All Forum Posts by: Ranjit Sandhu
Ranjit Sandhu has started 12 posts and replied 203 times.
Post: Thinking about selling my duplex in Sac, Ca - Seeking advice on BRRR markets
- Real Estate Broker
- Rocklin, CA
- Posts 218
- Votes 82
@Nicholas J Mineo Hi there! Don't you think instead selling maybe convert your garage into ADU. I think that will be better in short term or long term. If you absolutely want to sell then maybe look for off market properties and there are so many all around Sacramento are.
Post: Good realtors in sacramento roseville
- Real Estate Broker
- Rocklin, CA
- Posts 218
- Votes 82
I’m a real estate broker in Rocklin/Roseville area. I have helped many investors from out of area. Please let me know how I can assist you.
Post: Advice on investment property in sacramento area(FOLSOM/ROSEVILLE/ELK GROVE)
- Real Estate Broker
- Rocklin, CA
- Posts 218
- Votes 82
I'm from Rocklin and I will say Roseville/Rocklin are the best in any 5 zip codes 95765, 95677, 95747, 95678 & 95661. The best schools and plenty of jobs in Roseville/Rocklin.
Post: What is best price to pay for a realtor?
- Real Estate Broker
- Rocklin, CA
- Posts 218
- Votes 82
When buyers especially Bay Area buyers ask me if I will get them part of commission I tell them find someone who does that practice and I lost few of those Bay Area buyers. I guess this might be a common practice in Bay Area but in my area Roseville/Rocklin.
It's starting on 8/17 but if you buy before most likely seller is paying the commission. As many of already mentioned that commission is negotiable. I'm a real estate broker I work with my clients on their needs and what is best for them. All the best!!!
Post: Seeking Agent with Assumable Loan/Mortgage Expertise
- Real Estate Broker
- Rocklin, CA
- Posts 218
- Votes 82
Quote from @Carlos Enriquez:
Quote from @Ranjit Sandhu:
Closed a deal in Lincoln where my buyer assumed FHA loan at 3.375% rate. We were able to close in 40 days. I heard some banks take longer. If you get assumable loan that will be great but majority of time assumable loan is for primary residence.
It was M&T Bank.
@Ranjit Sandhu Nice, that's a pretty good timeframe based on what I normally hear, but to your point very dependent on the bank/entity servicing the loan. I am not opposed to living in it for a year or two and renting it after. Do you mind me asking what company was servicing the FHA loan? Thanks!
Post: Seeking Agent with Assumable Loan/Mortgage Expertise
- Real Estate Broker
- Rocklin, CA
- Posts 218
- Votes 82
Closed a deal in Lincoln where my buyer assumed FHA loan at 3.375% rate. We were able to close in 40 days. I heard some banks take longer. If you get assumable loan that will be great but majority of time assumable loan is for primary residence.
Post: Sacramento SFH Investment: Seeking Recommendations for Zip Code
- Real Estate Broker
- Rocklin, CA
- Posts 218
- Votes 82
@Rajesh Rathi Hey there, I am from Rocklin which is adjacent to Roseville. I would say Roseville will be the one of the best for rentals out of all the areas you have included. Roseville is growing so much that seems like one day it will be like Sacramento, growing from west side and moving towards hwy99. Roseville have a everything schools, hospitals, restaurants, high tech companies like Bosch, Penumbra, HP, Amazon Hub, Mckasson, Oracle (Rocklin) with three zip codes 95747, 95678 & 95661 and Rental is HOT here. Schools are great and falls in Placer county. Roseville has their own utilities except Electric gas, you can't go wrong. Let me know if I can be any help. All the best!!!
Post: Confused with LLC setup
- Real Estate Broker
- Rocklin, CA
- Posts 218
- Votes 82
I think you have to pay $1500 to franchise tax board if you are from CA and if you have LLC regardless if you have zero income. Correct me if I'm wrong.
Post: Should we sell it?
- Real Estate Broker
- Rocklin, CA
- Posts 218
- Votes 82
Quote from @Sejin Kim:
Quote from @Randall Alan:
Quote from @Sejin Kim:
Hello biggerpockets!
I don't know what to do with my property.
