All Forum Posts by: Ben Tilbury

@Micah Canales where are you house hacking? What are the details of the deal and what’s your end goal?

@Ryan Harvel I see you're from Paso, I'm a local agent down here in SLO. I'm definitely still investing throughout SLO County and other areas in CA. If you find any deals here locally please reach out to me and I'll look at your numbers and possibly be your buyer if you have anything that works for a flip or a multifamily. We also wholesale, flip & buy and hold just depends on the deal. Or if you need to JV a deal and need help with contracts and negotiations and underwriting then let me know. I'm here to help and love networking with other local BP members.

@Yue Lehman did you buy the home in CA with your brother as “owner occupied?” How much did you put down on it and how long exactly have you owned it?

A conventional owner occupied home loan requires a minimum of 12 months of owner occupancy. There can be insinuating circumstances that can justify not occupying the property such as a job transfer or a life changing circumstance, but technically the bank requires you to occupy it when you say you’re getting an owner occupied loan.

The same will go for your property in Texas. If you have the 20% down you should buy owner occupied and then you should get a lower rate. Live in it for the required amount of time (12months) normally, and then rent it out. There are lots of variables but that’s the most simplistic. Also if you’re buying owner occupied you can always put less down like 5-15% to leverage your money better if the cash flow still makes sense from the rents down the road. Then you’ll have the additional funds to do the same thing again next year and again and again. as you build your portfolio.

@Alex Kovalenko It’s important to learn how to spot Red Flags when you become a landlord. Everything you’ve stated could be a red flag, if a tenant can’t follow simple guidelines as to how to apply and fill out the rental application and background check then they should not be considered as a potential tenant. It’s as simple as that and don’t go back on your standards and operating/management procedures. I would also consider someone who refuses to do something simple I request of them as difficult to deal with and I wouldn’t want that person as a tenant, let alone if they can’t provide references or proof of income. Save yourself a hassle down the road and find another tenant. Or ask him for his ex wife’s number and contact her as a reference...😂

I’ve got a land entitlement project in the works for a 900 single family residential development on the Central Coast in California. Looking to network with developers, builders and investors. Look forward to masterminding and discussing equity raises, over coming obstacles, deal structures, contracts, past projects, and future goals. Drop a line and let’s connect.

@Daniel Nobbs

Is the 9+ acres vacant or does it have a home on it? Also be weary of location as the values of land vary greatly here throughout Slo county. Also if the land doesn’t have utilities and a well then it’s less valuable and less desirable. I’d love to hear more about the deal or if you have anything else in the pipeline let me know. Best of luck!

@Charles W. I'm actually a realtor here on the Central Coast and I would not recommend purchasing a lot in Cambria with the expectations of building unless you're willing to buy a water permit which are hard to come by and usually can run upwards of $150-200k. Even if you have a water permit that doesn't guarantee you'll be allowed to even build, this is a no growth community intent on keeping it small knit and keeping developers out. You'll have to deal with the county, the coastal commission and various other agencies. While I'm not saying it will be impossible to build in the future it is very unlikely to happen anytime in the next 10 years...so many people have the same idea and have held onto these lots only to have their hopes and dreams lost and they end up selling. The county will not give you access to the sewer for a small ADU or Granny unit unless you have a water permit so it's a catch 22. Take your $50K and put it towards a down payment on a rental home.

@Elmer Bonilla Good morning, what area will you be moving from? The markets you mentioned are more affordable than the San Luis Obispo market so you should be able to cash flow or at least break even depending how you finance the property. You’re probably looking at that $400-550 range if you want a large home or small multifamily down there. Have you got preapproved or spoken to a lender yet? Also depending on what location you buy in just run your numbers conservatively per room. So look at rooms for rent for comps and base your numbers on that. I’d say most rooms could rent from anywhere from $500-700 down there depending on how nice the property is and the location.

@Calvin Chan Hey Calvin, what area was this in? Sounds like it could be around Laguna Lake area? How many sqft?

@Darryl I. Your best bet is either a property management company or reach out to Jessica Bass with Acacia Creek Staging company and she may be able to help, she can do the interior design and sell you all the furniture and she’s pretty reasonably priced or you can give her a price range to go on. Shoot me a message and I can give her email to you