All Forum Posts by: Jay Orlauski

@ Charmaine - that's awesome - we do have a few down payment assistance programs - but funding is limited and is income based -  does make me wonder if the state of California has anything on the table.. I will look into it

Congratulations! I know how exciting it is to execute your first deal - keep us up to date on how you enjoy being a landlord - Just curious -where did the 30k grant/subsidy come from? 

@ Daniel & Anmmar - that actually doesn't sound that bad - if this group continues to grow at its current pace - we may need to consider a larger venue -even if it cost to use it - $20 is very reasonable to use it for an hour - but what are the fees to be member? Thanks for the info - this may be worth looking into - of course we will have to brown bag it if we go with a venue like this -but what's important is the content of the meetup,  so with enough people, and enough quality content - I don't think too many Deal Seekers will care if there is food or not - I already have had some members mention that they are not interested in paying for expensive lunches just to sit in on the meeting so it is something to take into consideration. Thanks for looking into it guys!

As others are saying.. it basically depends on the individual situation. There are sellers out there willing to do it under the right circumstances, but it's one of those situations where you need to be in the right place at the right time.

 I know of someone who may be coming into something for little to nothing down because of their  association with the seller. It will be a seller finance situation and her husband passed - the land is too large for her to take care of and she has moved in with her kids - she has plenty of income and would like to see it go to someone she knows will take care of it. 

 Another investor I know of, was given three buildings to develop and put in any business he wanted - all for free - simply because the owner doesn't want to sell the land, but doesn't know what to do with the buildings either, so he is letting someone else develop on it for free -  he will get some money when the improved buildings are leased... probably split the rent also.    

So there are situations where it can happen, albeit rarely - you just have to be on the lookout for it and be ready to strike when the iron is hot. 

I was just down at the city planing department discussing plans to subdivide and what type of density is allowed for the zone - then little by little the onion peels came unraveling as the city began to go over all of the different department i would need to check with - all the different fees involved at the various levels   of construction - and none of it was a guarantee that it would be approved without having to dump thousands of more dollars into the project. I knew going in that there would be several obstacles - but didn't realize the scope of them - I found it to be very educational and am still working on said project to try to see what the costs are actually going to be and if it is still worth it - it is a developer / contractor who is looking into it and I am helping him locate suitable properties and learning about the challenges of developing at the same time. 

Welcome Julian - you came to the right place for help and resources - there is so much experience here - This place should be a daily stop for any investor  - Julian , were glad to have you here. Look forward to hearing about your deals

@Frank  - it's worth discussing in the future - initially, I would like to open the doors up to any local investors and don't want to to put too many restraints on people that would keep them from joining - I think as we progress over time, there may be opportunities to pool some money together for more serious investors. 

@Anmmar - sorry you couldn't get through - not sure why , but I will go ahead and give you a call later  - hopefully we will connect.  Also - thanks for looking into possible meeting places - I drove around this weekend and stopped in to a few places that I think may work for us.   I am basically looking for a restaurant that is large enough to fit us comfortably - but not so loud that we can't hear each other talk -  that way we can have a lunch or a snack since it will be during the lunch hour. I found a place that can fit up to 30 people and has a separate area that we could use for our group and it does not cost any money - but they do prefer that we buy something to eat. I am looking at Nov. 14th as our first get together. Next weekend is Halloween so people with children may not be able to make it and the weekend after that I will not be in town, so that puts us at the 14th. 

We can start off with Saturdays to see if we get enough members - but don't forget to fill out the survey on Meetup.com to pick your best day to meet - we need more feedback in that department so I can choose a good day. Personally, I would prefer a weekday, but will accommodate the group if we need weekends. I will get more info about time and location shortly - I was waiting for a few more responses, member sign ups, and poll results -  but we just need to kick this off and take it from there. Keep watching Meetup.com for updates on our  first meeting.  Thanks again to everybody for your support - I think we have the makings of a dynamic group here. 

Hi everyone!! OK ... So I went ahead and made the Meetup Page - Its called Fresno  Bigger Pockets Meetup and here is the link: 

http://www.meetup.com/Fresno-Bigger-Pockets-Meetup...

I put up a poll so you can let me know what days works best for you - please join the group  and take the poll so I can get a meeting on the calendar as soon as possible. The page does not show up publicly till they approve it, but you can still join the group and become a member and take polls, post up suggestions, and make recommendations for a meeting places. Hope to see you all and many more there.  

Great job on the numbers - as Micheal said - major repairs around the corner could put a fly in the ointment if the unit is too old, but sounds like you have accounted for that. I am in the Fresno area and depending on where this is located and the age of it - it seems like the numbers work so far - if it is anywhere near the canals - you'll be required to get flood insurance also.  Good luck on your investment! please keep us up to date on your progress.

Jason - that sounds like a lot of fun - unfortunately I can't make that date as I am going to be out of state on that weekend for a family reunion with some members I haven't seen in over a decade. I'm sure anyone else who could make it would enjoy it. 

@Anmmar - I'd like to talk to you tomorrow if you have an opportunity - just a quick chat on the phone if you don't  mind - I was hoping to pick your mind  concerning ag appraisals on an unrelated subject. 

@Frank Patino - ok, I will keep that in mind as it seems that weekends are appealing to people

Kou and Rich - thanks for chiming in! Your feedback is motivating and it's good to see that there are other investors interested in getting together.