All Forum Posts by: Nicholas L.

@Jacob Ellsworth can you move out of CA? Doing an OOS BRRRR as your very first deal is going to be very, very difficult. Listen to Spencer Cornelia's BP podcast and see what you think.

@Valerie Jean McCloskey is the $1380 rent based on comps, or just what you would need to rent it at in order for it to cash flow?

@Andrew Cummings you can usually find REIAs on meetup.com.  Or just Google your area.  

The best way to raise funds is to save funds.

@Peter Hansen this is a pretty broad question, can you give us a little more information?  If you are going to live there you will have more flexibility on loan products initially (as you may know).  You will want to run the numbers and make sure that it cash flows after you move out - so you will need to look at rental comps for the fixed up version.  Some folks are more okay with lower cash flow per unit than others, some are more focused on leaving less cash / equity sitting in the house.  YMMV.  Is there a target purchase price you're looking at?  

@Colton S. I reread your post - in Option B you are still negative.  "$200ish extra" beyond the mortgage will not cover your expenses.

@Colton S. I am not sure I am following, you would want this to cash flow after you moved out and it doesn't seem like it would.  What are we missing?

@Johan Van Rensburg just tell your lender the intended purpose so that it can be underwritten properly.  If it's a "second home," you may be able to get slightly more favorable terms than as an investment.  But you will need a substantial down payment in any case.

@Jakob Claret

Take the job, rent, minimize your expenses, and save.  

Renting in the short term is a great deal.  No closing costs, no realtor fees.  When your lease is up, you move.

This will put you in a much stronger position in the long term.

@Zack Busch

You should "trust your realtor" to support you if you move forward with a specific transaction.  That means they'll help you purchase the property, guide you through closing, etc.

But, that has nothing to do with getting a good deal in a good area, regardless as to them being an investor.  That's all on you.  You might successfully close on a property, and then start cash flowing negatively every month because you underestimated the expenses.  Your realtor would have done their job.

Make sense?

@Brent Benoit how much are you netting in cash flow each month after ALL expenses?

I'm just down the road from you in Valencia.