All Forum Posts by: Anthony P.

do you have to be a member or pay any dues to go and meet with the Fresno Deal Seekers meetings?

@Nicolejones yes you're very right there are plenty of multifamily and sfr that would be great rentals, in some pockets.  But I refer to this only because there are several properties for sale south of Shaw that I would not take for free(maybe slight exaggeration).  At any given time you can check the mls and 9/10 properties south of Shaw are not worth buying.  And again you're right about our choice because we are owner occupying the home.  All that to say, I'm being careful anywhere in Fresno.  There are shootings weekly in Pinedale (north of Shaw) the same as Fairmont/Holt (south of Shaw).

Brandon Turners No (low) money down investing book has all the info on loans. It lacks info on the VA loan. If that's an option let me know I have good info on that as I have used it once and I am using again in the near future for multifam home.

http://www.amazon.com/Book-Investing-Real-Estate-Money/dp/0990711714/ref=sr_1_1?ie=UTF8&qid=1462633766&sr=8-1&keywords=Low+no+money+down

*NOT ideal for income

Jay Orlauski it's a thriplex and yes we accounted for vacancy, cap ex, and maint/repair.  I ran with 5% across the board.  I understand it's ideal for income but it's a start and in the area it is, I don't see it having a problem keeping tenants.  

If you don't mind me asking, how many properties do you own in Fresno and what's your take on the current market here?  I really do not want to start investing south of Shaw but I'm curious how bad it really is.  Reason I ask is because all I see at work is the bad in the world especially in south Fresno.  Would you suggest sfr here instead of house hacking? And of course I will keep BP update with any deal I end up with.  Thank you for responding.

thank you for that, I appreciate your input.  I am ready to walk away if necessary.  I want to make money not a home. 

@jakethomas yes, the property started out 2 months ago around 550k.  I've ran the numbers correctly rent is around 3400/mo and expenses are 3158/mo.  CA. Is a tough market and I'm just breaking into real estate investment.  I need to keep my day job for now and have a well paid job in fresno CA.  This property, though it's not lucrative will be a good start because we have to owner occupy for a year.  And the area where it is located will not decrease in value as it is an B+ To -A neighborhood that's kept its value over the years.  And lastly if I had more cash on hand to invest I probably wouldn't buy in CA at all but I'm using some of the financing techniques I've learned on BP and you have to start some where.  Thanks for your input.

Hello All!

Im working on my first deal as an investor. I'm in the Fresno/Clovis California Market so you know it can be rough. We are using the VA loan and have a cap of $417K. We found a multifamily in a good part of town and the listing price is around $500K. Running the numbers at the asking price makes this deal not so much of a deal. So I ran the numbers from my limit to the asking price and have found the a sale price of $427K earns us approx. $246 cash flow & 13% CoC ROI. For every $10K I increase the purchase price I lose a few % on the CoC ROI and around -$40 cash flow. There are not many comps to work off in the area but the most recent (Last month) a similar property sold for $450K. So I understand I haven't given all the specifics but all that to say, my question is....

Is it alright to offer a low ball figure?  Am I going to tarnish my name already if I do so?  Or should I even care/worry? Any suggestions would be appreciated.  Also I have really thick skin, so any criticism will not hurt my feelings its business.

Thanks in advance!

David are you buying in C or lower neighborhoods? I want to buy a multifamily to live in. And I agree local would be better.  Its probably just wishful thinking to hope for a house in a A B neighborhood and expect a low price.  

Let me give you an example of the dilemma ... there are 2 properties on El Paso in Fresno.  Great location, close to river park.  Except, that small pocket of apartments are gross and the police calls for service there are many.  The prices were listed at $499k and $550k.  These were 4-plex apartments.  Obviously you can't analyze just by the price but the rent in that area is low.  $800-900 a door.  Looking $3200-3400/mo rental income and a $2600-3000 mortgage just doesn't add up.  We could low ball an offer but I'm not sure what is customary.  What do you guys think?