All Forum Posts by: Rick Albert

My understanding is one active FHA loan per person, but double check with a lender. Keep in mind you can do 3% conventional down for a primary residence and that historically has less fees and lower interest rate.

Unless you are in an area with historically good appreciation (such as Los Angeles), don't count on it.  Focus on the cash flow.  If you are just starting out, investing locally isn't a bad idea either.  You know the area, can be more hands on in the beginning, and go from there.  

Hey @Ashley Cao, a couple of questions.

1. Why are you planning on remodeling it?  Does it have to do with getting higher rents?
2. If it is, is the delta between the increase rent versus the cost and vacancy of the rental worth it rather than just raising rent on the existing tenants?
3. What are the rent control laws in Santa Clara?  How complicated is the evicting process?
4. Since you are going to remodel the unit, how much of the deposit can you give back to them? 

Those questions might help in directing you towards a solution.  Keep in mind their financial burdens are theirs and only theirs, not yours and are not your responsibility.

Best,

Rick

Hey Brian!

I'm a Realtor and own two rentals (I have been house hacking my way).  Would love to connect and help out!

Best,

Rick

I agree with Eli.  I work with a builder here in Los Angeles and each property is different.  I would look for recent new construction properties in your area and find out who the contractor was and talk with them.  They may be able to provide some idea on cost of construction.  It will also come down to the finishes, hillside versus flat lot, etc.

One of the best practices I do to find pocket listings is go into the MLS and pull up agents who have recently sold what you are looking for. Often times if they sold one then they will have others. It is a great way to find off market/pocket listings. That would be a good use of the MLS.

Thanks @Robert Chuang!  That's what I started doing.  Once I got burned, I decided it wasn't worth my time.  Last year I lost out on (no joke) about $5M in deals.  Not interested in doing that again.

Thanks!  That's great feedback!

That's great to know and much appreciated!  I sent you a connection so we can chat off the thread!

Hello Everyone!

I come across developers often.  With that, I also come across pocket listings for development opportunities from other Realtors through my networking.  I am an agent.

The problem I have been having lately is developers want me to send them deals, but when I do, they take forever to respond.  For example, I would send a pocket listing to a developer and he would say that it's too high.  I would ask at what price would it make sense and then he goes radio silent.

I tell developers up front that I need responsiveness since competition is fierce in Los Angeles and margins are tight.

What's a good way to vet developers between the good ones and the bad ones?  When a deal closes it benefits everyone.

Thanks!