All Forum Posts by: Gaurav S.

Thanks Nathan. So if I wish to get pre-approval for purchasing a multi family property do I need to mention that to the lender at the time of pre-approval ?

Also, I live in Santa Barbara and might purchase a property in Ventura(40 minutes away). Would you pick a lender in Santa Barbara or Ventura for the transaction or does it not matter ? Sorry for the newbie question.

This article is scary especially when you are in my shoes. I have been waiting for a sidelines to buy a home for 6 years(a wise decision in retrospect) but now because of family reasons I will need to move into a 2 bedroom apartment/home. Rents in santa barbara are around 1700$/month. I am tired of paying rent and feel like buying a multi-family unit in Ventura would be a better investment.

But if home prices are on a long term down swing maybe renting is still a better choice after all. This will be a biggest purchase of my life and because of the leverage involved if the price falls in the long term then it would be a huge loss.

I am a newbie and hence will try to give as much info as I can. I have been living in santa barbara for 6 years now and have a stable job. I always thought that buying a rental duplex/triplex type of property and living in one of the units myself would be a good idea.

Currently I am paying $1500/month for 1 bedroom in Santa Barbara. The duplex 2bd/1ba complex`s that I have seen here are around 600k+ and in very poor school district. It doesn't make financial sense unless I use a 3%+ annual appreciation.

Looking at some of the available listings in Ventura county the prices are more reasonable, units are more updated and they are in good school districts.Ofcourse I will have to commute to work (40 minute drive).

Here are my questions
1) Do you think its a good idea to buy in Ventura or should I just keep renting in santa barbara ?

2) Based on an advice here I found a REO broker in ventura through reobroker.com. What is the difference between brooker and agent ? Does he get commissions the same way as agent does ?

3) If you are familiar with the ventura area please advice which neighborhoods to stay away from and what to look out for.

4) Since its hard to cash flow properties in coastal neighborhoods in California, what type of Rent revenue multiple(or some other metric) would you use to value the property.

5)If you have some recommendation for how I should approach this purchase please guide me.

Thanks,
Gaurav

Hi Mike,

I am aloso in the market for a multi-family complex in Ventura/Camarillo area. My budget is about 300-500. I am planning to invest for long term and intend to live in one of the units.

Since you are also looking in Ventura county I was wondering if you can give some advice......I am a total newbie......have never bought a property before.

I have been renting in Santa Barbara for 6 years now, and even at this state of market Santa Barbara housing is unaffordable.Hence I am looking to commute from Ventura.

Hi Nathan,

I wish to buy a duplex in Santa Barbara, rend one half and live in the other. In this case what kind of mortgage I should be looking for ? Will the lenders who finance a SFH also finance duplexes or are their special lenders for multi-family ?

Thanks for your help. Newbie here and first home purchase.
Gaurav

I meant Sheriff sale.

Sorry if I wasn't clear. He said banks will give the auction to the next best cash bidder instead of me. So he recommended bidding on multiple homes in short sales process and then whichever works out buy that.That way I can also see the homes from inside.

Do you think he is giving a honest advice ?

First time home buyer. Trying to get good deal. Was thinking of buying home at auction(with help of some agent).Talked to an agent and he said he helps people bid on short sales.

He said the banks are not willing to sell house to people who need financing since lots of cash buyers available. Is that true ? If I pay the deposit at the auction and arrange for financing within 30 days.....even then will the bank prefer to sell it to the cash bidder ?

Thank you everyone. Its unbelievable how much I have learned in just a short period of time.

Thanks all to you guys.

I am trying to buy my first sfh in Ventura,ca

I used to think that condo's have hoa fees but most of the sfh homes I am finding also have hoa dues.

Can someone explain if there is a general rule to hoa fees ? Does condo's and town homes only have it and they are being misrepresented on mls or there is no such rule and even a sfh can have hoa dues ?

Sorry if this questions sounds silly. I am trying to buy a sfh home to live in and want to get the best deal possible......hence trying to find an experienced realtor who can bid on homes in auctions and negotiate with banks. If someone has any tips on finding such realtor it would be very helpful.
Thanks a lot