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All Forum Posts by: Marc W.

Marc W. has started 0 posts and replied 27 times.

Agree with Sue K.
3 months inspections when they pay for "quiet enjoyment" is intrusive. Inspections / updates at lease renewal is normal and good for updating records, but more often than that gets into sticky territory.

Yes, it's legally discriminatory because not everybody has access to a computer. Same as why requiring a state ID for voting is considered discriminatory.

Strangely enough, if you require either electronic payments or cash at your premise, that is not discriminatory. Way to weed out the flakes?

1 year lease, baby on the way?

I'd tell them I need to start showing it (restricted showing times) 60 days before moveout, and give them back their deposit when they move out.

What goes around, comes around.

Post: Rental market slowdown?

Marc W.Posted
  • Oak View, CA
  • Posts 32
  • Votes 21

In Grand Rapids? All the kids just moved back into places they signed last year; all the families are in the middle of making their "new school year" moves.

I'd wait a week before panicking.

Post: Passionate Beginner in California

Marc W.Posted
  • Oak View, CA
  • Posts 32
  • Votes 21

@Rita Bock:

So you're looking for a 3bd/2ba in the $260-$415K range, with closing costs of $6-$8K, a 20% downpayment of $52-$83K, $30-$60K in repairs, and you have $30K of your own capital, for an investment property...

Hard Money, a combo loan, or wholesaling the deal for private lending are the only ways that immediately come to mind for financing.

Post: Passionate Beginner in California

Marc W.Posted
  • Oak View, CA
  • Posts 32
  • Votes 21

@Rita Bock:

Your target is the property (or property characteristics) you want. It defines the playing field for financing.

Compare:
1) "I am looking at flipping a house and want to know my financing options"
2) "I want to find a 3bd/2ba townhouse with an ARV of $650K-$750K to rehab and flip in Orange Co. between Santa Ana and Fountain Valley. I'm interested in properties needing light to moderate repairs, and we will self-perform using our contractor experience. We expect to carry it for 8 months and are targeting an annual ROI of 12% because [reasons]. We have $30K capital available. What are 3 ways we could finance this?"

Does this make sense? It is going from big-picture to actionable plan.

Post: Passionate Beginner in California

Marc W.Posted
  • Oak View, CA
  • Posts 32
  • Votes 21

Hi @Rita Bock,

1) What is your target for your first deal? I'm on the other side of LA, and $30K does not sound like plunking down 20% up front for a non-owner occupied loan.

2) What is your pitch/angle to investors? With low financials for a first deal; your pitch, passion, and niche will be more important than trying to meet straight numbers.

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