All Forum Posts by: Account Closed

hello all, I am a beginner  investor with a few small multifamily properties investing in the central valley(Visalia, Tulare). I drive to the coast about 10 times a year and would love to learn the market out there and connect with investors in the area. I eventually want to move out there in a couple years, when the timing is right. 

Hey,

It was a pleasure reading your story. I live in Tulare and invest in Tulare, Visalia, and Delano. I currently hold a few properties but looking to flip or buy and hold a few more. This is my second year doing this so I would like to network with like minded people like yourself. PM me anytime

I have a triplex that is vacant. They are 2bed/1 bath apartments. My question is, should I rent them out by apartment and charge 700 each for a total of 2100. Or should I rent them out by room and get a total of 2400 for all 6 rooms? I'm rented to rent them out by room. Is it a good idea? 

Thank you

I just bought my triplex 1 month ago. It was a foreclosure that was vacant and I got it for 145,000 I put about 3,000 in cosmetics repairs and I'm renting it out at 700 a door, so 2100 every month. I got financed it with a FHA loan and only had to put 5,000 out of pocket. My question is, how early do you think I can do a cash out refinance so that I can have money for another purchase. I have the property and I have a year worth of reserves but I don't know what my next move is in order to expand my portfolio. What would your recommend?

Thank you for your time,

@Brent Coombs thanks for that advice. I just want to try and make all the right moves so I put my self I'm the best situation to be successful. Tha KS for your help

@Brent Coombs thank you for the advice. I think it will appraise at about 145% after the Lenders seasoning period. It was the cheapest triplex on the market and it was forclosed, so I figures it was a good deal. Also, there is a 4plex two properties down that is listed at 220,000.00. So that also has my hopes up for my appreciation. What would you recommend I do in order to raise my appraisal value on my property, so that I am able to do BrRrR successfully? @Brent Coombs @Frank Romina 

Thanks guys

@Frank Romina I don't fully understand, are you saying to do a cash refinance and get money out in order to put it back into he property to get rid of the PMI? Or are you saying to do a cash refinance and use that to buy my next property? My problem is that it will take me around 2-3 years to save up money for a down payment so I want to find a way to use my property as leverage to purchase my second investment property, whether it be mulit or single. Can you guide me in the right direction?

Hello BP, 

I'm 25 and I'm new to real estate investing. I am about to close my first deal on a forclosed triplex in Visalia CA. I purchased it with a FHA loan, 3.5 down and 4% interest. The surrounding properties are also multifamily and charge anywhere from 600-700 a month for rent. I'm thinking that I want to charge 700 a unit. I will live in one and rent the other 2, which will give me 1400 a month. The estimated Morgane payments with everything included is 970 and tenants will pay all their utilities. Bank paid for closing cost all I have to pay is down payment and 3000 for minor rehab, it already passed a professional house inspection.

What do you guys think? Any start up advice? How should I go about running the property? When can refinance it and take out money for my next purchase (brrrr). Thank you in advance for your help☺