All Forum Posts by: Lee L.

Get a home inspection done and ask contractor to come visit. You will get a better idea of issues with the house and the repair costs. 

@Jeffrey Almonte Congrats on getting the apartment under contract. May I ask what city 'its in? Do you have a team already set up? How much do they want for property management. 

@David Stuart Thank you for sharing your thoughts about the growth prospects of the IE. While I'm not entirely sure how the job market would play out in the Riverside area because of international trade, it's definitely a plus for the area.  How many of those jobs will be good paying jobs is a question for me. But I see the area poised for population growth, driven substantially by its affordability, its improving amenities and quality of life, while still being relatively close to OC and L.A. In other words, "drive until you qualify". It's still possible to buy a cute house here in a decent neighborhood if you make $50K - $70K a year.   Long term, it would be probably be a good investment. However, I don't think the market is good for buying and holding right now. But as @Nicole Collinspoints out there are still some multi-families where the numbers work decently.  

As for the SFR I'm thinking of purchasing, I'm not planning on holding it for very long, so it might kind of be a flip. I'm pretty much itching to start another project. But if the market tanks or stagnates, which I think is a real possibility, the numbers work well enough such that I could hopefully rent it out and break even (with 35% down).

If I were in the market to invest $150K+ right now, I would probably finance into something bigger, and in a different area. Maybe a triplex in West Adams, Lincoln Heights, McArthur Park or around USC.  There are plenty of young high-income folks there who love enjoying life and spending all their money on rent. Or perhaps a 4plex in Long Beach. Frankly, I see more potential in those areas than Riverside, but you'd to be willing to take out a mortgage.

@David Stuart Have you looked into where the UCR staff and teachers stay? What kind of amenities are they looking for? You should base your search a bit on properties that fit those needs. 

I've also heard that students often don't make very good tenants but they can be cash cows in the right market. 

Why a condo ? You can probably buy an SFR. I'm just not a big fan of condos. Especially when there are so many of them in the area ... and they're building more ... one that will have an even better pool and gym. When you sell, similar units would be up for sale. I'm just not big on that ... just a personal thing I guess.

I'm trying to convince myself (rather successfully) to go through with this deal. it's a craftsman home. I've always wanted a craftsman home. Downtown Riverside has good housing stock at an affordable price point. As housing gets more expensive the more west you go, it makes Riverside a more attractive option for homebuyers, so I see room for growth, especially in the Downtown part, which has a lot of cool amenities, things that younger people like to live close to. 

@David Stuart I'm not super familiar with Riverside, but thinking of investing there. I'm under contract for a 3-bed SFR close to Downtown in the high 2s. I would recommend this area. It is affordable, has a lot of character, is walkable, and close to cool eateries. I'm not big on condos near UCR. There are too many of them and I'd think it would be hard to differentiate yourself and you'd have a lot of turnover.

Is this still happening tonight? 

I  just put in ductless mini-splits and love them. Paid $2500 for two independently operating systems. Everybody uses these in Asia. These are some of the advantages:

-- cheaper than central A/C and no duct work required

-- Has heating capability (but probably not very efficient ... I live in Cali, so I don't care)

-- Super quiet

-- You don't have to cover up a window

-- You don't have to cool the entire house if you just want to cool down a bedroom

-- Some of them have swiveling blades, which I think are just awesome

-- Lower BTU ones can run on 110v

The big name brand is Daikin. But there are a many cheaper brands out there from China

Just no. Unlike stocks, you can lose everything and then some, and then lose some more. 

If you've already paid the fees and have done all the coursework, I think you just sit the test. It's really easy if you were able to pass all the quizzes during the course, you're fluent in English, and it's fresh in your head. 

Regarding your concerns about lawsuits, my opinion is that it would be sufficient to just disclose. 

Also, at least under Obama, there were a few tax advantages. 

If it's the one I'm thinking of, I kind of like like the 4-plex. The rents are decent but there's upside if they move out, and you don't need to stress if they want to stay. What I like most is it's not all 1-bedrooms, and a great househack opportunity. Also, it's sort of within walking distance to metro stops. And you're pretty close to the westside. What I don't like is the streets. That area is especially cramped and parking is pretty horrible. But you've got some parking, not enough for everyone, but at least a spot per unit.