All Forum Posts by: Account Closed

Thank you for the info @Linda Dalton and @Jonathan Bigelow

@Linda Dalton how has your experience been with Roofstock now that you are a few months into the deal?

Nice to meet you @Brandon Kelly.  How has your experience with Roofstock been so far?

California resident here looking to buy and hold first property out of state. It sounds like I should open my LLC here in CA and register to operate in the other state, since I have to pay the fee in CA anyway. Am I understanding this correctly?

Wow, okay thank you @Chris Mason.  So the assessed value on the county site is strictly for estimating taxes and does not accurately reflect the actual value of the home then!  In order to get that information, I would have to have an appraisal done.  I was thinking assessment = appraisal, but a quick google search shows me that these are two different things.  :)  Since the Bay Area market is so competitive, I know that appraisals are often done by the seller in advance to speed the process.  How does one get their hands on this info?

@Christin Knight I did notice that the posts were 8 years old, but it was the only information I had at the moment and I did not know that the company had gone through so much change in that time frame.  Thank you for clearing that up for me.  I wanted to go to the event, but I work down on the peninsula and it is often a challenge to make it to downtown SF during rush hour traffic.  I will keep an eye on the Meetup where I saw the event posted initially in case there is going to be another one.

Thank you everyone!  That is very helpful.  Another question: I've been playing around with the BP Rental Property calculator and reading up on every element in the form.  I picked a house that I had actually seen during an open house just to practice doing the calculations.  I checked the county website for the net assessed value and found it was $183k, but the asking price for the home is $299k.  Why is there such a wide discrepancy?  The house is in Sacramento.  It is a pricier area of the country but nowhere near as competitive as San Francisco where I live.  I would think that the county assessor's values would be fairly near the asking price or higher, since I have heard that realtors in my area price very low to get more people interested which drives up the offers.

I know there are a lot of hidden costs in buying a home to live in and even more when buying an investment property.  I am trying to figure out how much I can afford without taking on too much risk.  I'm planning on a 20% down payment, I know there are closing costs of some amount, rehab/repair costs, plus there needs to be reserves to cover vacancies.  There are probably other costs too.  I already have a resource for figuring out how much to set aside from each rent check to cover additional repairs, vacancies and taxes after the initial purchase.  Can someone point me in the direction of a resource for estimating the up front costs?  Then I will know what my price point is.  I am planning on a buy and hold strategy of either a condo or a single family home. 

It seems like there are mixed reviews on Marshall Reddick.  I am a brand new investor looking to buy my first property this spring.  I see he has some free seminars for beginners coming up in the Bay Area over the coming weeks.  I was thinking of going strictly to network with other investors, not for any services they are promoting.  I am doing my own research and am not interested in relying on any gurus to teach me the ways.  Do you think that there would be harm in this?  https://www.marshallreddick.com/event/d1861cf1-e924-d86b-4f75-57a4c7a8d1ce