All Forum Posts by: Auryana Faramarzi

@Drew Sygit yes that would mortgage fraud and that is not what I would be doing. I have sent you a private message for clarification. 

Hi there! I'm also a newbie investor. I began looking out of state (Phoenix, Houston, etc). I realized that if I bought in state, I would get a lot more tax deductions as I would be obtaining a primary residence loan. When you purchase out of state, you don't get the same sizable tax breaks. Just something to keep in mind. After speaking to a few investors themselves, they recommended I look for property in CA and then begin investing out of state. If you're able to invest in state, then I would suggest that! 

@Anna A. how has your experience been with STR in Big Bear? I've been considering purchasing SFT for that purpose but I know there was some hesitation from the community up there to keep Airbnb/STR.

@Thomas Brett Gilbert @Darius Ogloza @NA NA @Lee Hampton @John Morgan @Joe Villeneuve @Nicholas L. @Brendan Miller @Quinn Olivarez @Henry Lazerow @Jay Hinrichs @Ray Danishyar @Chris Sabanos @Caroline Gerardo @Victor S. @Ryan Kelly

I wanted to thank each and every one of you who gave me your input in this situation. I've decided NOT to move forward as I think that this is an "okay" deal and not the best I could find. Some other factors such as changes in my loan have also contributed to this my decision. But your opinions also played a large role in my decision as well. Thank you all again for your help. This is an amazing community!

@NA NA Agreed, definitely see better tax rates in this area. I also looked at homes in Katy/Cypress where avg was 2.9%...

I'm not sure I can squeeze more cash flow currently, unless rents were to go up in a couple years.

@Darius Ogloza My long term vision to hold this property 15+ years. From what I see on Zillow, rents increase a couple hundred every 3-4 years. And I agree with you in terms of better return on investment, I think I'm only considering it bc I would be building equity. I appreciate your input! 

@Thomas Brett Gilbert Definitely agree that the area is great, would probably get a good tenant pool of working professionals. Unfortunately, I don't think I can claim residency in TX since my paystubs originate from CA so I wont be getting those tax breaks. Have your friends lived in the area long? Have they seen rent prices increase in the past couple years? Thanks for your help! 

Hi all - first time investor here (well, almost). My offer was accepted for a SFR in Houston (zip code 77007, near Houston Heights). I wanted to share the details with my fellow BP investors and get your opinion on whether I should move forward with the deal or not. This will been my first property purchased. I currently live in CA and this will be out of state investment property. So here are the details...

Details: 3 bedroom, 3 bath SFR listed at $365K - I got it for below asking at $355K. The seller's have also given me credit towards closing of about $5K. Property tax rate is about 2.29% (so I will be double wammied with state and property taxes).

Homeowners insurance is $183/month (includes also Flood Insurance)
Taxes $680/month 
HOA $75/month
Monthly rent ~$2600

I have run the #'s through BP "rental property calculator" and would be cash flowing $75/month (after expenses, vacancy, etc.). This is only a 1-2% CoC situation and obviously not ideal. But in this market, I'm having a hard time finding much that does cashflow.

I'm a young working professional who has been paying rent for years now and my purpose in buying this property is to build equity and get those tax breaks. But a cash flowing property is also a goal of mine. I know HTX has slow appreciation YoY so I am not counting on massive jumps like we're seeing on the West Coast. 

In addition, in this particular zip code, I'm seeing home drop in price which seems like a red flag....

Please let me know what you think of this particular situation, I appreciate all of the wealth of knowledge this community has to offer. (If I left any information out, please let me know!) 

@Austen Mueller thank you for the insight! I'll definitely be looking int PA - have your CA investors had trouble managing them from afar?

@Sean Toomey Heard Memphis is a great investment location, and I know the appreciation has be steady. I had originally looked into Phoenix for SFR but prices have skyrocketed in the suburbs I'd ideally like to buy in.

Hi BP - For those of us who live in CA and cannot afford to invest in-state, we are now looking to invest out of state. And For those who have done so, where would you recommend we look for rental properties? I’d personally like to be somewhat “nearby” my rental property to self-manage but I know that may not be very realistic.

I’ve considered states like AZ and NM - markets are by in both places (as we’re seeing across the country). Positive cash flow is the goal, but I value appreciation just as much.

I’d love to hear people’s experiences, esp those from CA, investing out of state. Thank you all in advance for your help.