All Forum Posts by: Hannah Joy

Hi all! With rates low but purchase prices high, and uncertainty in the air, I've had an offer accepted. It is my first attempt to get my foot in the door with buy and hold real estate and I'm not gonna lie I'm scared! 3bed 2bath with a small office/potential 4th bedroom and a detached garage I'm hoping to convert to an adu. Double lot with huge backyard and room to build in the future. It is 299k where most everything else like it in the area is 350k, seller credit of 9k. I plan to ask the seller to complete the repairs in the pest report and the home inspection (estimates around 10k), and I'll take care of the remodeling and get it up to rentability...likely 10k there as well. What question should I be asking to make sure this is indeed a good deal? Thanks! 

@Hayley Pastori, congrats! It is really nice to hear that this method is working in this area for someone.  I am hoping to find something in the next couple of months, solidifying my preapproval now. I would love to hear more about your process and how that is going for you :)

@Mike D'Arrigo! As it is my first purchase I am planning to find something close to home, looking in Eureka Ca currently. From everything I see on this website and from the Book on Rental Property Investing, nothing in my area really fits the model deals, but with appreciation and new tourism I hope getting my foot in the door will be worth it and then I can look elsewhere for the future. 

@Brian Larson @Dan H. Is it a thing to have an appraiser check out the space and give tips on what to do that will raise the value in the most effective way before taking on a project? 

@Dan H. thanks! I'm realizing I don't fully understand what you meant about the ADU adding to the valuation, I'll have to do some research on that. I assumed adding an ADU would greatly increase the value of the property. never good to make assumptions I suppose!

@Matthew Forrest Love that, thanks! I noticed this forum was admonishing newbies to not request a mentor. Any tips for finding one in my area?

Thanks Alex! Great tip about comps. My goal is to use equity from this purchase to make another purchase asap, any tips on that? 

Hi! I'm new to this page and to real estate investing. I'm hoping to educate myself as much as possible before I make my first purchase. I have a down payment suitable for an FHA loan, my goal is to get into buy and hold rental property investment. I'd like to find something that is fairly turnkey for renting out immediately but also have the option to make upgrades that will raise the valuation quickly (adu possibilities etc). I'm nervous enough getting into this, is this the right time economy wise? I'm in NorCal, for context. Thanks 🙏