All Forum Posts by: Michael Kim

I work out in Riverside as well.  Unfortunately I find that many working professionals do not actually live in Riverside.  Many live in Eastvale, Orange County or south Corona.  I feel much of Riverside is for working class families.  I cannot comment on DT riverside however, as I do not know much about that area.  Someone please correct me if I am wrong.  Im still learning about this area.

I also havent seen anything worthwhile. 

@Nicole Collins Id love to hear about your duplex.  

thanks

Wondering what people think about this buy/hold deal in Southern California

Purchase price: 230K

Rehab estimate: 70K - rough estimate

Rent: 2055/month.  3 years left on lease (long term tenants, likely will not move after lease is up)

Comp sold in area:  340K-350K for similar house.

Even though the house needs tons of work, nothing will likely be done until current renters move out.  Their lease is up in 3 years, but they may not even actually leave.   The rehab will likely be extensive if done as everything needs to be fixed.  

Pros:

long term renter with good history.

long lease - hopefully no vacancies for a long time

may not need to rehab for years if tenants stay

buying at about 50K below sold comps in area

Cons:

rehab will be costly when it needs to be done

low cash flow based on cost of house/rehab

Would appreciate your opinions...

Ill message him... anyone else chime in?

If there was ever a situation where a problem arises during a transaction, could a dual agent hurt a buyer?

What are some pros and cons with using the listing agent as your buyers agent?  

Anyone invest in the Riverside, CA area?  I was hoping to hear peoples opinion about specific areas in Riverside for buy/hold.  Any areas to stay away from? 

In particular I was looking at homes off of Magnolia/La Sierra.  Would appreciate any insights into this area and any other areas in Riverside.

I was wondering if anyone has experience with buying a rental for group housing/assisted living use.  I just listened to a podcast where thats all the guy did.  Seems like a good gig, but im sure there are some negatives with this as well.

Does anyone wish to share some experiences with this type of rental?  

Can anyone tell me what potential pitfalls of this would be?

Anything specific that would be a concern or a hurdle with these types of rentals?

Thanks

Does anyone remember which podcast discussed rentals for group homes? 

@Kris Mcfarlane @Andrew Davis

Hey thanks  guys for chiming in.  You both make some really good points.  I appreciate the info

Whats the best way to get into private lending?