All Forum Posts by: Mark De sagun

Hi @Dinah Tabora. I also live in California and am looking to invest out of state. My girlfriend and I have been researching and learning as much as we can. We had the same debate: turnkey vs renovate. It's been several months searching for a good BRRRR deal and we were actually under contract for a major rehab, but the inspection came back way worse than we expected. Knowing all the numbers and nuances is really difficult for a first time out of state investor. Our feeling now and the feedback that we've received is that turnkey would probably be a better route to get started, but even picking a good turnkey company and property can be difficult. The returns are likely less and there is still risk involved, but going with a turnkey (or at least something more rent ready) to start seems better than not starting at all.

@Ric Ernst @Angela Smith @Jaron Walling @Josh C. @Bryan Richardson @Jeremy Johnson

Thanks everyone for your feedback. I was actually under contract for a possible BRRRR in that area, but the inspection came back way worse than expected. Being out of state, I think I'm leaning more towards buying something rent ready for my first investment. Has anyone got advice on the Eagledale neighborhood? Everything I've read says its a stable C class neighborhood.

Hi BP! wondering if anyone can update us on the current market in Eagledale. I hear it continues to be a strong, stable rental market. Anyone currently investing/managing in Eagledale care to share their thoughts? Thanks!

Hi everyone, does anyone have any experience investing in or can tell me anything about this area highlighted? Any info or opinions would be helpful. Thanks.

Possibly looking to invest in a duplex . Wanted to see if anyone has recent information or currently has investments in this area and would care to share their experience?

Hi @Alyssa Dyer,

Well....we definitely still haven't bought our first property. But there have been lots of changes to our plan as we've defined what we want. We've been making progress! I've actually quit my job as a teacher and I'm now doing some property management work with a company that does high-end short term rentals in Hollywood. So now I'm all in on making real estate my career. It's crazy haha. My girlfriend and I are looking to do a BRRRR in Bakersfield, CA. Hoping to find the right deal soon.

Hi @Theresa Harris. It's an off market deal that is only taking cash offers. 

Hi @Jack Halldin. Yes, I thought that was low for an HOA fee as well, but there's no pool or anything like that. I count 46 units, but I need to double check that number. I will definitely need to check how much the HOA has in reserves and what kind of special assessments they've had in the past couple years.

Thank you again @Stephanie P. This is very helpful information. I will definitely need to find out the renter to owner-occupied ratio.

If the condo is unwarrantable, are there any other options available to pull my money out other than a refi? Do you think I'd be able to get a line of credit loan on the condo?

Hi @Stephanie P. thank you for your response. I'm aware condos come with their own specific set of risks, but it seems like a deal that can be profitable for me.

I am a little wary for the HOA. the HOA fee is only $80 so not sure if that's good or bad, but there is no pool or major common areas to maintain so I think that's ok. If my offer is accepted, I'll definitely be digging through the HOA documents for any red flags.

I'm doing my own research and plan to talk to a lender, but maybe you can explain what makes a condo warrantable vs non-warrantable?

This deal was brought to me by a broker. The seller is going through a divorce and I believe only taking cash offers for an under market value price. The seller actually owns 13 units that he's selling and I heard another investor owns 10 units. I was told that the investor who owns 10 units wanted to buy more units but didn't have the money right now. What kind of issues can arise when a complex is owned by mainly investors and used as rental property?

My main concern is that I won't be able to pull my money out of the condo to purchase another property.

Hi Everyone, I live in California and am considering buying a condo in Indianapolis with a cash offer as my first investment property. Should I anticipate any difficulty refinancing the house or getting a HELOC to take money out for my next investment property? I know a condo is different from a SFH, so is there anything I should be wary of in regards to using my equity in the condo to finance my next property?