $230k and could only get $1300 in rent. Don't see how they'd make any cash flow.