All Forum Posts by: Christopher Ciero

I got lucky to buy this house when the market was at a low around 2009/2010 in the central valley California. The rent is 2400. I am in the process of Cash out Refi, and will use that to purchase another 1-2 properties to hold as well. Originally I put about 40K in to the property for HVAC and a complete remodel as it was in poor condition.  I recently put about 20k into the property for paint and floors and some clean up as it was nearly 10 years old. @Dave Spooner I have not sold it, but an identical replica of the house ( this is a tract home) sold last month for 535K in worse conditions. 

Investment Info:

Single-family residence fix & flip investment in Manteca.

Purchase price: $175,000
Sale price: $525,000

Purchased Low in a bad market for 175K and holding for cash flow now.

Depending on your locations House Hacking can be super viable option. Especially as firs time home buyers, It is super smart to start this at a young age. Your biggest hurdle at that age will be building credit, and finding financing for your deal. I would suggest you find a property and ask for some downpayment assistance from parents etc.... to fund the deal. Look into First time home buying options in your county/state and see what is available. If you can afford get as many units as you can, there is typically more cashflow with 4 units as opposed to 2. After 4 units you start to get into commercial loans and financing, once you live there for two years cash out refi and move onto the next  one. Assuming you are cashflow positive or neutral in your first purchase. 

Which town are you talking about? I may be interested in going in with you on this deal. I have about 300K Cash ready to invest.  I also know a solid lender in San Fran that would help us out. 

I would suggest 

Joint Tenancy or tenants with right of survivorship. This allows you to avoid probate and have the interest passed down to you in case of death. It is probably the simplest way in CA to handle the transaction.  

I work for the State of CA in all of there property Acquisitions, it is a very common method to pass on the right of Survivorship without probate. 

1/3 Mother in law ; 1/3 You; 1/3 Your Spouse

This would account for any deaths in the family and pass right to the surviving owners. 

Hello, 

I currently Own a Property in the central valley California.  Valued at 525K.  I have a 100K Heloc on the property.( No other debt on the property besides that)  I am thinking about doing a cash out refi, and then move forward with the finding a property. However I am in a tricky situation. My mother lives there, and cannot pay the mortgage it is technically my home as well, but I pay rent in the bay area. If I did the refi I would need to use some of the cash to pay the mortgage off slowly, which in my mind seems like a bad choice?  I am able to get about 270K Cash in pocket and think that I could probably turn that into more with this strategy, but am not really sure if it is worth. In two years my Mother will be 55 and I will move her into an old folks community, the house will rent out for about $2400 and total cashflow will be about $250 after cap ex, and expenses.  Does this seem like a solid plan? Or should I just wait the two years until I can cashflow the property?