All Forum Posts by: Albert Belcap

Subject to deals sound very interesting, I'll have to learn more about it, Thanks.

Ok, I'll talk to a lender about getting a copy of a trust deed and note and look over the occupancy section thoroughly, thanks for the input.

As for loan fraud, that's the last thing I want to do so I ask this question here so I can be aware. Now I'm going to look at the contract to be certain.

I work in Irvine, CA in orange county next to a city called Santa Ana. I've seen prices there fall as much as 40% on some condos and would really like to buy one to live in. But I also know 2008/2009 will be a great time for beginner/long-term real estate investors like myself.

So, as a beginner I don't have much capital and can't easily cough up 20% down for a NOO property. Basically, my intentions are to buy a home to live until I find another property that I could move into. It could be 3 months it could be 12 months ore more. It all depends.

I hear I need 25-30% down for a NOO property is that right? What minimum down payment is typical nowadays on OO property? When I bought my first home in '04 I could get into any size house for 0-down, I know times have changed. I sold that house in '05 a year later for $342k now it's worth $250k.

I have a question about owner-occupied financing. If I buy a house with owner-occupied financing, how long should I live in it before I start renting it out without raising any red flags?

My plan is to buy a home to live in for 3-12 months rent it out obtain owner occupied financing on a 2nd home live in it for 3-12 months rent it out, look for a 3rd home and do the same thing again and again.

What challenges do I face obtaining a multiple owner-occupied financing in a short period of time and how I can I overcome them?

thanks for the inside information. My brother-in-law lives in Oceanside and he could give me more insight about decent areas. He could also help me manage the properties if necessary. The hardest part will be finding long-term quality tenants. I never thought about it but you're right that buying in a gated community will be safer.

I'll do some more research and post my findings, thanks.

I would like to eventually provide senior housing but not yet as a beginner. I wouldn't mind student housing if the numbers work out. Oceanside housing is cheaper than in decent parts of LA I just don't know what areas are decent in Oceanside and what's not. Does anybody think Oceanside is a "good" city to invest in?

I would be managing these properties myself. That's the main reason why I want to invest locally. It saves money and I have more control.

I'm a beginning investor from Long Beach and I'm looking for a socal city with a good balance of high cap rate/low vacancy/lots of quality tenants. I'll be researching specific cities for the next 9-18 months (when the market bottoms out?) and buy in the best places for me to invest in.

I'm going for a buy and hold strategy and would like something that's affordable ($200-300k) and has a high cap rate and has a strong rental market with lots of quality tenants.

So far I'm looking at the parts of Santa Ana that border Costa Mesa, Downtown LB, and recently parts of Oceanside. Socal is huge and I would like to know what's out here!

thanks!

i want to start off with out of state duplexes, triplexes or quads for the first 3 or so years. then i would like to start buying apartment complexes or quads locally and eventually trade up to commercial properties and large apartment complexes.

the fountainhead by ayn rand.

mark cuban, the billionaire, recommended this book. it's a bit long but it's great

i'm looking for out of state investment opportunities and plan on buying something in july. I hope this forum helps me find the right property. So far i'm looking at austin, tx as a long-term investment but i'm open to investing in other areas.

at 21 (dec '04) i bought a house in socal with 100% financing that should have never been approved. i was struggling financially so i decided to rent my townhouse to a stripper after only 4 months. i realized the local market (riverside county) needed a major correction so i sold the house after one year (dec '05) for a healthy 20% profit. today, the house is worth the same as when i sold it and i think it's on it's way down.

anyway, i am making twice as much money today as i was then, i've learned a lot about real estate investing from books and personal experience over the years, and i think i'm ready to start my career in real estate investing!