All Forum Posts by: Nicholas Lohr

You could try Sacramento or Stockton but if you're in Irving you may do better in Nevada or Arizona as those are actually closer.   Definitely exhaust all the areas near you first though even though I know your area is super expensive maybe you'll get lucky and find a good deal. 

It depends on a ton more details about your personal situation.  I'm doing the same thing at the moment and one thing I can definitely tell you is that it's taken WAY longer than I expected. 

I grew up there and I don't know of any rules and regulations but I do know that P-town is ONLY an 8 to 12 week town.  By that I mean that that out of the 52 weeks of the year there are only about 8-12 weeks (summer time) of high rents.  You could get some perhaps around the holidays but not much.  Be very careful you budget for those 8-12 weeks taking care of your mortgage and all the other expenses for the remainder of the year.  

I've run the numbers myself a few times and couldn't really make them work. 

It's crazy how right after Labor Day it's like someone pulled the plug on a raging party. 

I'd say the internet would be better than a book to simply learn terms. It's quicker and you can look up the exact term you have a question about at the exact time the question comes up for you. 

here's some online resources...

https://www.biggerpockets.com/rei/glossary/

https://www.investopedia.com/  this is a good site too, use the search bar in the upper right. 

or just good ol www.google.com ! 

Yes you can have an FHA loan even if you own rental properties. I owned 2 rental properties when I got my FHA loan. The rule is only one FHA loan at a time (with a few rare exceptions). It doesn't have anything to do with what else you own, assuming those rental properties are not FHA and it sounds like they aren't.

Is this for a specific year, a set of years, or in general? 

@Jay Hinrichs  yeah i know it's specific to my project but I think there may be some useful stuff on there for folks to be aware of when embarking on any new build in order to know the general types of things that will be needed.   

For example I had to learn all this on the fly, and some of the things nobody told me about until way later which pushed my project start date back months. Trying to keep others from having to experience that. 

sure thing.  yeah in today's day and age a 19k house has to have something going on thats suspect. 

I'm in CA and here's a checklist of all the things that I needed to get.  I just completed this checklist as of TODAY so its very fresh in my mind.  I forgot to get the soil report which pushed my project a full month!  This is for a project to build 2 new townhouses. 

This is roughly in the order that I had to get them too. Hope it helps someone out there....

- permission from the planning and zoning desk

- topographic map from a civil engineer

- Building plans and elevations from an architect 

- Site plans from Civil Engineer. All wet utilities and points of connection.  Also a drainage report. 

- Structural plans and calculations from a structural engineer, foundation with footing details, all joist and rafter sizes and spacing, and roof framing. 

- Trusses from a truss company, then to be approved by the structural engineer with truss calculations to be done. 

- Indoor sprinkler plans with hydraulic calculations and manufacturer spec data sheets. I had to go to the town and get a water flow test before this as well. 

- Gas utility meters, needed to figure out where these would go.

- Soil report from a geotechnical engineer.  Structural engineer needs to sign off on this too. 

- HVAC drawings from HVAC contractor.   CA energy code Title 24 consultant needed to approve of these. 

- Electrical layout plan from an electrical engineer, both inside and outside electrical. 

- Sections from architect, Longitudinal and Transverse. 

- And last but not least the CA energy code, Title 24 Part 6. Will be different in your area but most likely needed.  This is a consultant about the energy the buildings use. 

good times!

these are DREAM numbers! 

Purchase Price: $19,000.00 

Purchase Closing Costs: $2,000.00 

Estimated Repairs: $30,000.00 

Total Project Cost: $51,000.00 

After Repair Value: $100,000.00

BUT.... 19k for a house is red flag city.  are you sure about that part?  are you sure it's not in a war zone?  are you sure you will want the kind tenants that will live in that house in that neighborhood? are you sure it's only 30k in repairs? you mention a loan, are you sure a bank will even lend on it?  and are you sure a bank will refinance it?  

that's all the questions I can think of at the moment but I'm sure theres something there that you are missing.  the biggest red flag is the 19k price tag. caution....