All Forum Posts by: Michael M.

I'm blushing I'm a virgin, no flips, no b&h, unless you count my old condo I held for 27 years as the president of the HOa for seven years, then sold. I've been listinging to BP, among other sources ever since I sold. Last six months I'm seeing a market top and getting my license to gain credibility and MLS access, plus network. I have a family member in PA that can do handyman work.

I plan to househack actually. The fiveplex would be perfect as I could live in one unit, rehab and rent the others. I've been looking all over for the right deal. The math is challenging, yes the BP calculator is helpful.

The house in north Lancaster would be a live in flip, but CA is very speculative. The quitclaim joke was funny and helpful, thanks.

The 3bed/2 bath house north of Lancaster, CA is likely a bad deal. Its in a flood zone, needs a lot of work, and the rents are low, tenant quality is low as well. Likely not a good deal.

The D class fiveplex in Cleveland at $9,000 looks like a better deal. Its a 1904 structure, in a hot summer, cold winter climate. Rust belt income, low quality tenant, deferred maintenance. This one I'm scratching my head about. Is the home in Cleveland a good deal?

Yes I plan to live in one unit and rent the others out. I have no idea what the rent roll, or current vacancy is. I did hear the taxes are like 4% per year.

https://www.redfin.com/OH/Cleveland/10519-Helena-A...

How about 10519 Helena AveCleveland, OH 44108? Is that in the East or West side? What demarcation line is the center?

Truth is stranger than fiction. I'm a former motivated seller. The saying goes everyone pays a mortgage, either yours or someone elses. At this point I'm working on my real estate license in CA, because I need to learn.

However I'm a shelter buyer and future live in landlord. Like it or not real estate speculators are in no short supply in California, outbidding shelter buyers. So I am forced to look elsewhere for a deal that cashflows. Listening to the podcast, I heard about Cleveland, Ohio. I plan to live in one unit and rent out the others. Would anyone touch this deal with a ten foot pole?

Perhaps someone could speak to the level of crime, tenant quality, hot summers, cold winters. This home is built in 1904, the year my late grandmother was born, and so I'm curious what challenges such old construction brings. Any advice? I can buy this place cash, but the taxes I heard are high. Please advise me on this deal. Thank you BP.

10519 Helena AveCleveland, OH 44108

https://www.redfin.com/OH/Cleveland/10519-Helena-A...

@Gwen Fyfe 10519 Helena AveCleveland, OH 44108.

So here I am in the midst of getting my real estate license, adds to my class b license, first aid card, and low and behold I may need a new place to stay so as to gain my indpendance and be at the beck and call of a potential buyer, seller or renter. But when I call up an apartment for lease they ask, please give us 3 months pay stubs from your w-2 job. I say, I have bank statements but I have no w-2 income to show. They usually reply, come back when you have a job...so I wonder if a freshly minted real estate agent would have any trouble getting an apartment?

My fallback position is to buy a cheap house in a bad area which would set me way back and make it harder for me to get started in real estate. Or I land a resident manager position, which so far I have been unable to do so, and get a free or reduced cost apartment....Until I get my license all I have is seven years HOA board experience running the exterior of a twenty two unit complex, and the ability to speak three languages among other less valued skill sets. What say you BP, any tips?

I'll play devil's advocate. YV, JT, and 29P are in a flood zone, not to mention the San Andreas fault cuts through Hwy 62, the main way in or out other than the long way from the 247 or clear across to the 177. Mexico just had an 8.2 earthquake, epicenter 44 miles offshore no less. Deals can be had in YV, JT, and 29P, however, the flood zone, San Andreas fault is long overdue for a flare up and the lack of employment nearby is likely why it's not a destination. I took a few drives here and my lady said it looks depressing as hell

Your flip looks real nice. I noticed some grade issues, neighbor is at a higher grade and water running off could get into that room, you might want to get flood insurance. Check YouTube for "yucca valley flood" there's a few recent videos

Im not sure about the building codes there but If you build anything I get a raised foundation.

Im looking at fixer upper north of Lancaster, CA. It's in a flood zone. Anyone have experience with live in flip in a flood zone? The property needs a new roof, flooring, kitchen, basically I doubt there's any room for profit, but I lived most of my childhood as a renter and I can't stand renting. There's something about four walls and freedom that is calling my name. If I can't get really cheap house in CA, I'm looking out of state as plenty of property is available dirt cheap. Like Cleveland, yes it's a warzone, but it can be my warzone wink wink.

From a few sources (YouTube,gurus, etc..)  I've heard of the Investor Cash Flow Program. A few lenders offer such a program. I'm guessing the cash flow from the property is used in lieu of the investors personal income. This would make it easier for newly minted commission only people, or people with no w-2 work history able to qualify for a house hack cash flow property. I imagine standards vary by lender.

Does anyone have experience with the Investor Cash Flow Program? If your a lender please post a comment with a way to contact you. I have a ton of questions such as what happens if the property is vacant and there is no rental income for last six to twelve months? The common denominator seems to be 25% down payment, but any leads would help me more. As I write this I'm working on my RE license and I won't have the two years of w-2 income to get a "confirming loan". My 720 fico and large down payment be damned I'm sure... Please advise.

@Chris Lynch please provide an update. Person ally I'm taking the agent path as I am concerned Quicken Loans has brought automation to the over qualified buyer pool. Although eventually I'm looking at an NMLS license as well, but one step at a time I need my RE license first...