All Forum Posts by: Davin Thrasher

Hello,

I've got a 1676 sf, 4/2 that is stripped down and needs a full remodel for retail sale. Anyone have any recommendations or are GC's that want to come take a look tomorrow (Friday June 17th, or Saturday June 18th)? I live in Northern California, and am only out there this weekend, would like to make some connections. Any advice, support, recommendations would be greatly appreciated!

Thanks,

Davin

@Nate Ollie So what did it sell for? I'm curious to hear other feedback you've gotten offline or any updates to your original post. 

Thanks for sharing!

Thomas Franklin Great information! As a new investor interesting in getting into multifamily rentals, these are valuable insights that will help me make more reserved and thoughtful decisions! Thanks!

Hello All,

I'm interested in buying a 2+ unit home to live in and rent out the other unit in the next 3-6 months in my area, Sonoma County, CA. I see this as a long term buy and hold property, and something I will likely only live in for another 18-24 months before moving elsewhere and renting out my unit.

 I'm curious if anyone else is doing this, has done it, and has any thoughts to share. In particular, some of my questions are:

1) Preferences or pros & cons to finding a place with existing tenants vs empty and needing renovation to have tenants move in (including myself). I have a tolerance for renovations, but would prefer something that has the least cost to move in to. Understandably, there will be a balance to be reached between buying a property below retail that is decent enough to move into, vs buying a property well below retail that needs some medium to major renovations.

2) Using rental income for loan approval. I understand FHA loans allow up to 75% of rental income to count towards personal income as long as the unit is rented, but I'm curious what other options or outcomes are there if its not an FHA loan, or the tenants are not in there, and in particular, curious if anyone in Sonoma County has dealt with this and can recommend a mortgage company that is flexible with this.

3) This would be my first multi-family property and I'd like to know any particular issues to try to avoid if anyone has an experience with problems or challenges with their first multi-family in the first year or two.

4) Lastly, any thoughts on market corrections on the near horizon? Should I wait a year to see what happens or get in now if I can get a hilariously good deal.

Thanks ya'll!

Davin

Hello @ Rich P.

and thank you @Chris Mason for the mention. 

What's your situation and how can a structural engineer help? Feel free to PM if that's better for you. 

Davin

Hello Chris M. Structural engineers are always good to have around, as long as you can pay the fees! Jk.. To be clear, I am not licensed (but hope to be by the end of the year), but I work for a licensed SE with over 30 years experience on just about everything from decks and stairs, room additions, new construction, to large industrial projects. We do small and large jobs (though small to medium residential remodels and repairs are our bread and butter). We can definitely help with design, consultation, and permitting for the structural work associated with 203k loans. We also do inspections. If you've got a specific project you're working on and need help, send me a message so I don't sound like I'm pushing the limits of self promotion in an introductory post!

Hello Christine,

Thank you for introducing yourself. I actually live in Sebastopol, like yourself. Besides local real estate investing interests, I'm also looking to purchase a home as a primary residence in the area in in the next couple months, so definitely keep me on your list if you come across something that needs work and looks like a good deal, I've got skills with spreadsheets and a hammer! 

 I also noticed you're connected with @Carol Venolia I remember learning from her years ago when she was teaching about Natural Building at New College. Great to see she's still in the area and involved in real estate as well. Would love to chat with you offline about what you're working on and how we might be able to help each other with our common goals. 

Hello Jo-Ann, Thank you as well. I read your profile and see that you've provided hard money loans in the past. My girlfriend's family is in Orange County and I know of a few real estate investors in the area that could perhaps benefit from your services. I'll be in touch if something comes up.

Hello Ryan, Thank you for reaching out and your suggestions. I've joined the Rohnert Park meet up and am looking forward to the next networking event coming up. Would also like to buy you a cup of coffee (or other beverage of choice) and hear about what you've been up to in Sonoma county real estate.

Hello Morgan,

I am new to Bigger Pockets as well and relatively new to real estate investing. I have a lot of connections in the OC area, and though I live in Sonoma County, and interested in helping others, and learning along the way. I like the strategy you're working on, and would like to know more and see if I can help in someway. Thanks!

Davin