All Forum Posts by: David Sanchez

Jaren Barnes , Congrats man! Haven't met you yet, but maybe soon at a local meetup. I'll shoot you a question or two about the mobile app once you get settled in. Cheers! -David Sanchez

@Joe Buccelli ,

Are you looking for the actual lease agreement between you and the tenant(s)? Or are you looking for formulas and comps to know what to rent the unit for?

Both I'm sure can be found on BP using the search function; however, as I'm sure most will tell you: Do yourself a favor and hire an attorney to draft or at least look over and edit a lease agreement to ensure it does what you want it to do. As I'm sure you know, state to state difference vary greatly, and we're fortunate enough to live in the great state of California, but it happens to be one of the worst for landlords.

-David Sanchez

Hi @Sandy Magnus ,

Welcome to BP (you're a whole 2-3 weeks newer than me...) I'm up the hill from you in Clayton, so it's nice to see another local face on BP!

I've been to one of the events @J. Martin put on last month and it was great meeting other folks doing similar things as me, along with folks doing other things too.

Hope you enjoy yourself here, and if there is anything I can do to help, give me a shout!

-David Sanchez

@Joe Buccelli ,

Welcome! I won't repeat the same stuff to do to get started, as it's already been said. I will tell you this site has a lot of great info if you put in some time. Also, there are even more great folks who are actually willing to help, without charging you anything (a rarity these days).

Glad to hear about you becoming a landlord, congrats! Big step huh? When you get it all leased out, make sure to post some of your deal details so others can analyze your deal and learn from it, as well as give you advice for future deals.

Good luck with all your investments, and if you need anything, don't hesitate to ask!

-David Sanchez

(from the East Bay Area)

Best gift is loyally using their money over and over with successful deals. Other than that, depends on the investor. Bottle of Dom or a nice wine? Newest tech gadget? Referral? Good luck! David

Originally posted by @John D.:

Just happened on this post, and I happen to be in SF. Excited to meet some of you.

In / Out of State? I invest CA in Nevada, Yuba, and Placer counties (2-3 hours from SF)

Strategy? I am buying single family residences on acreage, as well as acreage, and renting these properties. I target $1500+ per month in rent for every $100k+ in purchase price, and am often doing better then that.

Type of properties? Singe-family homes on 2+ acres in Nevada, Yuba and Placer counties. My tenants prefer 10-20+ acres ideally.

Looking for? I am looking for wholesalers. Also hard-money lenders.

Can offer / knowledgeable about? Well capitalized and aggressively purchasing.

$1500 in rent for every $100k purchase? Damn, let's chat tonight man! :-)

What do tenants do with so much land? Livestock?

See you later,

-David

Did she have your permission to put them in originally? Did she use a pro to install them? Does she have the old fixtures still? Will she hire a licensed electrician to reinstall old fixtures back (so your house doesn't burn down when she does it improperly)? If she's willing to hire someone to put the old fixtures back, why worry about it. Not worth your time, like you said, it was out of her pocket. Now, if she doesn't have the old fixtures or doesn't want to hire someone to install them properly, different story all together. Best of luck! -David

Hi Peggy,

Welcome to BP! As I'm sure you know, there is a wealth of information to be had here from BP as well as other members.

Make sure to setup a few keywords like Tulsa, OK, Oklahoma, etc and you'll get an alert every time someone mentions those words. Also, there are quite a few podcasts with valuable info for buy/hold strategies and creative financing for such.

Feel free to ask lots of questions before you get started. Tell us a little bit more about what you are hoping to accomplish, and what types of properties you are looking to buy!

Good luck with all your investments!

-David Sanchez

Hey @Dean E. ,

So here's my take on what you said:

Although it would be awesome to buy the place you currently rent, it's almost always not worth it. You have emotion in the game already. I'm in Northern California so I feel your pain as far as costs go compared to the rest of the nation.

What I really don't understand is why you are adamant (don't get me wrong, plenty of people are!) of putting 20% down. You said the monthly payments are too high otherwise.. But then I'd say you're probably not in the price range you should be, or are looking at this the wrong way (no offense).

If you have closet to 116k to put as a 20% down payment, then surely you can understand buying a place at that value with as little as 3.5% down via FHA loan ($20.3k), and leaving the extra $95k plus in your bank account or wherever it happens to currently reside. That $95k will surely help you make the extra few hundred dollar payment for a longtime coming. Then, when your property increases in value or you decide that your savings have grown and you are ready to refi with 20% down on the appraised value, you can get rid of the MI (Mortgage Insurance) and get into a conventional 30 year if that's what you want.

There ARE other options for you to look at, think outside the box and ask here, I would NOT tie up 20% if I were in your shoes. Also, I don't know that I would pay $580k for your current house unless it was worth a decent amount more than that. Just my 2 cents, hopefully at least one thing I said strikes a nerve for you!

Good luck with this and any future investment Dean!

-David

Hey @Arthur A. ,

Welcome to BP and for posting your first post! Not sure if you're brand new or have been lurking around for a while.

However, first off, you're in awesome shape for your age man, so congrats on that! As I began reading your thread I was thinking of ways to invest your money into real estate, whether it be SFH, MF, etc. Then I got the vibe that you didn't really care to do that based on the amount of work and you just wanted to diversify as you said.

That being said, if you are looking for a passive income with almost zero work, it seems to me you'd be best off working as a private lender or Hard Money Lender (HML). As your savings grow, it will be easier and easier for you to loan your money to other investor wishing to fix/flip or buy/hold/wholesale, etc. Depending on how you play your cards and how much cash you have to offer, I would imagine you'd be able to get at LEAST a 10% return per year if your money was always being used. Much more than your 3% on blue chips, but also a different scenario that requires it's own research and due diligence.

I'm somewhat confident you already knew this, but let us know if we can pinpoint something for you a bit more particular. Again, congrats on begin super-self-sufficient! Your rent rocks! Have you considered buying a place for yourself yet? Multiple benefits including tax write off, appreciation, etc. Says the guy to the CPA.... anyways, good luck, let us know what you're thinking!

-David