All Forum Posts by: Brandon I Garcia

Thank you! I will definitely reach out with anymore questions. I'll get to looking here shortly!

I accidentally took a wrong turn earlier this morning and saw a house... yard was a bit high, no curtains so you could see right through, looked empty. I checked on my county's CAD and the address of the owners is listed as the same as the house. Clearly noone lives there though. 

Any recommendations on maybe finding the owner's actual information to further reach out? 

Appreciate the advice Bob! I just recently became a PRO member so I was trying to do some analysis's on properties. Will take a look at the link you sent. 

Thank you!!

Probably already been asked... but how do you guys compare comps? Is it always best to reach out to a realtor you use or is there a website / public information to see sales in the area?

TIA

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $277,000

House Hacking

What made you interested in investing in this type of deal?

Living with a lower rent payment while paying down debt

How did you find this deal and how did you negotiate it?

MLS with realtor's help

How did you finance this deal?

Personal savings

How did you add value to the deal?

Fixed fences, updated lights, small maintenance issues

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Carina Veale

I'd agree Sam, sometimes the area will have to be slightly adaptable and not necessarily somewhere you'd pick in your first choice. I'm actually currently trying to house hack. It would be in a 4-plex. The estimated payment I got was around 2140. The other 3 units cover 1950. This leaves about $200 i'd have to pay outta pocket for the monthly payment. However, I have a roommate in mind who i'd split the average rent with thus having me cash flow a small amount with very little of a monthly payment. Look at a few properties and have whoever your lender is run some scenarios. I actually got a more expensive 4-plex i'm looking at that is only slightly more expensive than another that was priced at 250. The one I am looking at is 300. The interest rate has a huge factor in the payment amount.

Hope this helps!

Brandon Garcia, CPA 

I was thinking because the seller was in communication with the appraiser. We were waiting on the report to come back from him... he fell off the planet essentially and didn't answer any form of communication. My guess is seller told him to go cold turkey and avoid getting the report for me/the lender?

More recently I had a great deal... it would've been my first. Had it all under contract and was only waiting on the appraiser report from someone that was through the lender (should have been a independent person). This appraiser goes MIA for a week (the weekend we were supposed to close and contract was up) wasn't answering phone calls, texts, emails, etc. Few days later, seller says he isn't extending and that the price is increasing (30K higher). Yeah I messed up on that deal... I was slow to give documentation and just always thought "he'd extend". Unfortunately he didn't but something was very fishy about the situation. I'm lead to believe the seller and that appraiser should've had no contract with regards to what it ended up appraising at... if I suspect something was up? Should I get a lawyer involved? Think it's worth to purse? 

Thank you! Have you ever also had to deal with not being able to look inside prior to an offer being accepted? That is one of the stipulations for the property i'm currently interested in. 

I apologize definitely left that part out. It's a multi-family. 4-plex