All Forum Posts by: Greg Hamer

sounds like you can make a decent rent income on your house.  I'd keep it.

I'd say make the offer whatever you want it to be.  But at least have your numbers lined up so you can discuss them confidently.  If you are lowballing for the sake of lowballing i'd tell you to screw off.  But if you can explain rationally WHY you are at that number, then i don't think you are offending anybody.  It's just numbers.  Make sure the Realtor knows the numbers so when the agents talk, everybody is on the same page.

Hi @Domonick S., I am a Realtor in Monterey.  It's a tough market to get into simply because the cost of living here is insanely high.

The 2018 VA loan limit is $615K. Not quite enough to fully cover a duplex or a SFR. The rental market is strong. Depending on your rank, your BAH is going to be nuts!

Let me know if you have any questions about the local market prior to your arrival.  It's a great place to PCS to!

Greg

Kaylor, to follow up on my previous post... 

https://greghamer.realscout.com/homesearch/listing...

This is something you would be looking for in North Monterey County/Prunedale area.  Buy cheap, dump some $$$ into it, and sell for profit.  :)

Have HML lined up.
Have Contractors lined up.
3 Month construction period.
Close within 6 months.

Hi Kaylor, 

Welcome.  N Monterey County has some decent investment possibilities, especially if you have will to take on a fixer.

San Jose/ Bay Area buyers are starting to head south looking for deals.  I'm in escrow right now with a guy from Fremont!  A bunch of the new houses in Marina are all going to Bay peeps.  

Look for value where you need to do a bunch of fixing.  That's where the $$ is right now.

Let me know if you need to look anything up.  

Disclosure.  I am a Realtor looking for clients.  :)

Greg

there is the occasional deal,but most of the time the numbers don’t make sense. 

Your best bet is to find a complete dump and rehab. But even then it will be hard to do. 

At least the area will continue to appreciate for the foreseeable future. Silicon Valley is still growing and some of that money is trickling into Monterey County. 

Hi Gayle, 

It is hard to find a cash-flowing property (by traditional metrics that are used by BP) in the Monterey area.  I would look more in the Salinas valley area if you are focused on Monterey.

You need to talk to a lender about the extra rental income.

If you want, you can PM me and I can run some searches for you with specific criteria.

Greg

Most of the green houses in the area are already gobbled up.  farmland here is GOLD.  There is not much on the open market.  It is all about the connections and off-market stuff.

Find out the physical condition of the house.  If there are structural issues, unsafe conditions, or a lot of broken/missing things, the bank will not finance.  After all, they have to protect their investment.  That's where Hard Money Lenders come in...