All Forum Posts by: Pete Cordero

 Hey There @Kevin Lee, 

Happy to share. Yes, there have been challenges. First of all, my buy criteria is pretty narrow: 

- A or B+ neighborhood with above average schools in growing locations (I have mainly looked in the Sun Belt as of now)

- 3/4 bed, 2 bath, purchase price <250k with at least 6% rental rate (1% rule is really hard to find with the properties I like, so I need to temper my expectations)

- newer (2000 or after) or newly renovated via a turnkey company

So, the obvious challenge is the options I have are less than if I expanded my search. Also, I give a little bit up on cash flow and COC returns (these properties are simply more expensive), but being a long and hold investor, I know I'll do ok on ROI due to rising rents, appreciation and paydown of my principal. None of this happens overnight, but I know it will over time. I just make sure I check the numbers and make sure I am cash flowing a little. I don't want to depend solely on appreciation.

The other challenge which has probably hit all investors in the rise in interest rates, which has slowed my ability to acquire, but working with partners where rate buydowns are an option can help make the numbers work. 

Finally, I made a bone headed decision to buy a property in a new build in Florida that was still being permitted. Unfortunately, the delays (it was never completed) tied up my capital for a couple years and stopped me from being able to do other deals. Lesson learned, I'll only do completed new builds or renovated properties moving forward. 

I will say, once you have a partners you feel comfortable with, subsequent properties can be  smoother, but there are always external challenges to address. I am happy to share more if you want to DM me for more details, but hope this helps. 

Hi @Praveen Kumar

I am happy to provide more detail if helpful (feel free to DM me), but overall, I have had a great experience with REI Nation.

I just purchased and closed on my 5th property with them. I work with Ashley Claunch who is extremely knowledgeable, helpful and responsive. 

Their closing team is top notch and makes the entire closing process super smooth. 

The property management team is the best I have worked with and are on top of all issues and challenges that come up. I have worked with REI since 2021.

I am in CA and have purchased homes with them in Oklahoma, Texas, Arkansas and Memphis, TN. It is a great company to work with as an out of state investor and as someone who has a full time job and does not have the time to manage rentals on my own. 

Feel free to reach out if you want more info and good luck.

Pete

Hello, 

I was hoping for a little help. I have a condo in CA that luckily has had good appreciation and thus, a good amount of equity built up (say about 200k). It also luckily cash flows about 6k a year. 

I am looking to invest outside CA where numbers for investment rentals make better sense and leveraging the equity would be helpful (like a 1031 exchange). Does anyone have a recommendation on how to analyze whether one should sell a property with decent cash flow but high amount of equity. I realize cash out refi or HELOC are also options.

If there is a good article or recommended analysis to play out scenarios you can share, I'd greatly appreciate it. 

Thanks in advance. 

Hello, I have a rental 3BR, 2 Bath condo in Huntington Beach CA. Looking to remodel the master bath. Any recommendations on contractors in that area? Looking to a do a simple, clean modern look. Nothing super high end or fancy. No need to move plumbing or electrical. Just replacing current tub, fixtures, vanity, etc. 

Thanks

Pete

Gavin and Christine, thanks for info. Very Helpful. 

Colby, its a 2 br, 2 ba, 1235 sq ft for 1525. If interested, check out listing here

Hello, 

I have a condo that is about to be available for rent right in Downtown Murrieta, CA. It has been a while since I have lived in Southern California. 

Any suggestions on good listing site to advertise the rental? I used to use Craigslist, but wondering if there are more effective sites to advertise the property and even collect apps and screen candidates. 

Appreciate any input. 

Pete 

Hello, I'd love some advice out there and a second brain on a question I have been asking myself.

With the current downward trend in rates, I'd would love to refinance my rental property which is a condo currently at 4.5%. It has good equity and my credit is strong. With the current numbers, I could refi for 3.6-3.8% and get rid of PMI. It would be worth it.

Issue is the complex's records show under 50% of units as owner occupied, which has caused rejection from every conventional lender I have approached. 

Any ideas on other lenders or ways to get around this challenge. 

Thanks!

Pete

Hello,

My name is Pete and I am located in San Francisco, CA. I currently own a couple of cash flow focused rental properties in Southern California (where I am from) and a primary residence in San Francisco. All are condos. 

I have a full time gig in education, but interested in looking out for opportunities to continue to build passive income through cash flow real estate investments. I'd like to move towards SFH opportunities and eventually build enough monthly cash flow to where I can retire early and spend more time with family (I have a 10 month little guy). It's a ways off, but looking to build on what I have.

I look forward to learning and gaining knowledge as well as helping out where I can. 

Pete