All Forum Posts by: James M.

Anthony Wick ....

This is one of the best discussions on this forum.

I look forward to the comments, Jim Fournell . I am in the same boat as you. While i can see the appeal of out of state investing, it is so tough for me to wrap my head around the idea of having 10+ properties just to equal one property in state. I have run many different scenarios via excel and ultimately if we are talking buy and hold, your properties in California will make you very wealthy and to even come close to what the complete roi would be, you’d have to buy hundreds of out of state properties...

Wow, congrats!

Anthony Wick What you think the FHA police are going to come after him??? Cmon let’s be real here.

Awesome story, Nathan! I am from the Orange County area as well, so I look forward to hearing about whatever future investments you make out of area. Keep us posted!

The owner occupied loan is based on your “intention” to live there 1 year. You did intend to and life for in the way for whatever reason. You are fine, carry on. Not that I’m advocating cheating the “system,” but it’s done every day.

@jairo you will have to evict 1 tenant by the close of escrow or that loan will not be funded. That’s the point of an owner occupied loan. You are going to have a tough time competing against cash offers on properties with supposed 12% return on day 1. That just doesn’t happen in Southern California and if it does a cash offer will swoop it up. You are better offer finding a property with growth potential with a modest return. Just my .02

Hey guys, I have a quick question regarding taxes, and tax strategy. I know many of you are probably shaking your heads because one shouldn't invest for a tax advantage, but I live in California, have a high income w2 job, and I have been taking advantage of the owner occupied advantages, breaks and tax returns to help myself get a better cash flow/ROI/IRR. With that being said, do any of you guys have any programs, excel sheets, or a like that you'd recommend to help in estimating a tax returns. In my situation it is important to be able to understand how a property will set me up at tax time. I was doing some research on Turbo Tax, but wasn't sure if any one has experience with it. Just to reiterate, I am looking more for something to use as a tool during my underwriting and not necessary to actually file the taxes.

Thanks!

I’m not sure what the rate of labor is out there, but I can tell you that until you have done a complete bathroom remodel, you won’t understand why a GC will charge what they do. Assuming you have old plumbing, electrical needs to be doctored up in some way shape or form and you have probably have concrete floated walls which create a lot of labor. There are obviously different levels of a bathroom remodel, but i can tell you it’s very easy to think labor is overpriced until you’ve done it. 13k sounds too high for your area, but that is definitely on point for California.