All Forum Posts by: Nicholas L.

@Carson Brandt

Go to REIA meetings

@Brenton Vineyard

House hack

@Jordi Valado just curious - where are you located?  Why not pick a closer market?  

@Trenton Mattson

post some specific numbers

otherwise we're just philosophizing =-)

@Account Closed I think I agree, I'm seeing a lot of properties sit because sellers won't reduce and buyers won't or can't pay.  But it's still not clear to me how much of a drop it's going to lead to.

@Bernadette Cap I'm not going to answer your direct question, but just wanted to throw something out on the numbers...

If you buy with financing you're going to make the transaction more expensive, because you're going to pay financing costs twice

Say it appraises for 190K - you will likely get cash out for 70-75% - that's $133K-$142K

Purchase for 115K plus rehab 40K plus closing costs (2-5K?) plus holding costs (2-5K?) plus financing costs plus fees to refinance (3-7K?)...

That's 162K-172K cost

See what you think- I have found BRRRR to be more expensive than advertised =)

@Justin Molzhon if the properties have been on the market that long and no one else has snapped them up... it likely means there are major issues.  Proceed with caution.

@Cathy Li I understand, but it just doesn't seem like the juice is worth the squeeze based on what you're doing.  For the rest of eternity, you'd be splitting cash flow up - if any - based on some complicated formula.

Controversial advice: just save up enough to buy your next property yourself - you obviously have a killer job =-)

Can you look at sub markets a few hours away to get a slightly lower price point - maybe in Riverside County?

@Account Closed 'sales' might be sliding, but the overall median price doesn't really seem to be coming down yet, and certainly has not 'crashed'

But it may vary by market

I'm open to various perspectives!

@Melissa Deacon

Go to REIA meetings in your local market