All Forum Posts by: Jay Orlauski

@ben - the Capx I used is the $166 /month which is $2000 / year labeled ( repairs & Maintanance) - probably doesn't cover snow removal and what not -I use it mainly as a way to account for a $2,000 repair bill once a year. I did not use a manager in this case because he is living in one of the units - if he rented out all 4 units , I would add management and the numbers would be different obviously. I used the local ( Fresno) vacancy rate of 5% which came from the last U.S census bureau - you're right about the taxes though I missed that one and used my own local taxes - I should have took note of that better - I usually try to make deals look worse on paper and if they look too good , I will start to undermine it with heavy expenses and higher vacancies - just because , I would rather be pleasantly surprised than to have a bad surprise. Other factors these numbers do not account for is the PMI that will be due until there is 20% equity in the property - and also doesn't account for special conditions like flood insurance if required or other local taxes. These are the numbers I run to see if the property is worth looking into further. If they pencil out here - then I will do a much deeper analysis and due diligence on the property. I hope this was helpful.

This is what I came up with 

From what I can tell - we have a pretty strong rental market here. From $550 for 1 bed in the tower district to $1200 for homes in Clovis - properties do not stay vacant for very long- in fact , I was at my flip the other day and people pulled over to ask if it was going to be for rent - when I told them that we were fixing and flipping the property - they asked if I had any OTHER properties to rent to them .. I have never had issues renting out properties here - and the property managers I know have waiting lists  - also rents have gone up over the last few years - so I would be comfortable saying that we have pretty solid rental market here in Fresno. 

Fresno Deal Seekers is excited to be hosting the 1st Annual Central Valley Investors Summit .  Grow your network and your business while meeting other real estate investors, money partners, contractors, future business partners and other investment professionals. The day long networking event features industry leaders from Bigger Pockets and from the central valley to cover a wide range of real estate related topics including creative financing, increasing cash flow, guerilla marketing, hard money purchases, crowdfunding, non performing notes , tiny houses, self-directed IRAs and much more.

The event takes place at our very own technology “mothership” Bitwise Industries located downtown at 700 Van Ness Ave.  It's a pretty cool place that is very reminiscent of something you'd find in Silicon Valley or the Bay Area.

Attendees will be treated to professional speakers and industry leaders from Bigger Pockets such as Amy Wan, crowdfunding attorney, and author Al Williamson of leading landlord.com.

On hand will be several local food vendors during the lunch hour to provide a wide variety of lunch options. When the Summit wraps up and comes to a close, the day will be topped off with drinks and refreshments for open bar Happy Hour and will be hosted by Fresno Deal Seekers a local REIA meetup group.

The event takes place on Saturday September 16th from 8 a.m. to 5 p.m. 

Tickets are $49.99 and can be purchased at CentralValleySummit.com.

Address of the Summit is 700 Van Ness Ave, Fresno, Ca 

CentralValleySummit.com

Hi Edgar - I would love to sit down with you and talk more about your interest in real estate. Check out my profile to find out more abut the meetup group I organize each week  - I think you would really benefit from connecting with other investors - and meetup groups are a great place to do it. Feel free to reach out to me anytime if I can be a resource for you.  Have a great day!

Hi Timothy - Welcome to BP - That's pretty awesome that you're an F-35 pilot. I can't imagine the feeling of having that kind of technology and firepower at your command. Sometime investing can take nerves of steel and suspect you wouldn't have problem in that department. I am an investor in Fresno  - turns out that there are a lot of investors in the central valley. You might want to take a look at some of the local REIAs in the area and find one that fits your time schedule best - Fresno has a few of them -  it's a great way to meet not only local investors, but other people that would make great additions to your team as well other professional contacts and referrals. BP is also a great way to connect - there are a lot of helpful people here with some great information to share. I hope to see you at a meetup.. 

@Rosy Bruno - thank you for the kind words. I appreciate the opportunity to be a resource for you.   

Hi Johnny - don't be fooled by this property - it has been on the market  at least 3 different times over the last few years. This goes to auction and last time I had clients bidding on it - it went up as high as $150k before my client bowed out of it.  - you will never obtain this property for 63K  (personally I think it is misleading of them to price it at ) -  this one has "gotcha!" written all over it  -  Even after they had a wining bid - it did not sell and came back to auction a few months later - but I am more than happy to help you find other multifamily properties in the area if you're interested. 

@Kyle - thanks for the invite. I will keep you in mind for when I am in the area. Are you going to J Martins Investment Summit in October?

in reference to your comment about surrounding yourself with winners ..  they say that we are the average of the 5 people we spend the most time with .... 

@Henry - always happy to be a resource - let me know when you are ready and I will be happy to start lining up some properties for you - the inventory is low for complexes of that size right now - but  when you are ready to expand out - the market could look a lot different. I work with property managers also so I try to keep my ear to the ground when it comes to properties that are off market. 

Have you looked into Groundfloor?  As I understand it , it allows you to select specific projects to invest in - typically shorter term (6 mo - 1yr)  - but totally hands off, while still having control of what your investing in.  Check out their website to get a better idea of what they offer - I've been considering trying my hand at a couple of projects myself , but started to get involved in some other local projects instead, but I would be interested learning more about Groundfloor.