All Forum Posts by: Raman Bindlish

@Clarence Johnson

I am not planning to stay in this place and hence I do not think FHA is an option. It is an investment property and both sides occupied by tenants.

Insurance is worst case number, I am yet to understand how insurance is structured for investment properties. I do hope I can get it at much lower rate with decent liability coverage

All, 

I am in contract for my first investment in a duplex (it was an offer subject to inspection). Looking for quick analysis and advice. I want to know views from experienced folks if I am making a gross mistake. 

Purchase price - 330k with 5k closing credit

25% down at 4.375% 30 years fixed

Taxes - 4,500 per year

Insurance - need to figure out (hopefully within 2k per year) - any advice? 

Current rent - $1100 each ($2200 total)

My analysis is that it is barely cash flowing but the rents are below market rate. My target is to get the rents to 1300 at least fairly quickly. And after some rehab, around 1500 each side as potential for rent is high in that neighborhood. 

Inspection is scheduled in next 48 hours and I am hoping it is not too trashed as families are living there. 

Look forward to advice on whether it is a decent enough deal and what should I look for before going too far into it. 

Raman

Hi all,

I am planning to enter into a partnership with one of my friends. We are considering 50/50 on money but we are trying to find out a way so that one person (who has better chances of getting good loan terms) to finance the deal. How can we define the partnership so that only one person takes the mortgage but both are equal partners (down payment, other costs and profits - all 50/50),

-Raman

@Abhay I have already atended the meetups couple of times. I think we talked as well on some topics. Good to see you here.

@jake Thanks for the tips

@Matt Shamus I would love to connect and hear more about Stockton properties and ideas. I am interesting in Stockton as my early research indicates similar numbers as the story you posted. I am still trying to crunch the numbers for some potential deals. The biggest missing piece for me right now is to correctly estimate rehab cost.

Thanks for all the replies. I am already feeling stupid that I waited so long before posting.

@David Hays I am from south bay. I am looking to start with a smaller budget, so looking in Sacramento, Stockton area. I want to go bigger when I have more experience. Any other ideas are welcome. 

Hi All,

I am a new investor from CA Bay area. Looking for investing in Sacramento/Stockton area. I have been reading forums, listening to podcasts and now I am ready to take the plunge and start learning by doing things. My plan is to look into positive cash flow condos in Sacramento to start with. Also, I am considering duplexes in Stockton area.

I am also looking for potential rehab partner who can help as I have no experience in that area.

Thanks,

Raman

I am new in property investing and trying to just learn from observations and researching a little bit. I was looking at a Foreclosure property on Auctions.com. This place went on sale in February and Zillow shows the history as "Pending Sale" and "Back in Market" the very next day. All the time, it is bid at starting bid itself. Is it someone bidding and not paying?