All Forum Posts by: Jake Mchaley

Thank you! very good idea with the vacation rental unit!! Fresno isn't the most ideal vacation hot spot. For me all cash would kill my cash on cash return. You can get 2 good deals with loans and maximize your cash on cash return. Good debt will make you richer over time!

we got the property for 390K.

I used traditional financing on a 30 year.

Most units are renting for $700 a month but the market can easily sustain $800 with these size units. 

I will post pictures once I start in on some of the rehab.

1 unit just needs carpet to be rent ready. 1 unit needs tenents evicted and full rehab. The other 4 are fully updated and in great shape. The exterior siding will be another project and I will be converting it to stucco. 

Hello everyone, I have been silently reading and viewing all the great info BiggerPockets has to offer. I have been in the learning phase for the better part of a year now. I want to thank everyone for the great content that helped give me the confidence to take the plunge! I was able to find a good deal in Fresno California. 6 plex with 2 bed 2 bath units about 950 sq ft each. Once I get the 2 vacant units updated and rented it will cash flow $240 per unit. There is definitely room to increase rents and I will have equity from the start (especially when I make some of the improvements I have planned). I did a lot of research before selecting my real estate agent and I hit a home run, he is a rockstar! Once this property stabilizes I will be on the hunt for my next deal. Thinking about doing a flip next so I can build up enough capital to purchase another multi family with 5+ units. Thanks for viewing Jake