All Forum Posts by: Uuri Koh

I'm sorry to say that with a lot of end of the week work and the distance, I'm not going to make it after all tonight. I hope to meet you at another event. Have a great time.

Thanks @Troy Fisher for tagging me. I'm definitely interested and planning to come now. I'll be coming up form the South Bay and can possibly bring people up, however I may stay in SF after the event so may only be able to offer a on-way ride.

In / Out of State? Both.

Strategy?

Need help devising one. Interested in cashflow investments. So far I have only done fix-rent and it's working, so that and and possibly fix-flip or just investing in bigger projects. Buy-hold is fine too. Nothing too, risky or complicated for now, just steady and proven.

Type of properties?

Whatever is profitable and suits my criteria. I own and have renovated a a one BR rental in SF. I don't have a lot of cash to invest at the moment after my last investments but that could change before long.

Looking for?
Advice on financing, types of properties, markets that meet my criteria. Potential SFHs from Salinas to Sacramento.

Can offer / knowledgeable about? To buy you a drink for good advice :) Not much. I'm a relatively new investor, so just what I have observed and have done so far.

@Troy Fisher thanks for pointing out my mistake! In that case, count me in. See you Weds.

I'm interested in meeting up but may be a bit late, and extremely exhausted Tuesday nights.

@JayMartin I have to agree with you, Mohill etc. is culturally devoid and although property within a certain radius of the Bay Area proper will always have some value, you're right that finding a good investment below the mean Bay Area prices is not easy.

Yes, been to BRC 4 times, quite involved with a few camps and even got an art award there. Making sure I'm delivering well and hopefully stick around at this new job took priority over last year and probably this year too. I'll go back eventually, I'll feel more comfortable requesting the week off after I deliver a few big projects first.

That owner occ. 4plex sounds great. I'd love to hear more.

Thanks for the reply and input Rick. Feeling hungry? You're absolutely right about not letting the gov't etc. dictate plans. I actually work in marketing although I'm sure real estate has its own criteria and there's much for me to learn. I'll try to attend more meetings and keep reading.

I just spoke with my attorney, probate final court date should be at the end of this month. After that, time to roll the property into my LLC, which I have already set up, and refinance. After refi, I'll be looking for a property to live in and hopefully more investments!

Thanks Minh. Yes, I did get the job I mentioned I was interviewing for in Morgan Hill, but live to Santa Cruz county now.

Thanks for the reply Ali I must have missed the notification. I'll definitely take that advice to heart.

Edit: Oops, I didn't realize I was in this thread already!

Reviving this thread! Fast forward over a year since my original post:

I've gotten a great job and will have a year of good salary history by next month to satisfy the underwriters.

I renovated the condo and it now is rented generating $1000/mo cashflow profit.

I hired an attorney and the probate is close to being complete.

New factors, new questions:

I spent a lot of my would-be-downpayment savings renovating the condo and moving, renting a place to live etc. to get my job. Probates in CA are also very expensive and will need to pay the attorney another significant portion of would-be downpayment to complete the probate.

Because of this, I don't have 20% cash to put down on the expensive SFH's around here any more. At some point I had basically written off FHA for one reason or another, I think someone convinced me it wouldn't benefit me as much as I hoped.

The condo is still not in my name, I have enough of a downpayment and income for FHA requirements right now. This would be a great time to take advantage of it, but the probate will be done very soon, title in my name, no FHA.

Especially since the market has picked up, there is significant equity in the inherited condo (as well as increased probate fees based on proerty %) and not a lot left on the mortgage balance. Once the probate is complete I can refinance it and use the refi money as a downpayment on a place to live in. If I refi for a lot though, of course I'll lose that wonderful cashflow. On the other hand, I can refi for as much as possible and have enough to put down on a place to live AND another investment property or maybe even two, so I could potentially regain that rental cashflow.

How can I leverage this situation to my best advantage in order to buy a SFH to live in, and still retain (or increase!) rental cashflow, without being "house poor" and broke without cash?

- Should I really try to stall the probate now to try to get FHA benefits?

- Should I just forget FHA, finish the probate into my name, refi the condo, and move forward with the typical big 20% down payment, lose some rental cashflow from the inherited condo due to refi, and look for new income properties to invest in?

I know my questions are very general and hard to answer without doing the math. just want to buy a place to live as smart as possible, keep/grow cashflow income, and have comfortable security without overcomplicating things or taking big risks.

Any advice is greatly appreciated.

Thread resurrection! Fast forward almost a year and I did end up getting a great new job, moving out of the condo and getting a rental to live in closer to the new job. After 8 months and a lot of money (to long!) the renovations on my condo are done. I made a lot of mistakes and took much longer than i should have, wasting money on mortgage on the empty place during slow renovations plus rent where I've been living and a lot on moving and of course the renovations themselves but it's finally up for rent and by November I should be making $1k/mo profit on it.

After paying an attorney to finish my probate most of my cash will be gone, but I will be getting good cash flow, and property values have gone up. I have about $350k in equity in the condo and need to refinance it to get a $80-100k downpayment for a home to live in. That should leave me with another $200k in equity I can invest elsewhere. Of course I lose the cashflow form the condo when I refi, but hopefully I can find other investment rental properties to get even more/month than this place.

The CA real estate market is especially high now, and I'm mostly interested in acquiring more rentals that are under $400k. For foreclosures or lower priced investments, I should probably look out of state. Basically I want the max cashflow I can get for $200k. If Ican get $2000/mo cashflow, I'll be on my way to eventual wealth.

Or do you think I should try to raise more capital first? I'm extremely busy these days with my job and don't have a lot of time to spend fixing and flipping, nor any experience, but if there are good opportunities for me I'd be interested.

What would you do?