All Forum Posts by: Daniel Jodrey

@Cameron Lambo i would say not necessarily not self sustaining. The reason I am asking is because I have a property I see is interesting and is the first one in a LONG time to come up that is a Duplex in SOCAL that is under $500k and not a complete wreck. My main issue is that i would be looking to put down less then 20% but the PMI would make it so i am not cash flowing. Now i do plan to live in this property so of course the first goal is to supplement my mortgage payments, gain some equity and experience.

I am factoring all expenses and it shows cash flow but not high and COC is 5-6%. This isnt very good but is truly the best numbers i have seen on a duplex in a very long time (this is also going off the assumption they would accept my low offer).

I am ultimately having trouble finding my start in real estate. My ultimate and main goal for first step and first property is to find a Multi Family that i can live in, work on it through the year + that i would be living there, supplement as much of my mortgage as possible from other side rental income, and when i am ready to move out and do it all over again, i will be cash flowing with the second side rented.

@Account Closed i agree, good to hear it from someone else. 

Any thoughts on my above part regarding W2 job income?

Hello BP!

I have been studying BP and investing for several years now and have a pretty good idea of what i want. The issue is actually finding deals where the numbers work and play out.

When analyzing different properties, by not calculating repairs and maintenance costs, cap ex costs, vacancy costs etc. , the numbers will sometimes get me around 12% COC ROI and $300-$450 monthly cash flow.

I still have a sturdy W2 job that brings me about $5k each month. All money i am saving for my W2 i am planning to put toward my real estate goals and dreams and costs. Is this a good thought pattern to have or even logical? Knowing that money im saving from my W2 will be going towards these certain expenses. I imagine these expenses are very important to factor if your sole job is real estate investing and that is your only source of income.

I also am wondering if it is offensive or bad strategy to low ball an offer. For example, if there is a property that is asking $499,000 but i put in an offer for $400k because the numbers work with that, is that a bad move? Could the realtor/owner not be willing to even entertain any further offers if it is too low?

Thank you all!

Daniel

@Danny Hutchinson Hey Danny, thank you for reaching out. I sent you a request and look forward to speaking with you.

Looking for anyone with experience in Santa Barbara, Ventura, Oxnard, Carpenteria, Santa Maria, Lompoc, Goleta

Hello BP, I am looking for a very experienced HUD real estate agent or broker that has extensive experience with bidding and buying HUD homes, specifically in the Southern California area. I am also looking to network with any HUD investors in California that would be willing to share stories and advice. My wife and i are looking to purchase and would do so as owner occupant, most likely with FHA loan. Thank you and cant wait to hear from you! Daniel

I would like to find someone who is experienced in HUD homes as well as Auction homes in this area.

@Cornelius Charles Hey Cornelius, i agree with you and we are more in this for the long term. We have every intention of actually living in our property at least for a year and put work in it while we are. You and your wife have been very helpful to me and i thank you both for that. Do you have any knowledge on HUD homes or auction/foreclosure homes and whats your thoughts on these? I feel like most HUD homes come through as owner occupant first so that could give us a huge competitive advantage i feel.

Hello all, I have been in Santa Barbara for roughly 4 months and learning about the market here and nearby. I have no properties at this time but have been taking the proper steps to buy my first. My wife and i have roughly 50k saved and have been researching and learning as much as we can. My overall goal is to buy a duplex or triplex that i am able to owner occupy. I know that there are some benefits for a First time homebuyer as well as owner occupany for loan purposes and other benefits. I just cant see any properties that would make sense with this strategy and i feel like in the end would still have a high mortgage and losing money. Please if anyone in this area can give me some insight. We have looked in Northern Santa Barbara Countu such as Lompoc and Santa Maria as well as southern near Ventura and Oxnard. Prices are much better but the numbers still dont seem to work. We have considered single family house and do a live in flip. Recently i have been researching HUD homes as well as Auction homes and feel like this could be a good Avenue to find something that needs work that we are absolutely ready to do, and have a lower price point. I would love to know anyone in this area that has dabbled in this. I know owner occupant has a big advantage for most HUD homes. Please any local investors give me your stories and feedback. I am ready to jump in this and am very passionate, just want to do it right. Thanks! Daniel

@Brian G. Hey Brian, what would you be looking for out of this property manager? Is it a single condo? How many beds/baths and where is it located?