I and my husband bought our first house in October 2022 when there's a lot of changes in interest rate. ( 5.5 % with VA roan? 5 bed 3 bath house )
For unexpected changes, we couldn't afford mortgage, we rented as Short term rental.
Luckily my house has swimming pool, spa and it is very specious, surprisingly it was very popular. Even though we were nor in tourist place, house seems almost more than 50% occupancy rate except winter. ( In winter we had mid term tenants)
However, even though our property is popular, because we pay a lot in mortgage, many times it is negative cash flow and pool seems constantly leaking. We had to put temporary line, it costed $600, and I don't know how much it will cost when we do permanent repair. Also sprinkler breaks, we had to repair...
At that moment we started to rent, we thought that's the best option for us.
When we bought a house we were first time home buyer, so we didnt have a lot of knowldge, and we didnt know how to negotiate. ( Realtor didnt really help to negotiate, and lessson learned. )
We don't have a lot of equity in it.
Probably we will lose money when we sell..
Also, even though we make negative cash flow, since its big house and income from house is a lot we had to pay more taxes.
So at this moment, I am not sure if we should continue to airbnb.
With long term rental, we coulnt cover mortgage at all, with short term rental, there was possibility to cover mortgage ans sometimes it did.
My husband wants to wait until interest rate goes to down so we can finance but I am not sure if it will ever happen...
Thanks for reading and any comment will be appreciated. :)
@
Many of the things you describe are completely normal. Repairs happen, and must be done. You don't say what changed to make the house unaffordable... I'm going to guess loss of income on some level. At that point you pivoted to AirBnB, and you say that is sometimes covering the mortgage.
I personally don't see a reason to stay in the house. Even with renting it out, you sound frequently upside down. As for mortgage rates coming to the rescue... I would suggest you can expect mortgage rates to drop by a quarter of a point at a time (when the Fed meets)... and the way it's looking, probably not starting until 2025. Point being - it will take the better part of 2 years before you would likely get to a rate where it made sense to refinance (where your new rate was say 1 1/2 to 2 points lower than what you have now. And even when you do refinance - it will take a year or more to recover the costs associated with the refinance (the closing costs they charge for the refi). So to me, the refi seems a ways off and probably isn't good justification to hang onto the property.
Options you might think through would be appreciation - is your area / property appreciating to where it might make sense to hold onto the property for it to build value. This can be directly offset by how much you are having to put into the property though. So that is a question you have to evaluate.
I think I would probably cut my losses and buy into a more affordable house for yourself.
My 2 cents.
Randy
Yes, income changed. Currently we live in the apartment and we are renting out whole house.
Yes, it is good area so I think it will appreciate, just we already bought with high price so not sure how much appreciated.
I am going toward keeping the property for now expecting appreciation and refi.
thanks.
Hi @Sejin Kim Can you elaborate more about your property? How much you bought for and when did you buy? Maybe I can do the comps for you. Let me know if I can be any help as I'm a real estate broker from Sacramento area. All the best!
Post: Will it be hard to sell without realtor ( short term rental property)
- Real Estate Broker
- Rocklin, CA
- Posts 218
- Votes 82
Quote from @Jake Andronico:
Quote from @Sejin Kim:
Hello,
we decided to sell our short term rental property in Sacramento area.
what will be pros and cons of selling without a realtor?
we had that property under 2 years and we pay a lot of mortgage.
If we hire a realtor, we will be paying more than we get from selling it.
House already has smart lock, clean... Will it be too hard to sell without realtor? Too much work?
Any opinions?
But, don't be surprised if you get screwed if you don't have someone representing you.
You pay for a service, and a good realtor will likely net you more money and help you navigate the process versus selling on your own (especially if you've never done it before).
If you do sell on your own I always suggest hiring a lawyer which will charge hourly regardless of if the deal goes through or not. A realtor only gets paid if the deal closes.
At the end of the day you have to decide what's right for you and your family. Unfortunately, losing money can definitely happen in RE when there are major things that change and you have to sell.
I wish you the best of luck!
Hi @Sejin Kim You can try selling FSBO but there is always a risk. Let me know if I can be any help as I'm a real estate broker from Sacramento region. All the best!