All Forum Posts by: Shelby Lunardi

My wife (a CA agent) and I are looking to purchase an out of state new build but we are just starting our journey. I'm currently looking to find good low property tax states and neighborhoods to start. I've began looking in SC as a starter.

I imagine it's encouraged to locate a property management company and ask them questions about average rent in the area along with their price to manage.

We're looking at new builds because we feel better about the purchasing sight unseen aspect. I understand we won't make the most of our ROI without following a BRRR method.

Also, we're looking under the 300k price for the most part. Another reasons we are looking outside of CA.

Looking to also connect with investors or agents in these areas to work with. Thanks in advance!

-Brandon

0 Votes

Originally posted by @Michael Glist:

Originally posted by @Shelby Lunardi:

Originally posted by @Michael Glist:

For a conventional loan you will be looking at a minimum of 20% down typically. There are some programs that do allow less than that down such as HomePath, but those do require that you purchase one of their REO properties. I would suggest talking to a few other lenders to see if you can get it down to 20% or even talk to a few local banks and credit unions and see if they have any investor programs that would be less than 25% down.

Also are you purchasing the property at market value or are you getting it at a discount?

Thank you for the info. It's at market value, but the only property worth the comp is an actual duplex with same square footage. This property is two separate houses on the same parcel.

Do you think that the property would be worth more if you were able to split it into 2 parcels?

If so than I would say look into that as an option to see if you could get it split and purchase it as 2 properties that will have better comps.

Yea that's something we're considering if we can get into it splitting it comps out to around 275k a piece

1 Vote

Originally posted by @Michael Glist:

Also are you purchasing the property at market value or are you getting it at a discount?

Thank you for the info. It's at market value, but the only property worth the comp is an actual duplex with same square footage. This property is two separate houses on the same parcel.

0 Votes

This is my first time posting. I'm hoping to get some good feedback and advice.

My wife and I are looking at a one parcel property in CA. There are two houses in the lot and both are currently rented to long term tenants. One is 9 years section 8 and the other is 20 years. The properties are separated by a fence, but considered a duplex from my understanding.

The property is off market at 375,000. The rent is currently $1,400 and $1,600. Rough calculations out the ROI at approximately $800-$1000.

The property is currently being managed at $96 a door by the owner of the property management company who is also the selling agent (Broker).

My question focuses around loans and down payments. I'm interested in any tips to get a lower down payment.

My wife is an agent and has several lenders she uses. The first one she reached out to suggested 25% down. I'm not sure if this is their requirement. Again this is a non owner occupied.

Any suggestions and tips would be greatly appreciated.

1 Vote

All Forum Posts by: Shelby Lunardi

Shelby Lunardi has started 2 posts and replied 5 times.

Post: New build rental investments

Post: New build rental investments

Post: Advice on 1st investment property loan

Post: Advice on 1st investment property loan

Post: Advice on 1st investment property loan