All Forum Posts by: Chris Vail

@Jessica SorensenGlad to hear you got the property and have the startings of a plan. Some helpful information for you from some very recent experience on the ReFi hoops. If you plan on keeping the house ReFi at least a year out from when you plan to buy your next property if you are planning to do the same thing again (another Owner Occupy). Large conventional banks are not excited to give you a new primary loan if you just refinanced your current primary. We found this out recently and had to change course to refi our current primary as an investment (higher interest rate and smaller LTV) instead of a primary. The "no new primary loan after a recent primary refi" rule is a Fannie/Freddie red flag and they generally like to see 1 year between them. And since most large banks sell their loans to Fannie and Freddie they will conform to them.

Good luck with the live in flip and keep us posted.

@Chris Musicwith the little information you provided, if I was to put an offer in on a 3/1 at such a small size with only one bathroom it would be in the 120k range maybe pushed to 130k depending on condition of the property. 

@Eric JohnstonThere is a great meetup planned for this weekend check out @Al Williamsonfor more details on the event.

@John Choiwelcome to the site, lots of information and learning opportunities await.

@Kevin P.Sacramento is a fairly hot Investors market right now.  This doesn't mean that there aren't deals to be had however I would say that if the property has been on the market for 5 months and has not been snatched up at this point from an investor I would raise a red flag and try to figure out why someone has not purchased it yet.  It also looks like the original asking price was 499,000 back in September so if they recently dropped the price they may be looking for more action.  I also see two other buildings in the same complex pending at 330k and 340k and another one that has just come on the market at 330k.  So this could be someone looking to get out of the area and just looking to liquidate or there could be an underlying problem in this complex.   

Welcome to the site @Sandra Silva

@Jorge Soto I received the packet in the mail that had what day the inspection was going to be, what was to be inspected, and any forms I might need to have filled out at the inspection.  I called and requested a smaller time frame (the letter had a 4 hour window) and received a 2 hour window on the phone.  The day of the inspection I received a phone call in the morning by the inspector and was given a one hour window.  

@Cristina Ruffini https://www.biggerpockets.com/forums/517/topics/269575-3-bp-podcast-guests-in-1-room-your-opportunity?highlight_post=1759451&page=1#p1759451

@Al Williamson Ticket purchased and ready to rock. 

Link was removed from your post up above so posting a few questions here:

These are geared toward you and Brian.

• Where is Sacramento in regards to investment rentals (SFH, Multi, Large Multi) vs the surrounding areas (within a 1-2 hour drive)?
• Where do you see the Sacramento area headed in the next year? Five years?
• If you were starting to invest in real estate today (knowing what you know) and wanted to stay in this region what would you do and why?

This is geared towards Ben:

• As an out of state investor would you invest in California?
  • If so where and why?
  • If not, where would you look to invest instead and why?

For all three:

• Over all of your years of investing what has been the experience that has taught you the most about real estate investing and your own limits?
  • Would you recommend this same experience to other investors or knowing what you know now would there be a better experience to pursue?

@Derek Daun, @Jorge Soto

To follow up, I had my inspection on Friday, got a call form the inspector in the morning with a  one hour window.  Inspector got their with in the first 10 minutes of that window.  The inspector was friendly and up beat.  The inspection was done in about 15-20 minutes and went over exactly what they mail to you before hand.  The saddest part of the experience was that the inspector told me I was the first one that she had passed so far for her day.  This makes me sad because the inspection covers the bare necessitates of what constitutes a safe house, and they tell you exactly what is going to be inspected before hand.  Which means if you fail the inspection you did not care enough to make sure the home you are providing meets basic safety standards, and you thought some how it would not get caught.  Which also means as a landlord you are okay with providing sub-par housing in my opinion.