All Forum Posts by: Account Closed

@Nick Cucci Depending on the tenants' voucher, you are guaranteed to get paid a portion or a full rent amount. That part is nice :)

@Colin Hudson All of the 5 points sound like pretty big undertakings.

I think the bigger concern is the fact that some of the units are illegal, which will make it very difficult to get a loan. You should speak with your agent and lender to see if you should even be looking at properties with illegal units. One option would be to convert those units to "storage" by removing the kitchens, etc. But once you remove a unit, your loan amount will decrease, which will probably result in you not being able to purchase the property anyway.

Sounds like a can of worms IMHO. Good luck!

@Niko Cummings Depends on your plan, which will dictate the kind of loan you get.

What do you mean by "flipping a rental property"? Are you going to buy, rehab, and sell (i.e. not using the property as a primary residence and putting down 20-25%)?

If you are planning on living the in the property, you can get an FHA 203K loan that allows you to have the cost of repairs be rolled into your mortgage.

@Cat Woodman Did you try looking outside of Marin county? Martinez and Benicia both have really good schools. Last time I looked, you could easily get a duplex for around $550K in Martinez.

@Matt Frost I found an MFR I was interested in and called the listing agent directly. He submitted an offer for me. We started to talk and while I didn't get that house, I did get a great agent out of this.

@Scott Grover We bought a house with section 8 tenants. It was pretty easy to change the payment from previous landlord to us. The only thing we needed to show to HUD was a grant deed to prove that we are the new owners.

Fantastic! Congratulations!

@Anthony Musacchio I'd ask your agent to contact the listing agent and arrange a showing. This way it's clear that you have your own agent. I've done that when my agent was out of town. Shouldn't be a problem.

@Brian Kimminau Great idea! Thanks for sharing!

@Noah Scott I prefer smaller meetups, where I can get to know people better. I'd say to start with an informal, small gathering, see what the participants are interested in, and then plan the next one based off of their feedback. If you can tailor the content to the group's interest, then you're off to a great start. Good luck!