All Forum Posts by: Stevie Mobley

Thanks for providing the details. Sounds like a good investment keep on chuggin!

Congrats! How were you invest so little initially and what do your repairs cost look like?

Hey there Chris welcome! Like yourself, I originally planned to house hack using an FHA loan to purchase a pair of duplexes and had my heart set on this strategy. After analyzing deals and comparing strategies, I've now changed directions and have chosen to invest out of state for my first purchase. I personally plan to continue renting in Sacramento for my primary residence and I'm in the process of bringing in a partner to get started pursuing an OOS duplex or other multi-family that nets at least $500 a month. It all really depends on what deals you find locally and if they align with your personal priorities (monthly cashflow, long term appreciation, both, other?, etc.). I've noticed that a lot of the deals here in Sac just don't make sense for me and my goals which is why the costs and pros/cons of entering OOS markets is more attractive in my eyes. Long-Distance Real Estate Investing by @David Greene is also on audible and I highly recommend! Best of luck!

@Darren Cusanelli That's awesome congrats! My calculations aren't too far off from what you've mentioned and the amount of cash flow sounds very appealing. I bet you saved a decent amount by doing the work yourself since you're a contractor which is great too!

@Luis C. You made some good points to consider as far as investing in Rochester! Do you or anyone you know invest in the Buffalo area? My thoughts are that if a downturn was to hit the upstate area aggressively, then investments in Buffalo/surrounding areas could also be used as short term rentals or Airbnbs being that it's so close to tourist attractions like Niagara Falls. Just trying to consider potential avenues with future worst case scenarios.

Hey Darren,

Sounds like a bargain! How did you increase the value if you don't mind me asking? Did you rehab at all or did the incoming rent/NOI boost the home's value? I've been browsing upstate NY markets, specifically Rochester and Buffalo, for my first investment. Although the property taxes seem a bit high, the returns considering all factors look attractive.

You should have some luck finding "okay" duplexes under 400k in the Arden area (95825) and also South Sacramento (95823 and 95828) just before you get to Elk Grove. While these areas can include B-D rated neighborhoods keep in mind that there's still a need for housing so vacancy shouldn't be an issue just proceed with caution when selecting your tenants. 

Parents with school aged children often want their kids attending a school within the Elk Grove Unified School District which is located very close to some neighborhoods in South Sac sometimes even across or down the street although their physical address may still show Sacramento, 95823/28 instead of Elk Grove, 95624/etc.

Feel free to send a message if you have any questions!

I would advise to always have a signed written and notarized legal agreement when partnering with anyone on a deal or business venture. Outline ALL the details relating to down payment, who will make the mortgage payments and when, responsibilities of each person involved regarding maintenance/lanlording/marketing/paying for repairs, who can/will decide when to sell and how much each person will receive after closing, etc. It's best to find a decent real estate lawyer to add to your team.