All Forum Posts by: Lex Phumirat

Congrats, awesome story. Needed this today for sure.  Hopefully getting my first rental soon. 

Quick update on the FourPlex. The deal didn't go through after all. I was in escrow for a few days and the seller side couldn't give me access to see all 4 units. Only got to see 2 of them. Also, they weren't able to vacant a unit so that i can use FHA. The communication was very bad.

A lot of red flags so we backed out. 

Here is the listing 

https://www.redfin.com/CA/Redlands/1023-Herald-St-...

@Ali Boone   I really think they just want to cash out.  But we'll be doing our inspection soon. 

@James Gates would love a meet up out in redlands. I'm around downtown redlands a lot on Thursdays for the farmers market. 

@Matthew Daly    That's great, I grew up in Redlands myself. Graduated from Redlands High.  I'm planning on investing in Vegas soon if my current deal goes through. 

I'm still very new, so any advice would be awesome. 

Will for sure keep in contact.

@Ali Boone   great advice.. thank you so much. I'll be calling around tomorrow for sure.  

 the first year is going to be hard for sure. And as the holiday is coming around the corner as well. 

One of my contingencies for me buying is to have one of the units empty so I can live in one using FHA.

The thing i like about this area is that Starbucks and Coffee bean is close by. And they just built a brand new packing house, with trader joes, and sprouts.  And downtown is less than 5mins away. 

@Ali Boone i was able to walk into 2 of the 4. It’s not too bad, needs work for sure. I would say about 5-8000 grand a unit. New flooring, kitchen counters and cabinets maybe. It was a little hard to see because the tenants that are there kept their units pretty messy.

When talking to the selling agent, the seller wanted to cash out and retire.   

I’m still waiting to check the other 2 and have all 4 units inspected. 

I have a lot of contingencies on the offer before I move forward. 

@Ali Boone its a 4plex in Redlands 469,000, and used rentometer to check the rent in the area. I should get around 4300-4500 a month when all 4 units are rented at market price. Im at about 12% Cash on Cash ROI, and about 350-400 monthly cash flow when everything is calculated using the rental property calculator.

I don't expect cash flow the first year since i'll have to raise the rents for the current tenants to bring them up to market. As well as the unit i'll be living in to use FHA loan, but I think I'll airbnb my unit out to bring some extra income.

In SB county we don't have rent control. I'll have to give the tenants at least a 60day advance notice about the rent increase. Still reading up on all the laws in SB county as well. 

@Ho Eun Park   Thanks for the info. Been reading up on the California Tenants guides.  And yeah I'll be sending out new contracts for sure.   

The deal is still going through and i have a lot of contingencies in the contract.  

@Jonathan Diaz Its about 5 mins from downtown Redlands across the 10.  I'm new as well. My first property, I'm just kinda learning as I  go.  If you ever want to meet up and grab a drink let me know. The State in downtown has the great happy hour lol.

@Grant Lin    Redlands CA.  The current renters are on a month to month lease renting around 600. Market value is around 1000-1200. 

I did a walk through recently as well, and from the look of things, these tenants won't be able to afford 1000 dollar rent. 

My plan was to raise the rent about 10% every few months.