All Forum Posts by: Keith Mintz

Great idea

Hi everyone
I own a single-family home in Folsom CA. It is a 4 bed 2 bath house built in 1990. It has been rented out as a complete unit for 3 years now. 
My problem is that this house has a negative cash flow.  Mortgage is 3400 while rent is 3200. This excludes 800 a month in property tax. I have not included the insurance which is about 1500 a year.  As you can see, I lose an average of 1100 a month over this house.

I am wondering if a short-term rental could be a better choice for me.  The house is in a great school district. It is for this reason I bought the house but my family does not want to move there.  

How can I reliably calculate the potential income from the house if I switch to short-term rental?  

Thanks

My son is looking to move to San Diego with the Navy as an E5.  He will know within a month. Looking for both Real Estate Agents in that market and fellow Military who do RE investing there.  He will get around $3,100 tax free Base housing allowance and will have $150,000 he can put down.  

Say he stays there 2 years minimum and then sells the property for what he buys it.  He will pay sales commission but get his BHA back and have lived for rent free.  Possibly get a second BR/BA he could rent out also.

1. Are there any Military REI facebook groups for San Diego investing?

2.  Any recommended RE agents in that market?  If you haven't worked with Military on the above types of deals, please don't reply.

3.  Can be a house or nice condo plex.  5 to 15 minutes to base.  Nice area for young people.  Community that will not lose value, but possibly gain.  Amenities in the area.  Restaurants, trails, great place to live, etc.  Ready to move in.  No Fix/Flip.

4.  2 Bed/2Bath, patio, parking- preferably designated,  Near base, but out of the way, not on congested street frontage.

5.  What local bank or credit Union (Navy possibly) do you recommend he goes with?  Lowest costs since he would be selling in 2 to 3 years.

6.  Any other angles to play using BHA allowance, or other military benefits?

Thank you.

@Keith Mintz Will you be running the house or leasing to a company that does sober living.

If you will be leasing be sure to get a good maintenance clause in your lease. I’d recommend something like the tenant is responsible for the first $500, $750, or whatever in repairs for each occurrence.

This way if there’s physical damage by residents the company pays the first $500 to fix it.

If there’s physical damage dishwasher goes out 3 times in one year like it has in the program I work at the company pays the first $500 towards repairs or the new one.

Just my $0.02 working in the industry.

Hi! I'm an aspiring investor hoping to move to Sacramento with my wife this year, and we'd like to do a house hack in a multifamily residential property. This won't be our first time living in Sac but our first time doing so with a keen eye on real estate. 

I'd be interested in any insight on the Sacramento market, esp. from investors in multifamily. Lots of questions: Which neighborhoods should be avoided? Are there team members (RE agents, wholesalers, lenders, PMs, contractors, etc) you'd recommend? How have you found success finding deals in today's market? What are "typical" rental terms in Sac (e.g. does owner or tenant pay utilities, trash, water etc) for your properties? Are there REI networking groups you'd recommend? I'm seeing a lot of homes up for auction (mostly SFH but some multifamily) around town--do you have any insight into this trend (why all the foreclosures?) or any experience buying homes at auction in Sac? Are there any bedroom communities near Sac you've had success with?

Truly grateful for anything you're able to share!

Hi Everyone!

My wife and I just moved to Sacramento 2 weeks ago from the bay.  I work in tech and she just started a new job here for the state.  We're currently renting downtown and looking to get started as first-time home buyers in an owner-occupied duplex situation to start our path in rei.  We're open to other strategies, but believe that sounds the most ideal so far.  We do want to settle in a little bit here while continuing to do our homework, but hope to get into something in the next 6-12 months.

With the way interest rates are looking now and what little I see on public listings, I think a smaller multi-family that needs a little rehab would be the best bet.  I don't want to bite off more than we can chew with managing a full reno while we learn the ropes.  I suppose something more turn-key could be a good option, but haven't come across many viable options there yet.

Anyways, we still have a lot more to learn and still need to familiarize ourselves with the area/market, but just wanted to pop in to say hi!  We'd love any introductions and support from other investors, agents, lenders, or contractors in the area.

Thanks,
Mike