All Forum Posts by: Maurice Clark

@Geordy Rostad

Yes I’m planning on staying there for at least a year as well.

I want to do what makes the most sense. If I can find something that’s needs more tlc it’ll be most likely a fix and flip, if I can find a duplex and house hack it’ll be primary and if I find something that’ll be a great rental I’m willing to do that also.

Basically I want to give back the $100k after that year and still be fully into the property one way or another.

Thanks Geordy

Hey BP community

I’m from San Francisco and trying to start my real estate investing soon.

My best friend dad wants to give me $100,000 to start investing, his only keys were that it has to be in Vacaville CA where they currently reside and it has to be a 3 bedroom so they can stay there for that first year.

I have time to make this work but definitely want it to work in all our favor.

Houses in that area go for $270k-$500k

What type of loan works best to get him his $100k back soon after that first year and what kind of properties should I target.

I was thinking of getting a FHA loan to get a lower down payment and add more value to the house or do I put more to have a lower monthly payment.

I was also thinking of duplexes but not sure how to find them.

I know I’m missing a lot but I want to get this out there and scale my options.

Thanks fellow BP members

@Jerryll Noorden

You seem to know quite a bit, thanks for that.

I’m still trying to find my way in. So far I’ve listened to wholesaling inc, flip talk, wholesaling houses elite, and flip 2 freedom, also watched on YouTube on all four and more. I’m only left with a couple questions;

Where do I get contracts, there’s some online, but not sure if they are valid and on point with my state?

Most of the people above said they were being sued at one point or another, how do we prevent that?

I hear a lot that the wholesale/assignment fee should be roughly 10% of the ARV so a home at $100,000 would get $10,000. I'm in a high end market SF Bay Area where houses are over 1m easy, so should I shoot for that 10% and try to get $100,000. Seems high to me but I sure will love it. Lol

Lastly, my guess for the movie is galaxy quest and I hope I’m right because that grand could help me get started.

Thanks for all you do either way.

@Chadd Brandon

So me being in a higher end market, I’ve been doing a lot of research and finding that going over 1m you can go up to 80% and still come away with $200k plus. I would Just say KNOW all your numbers going in.

@Vick Galu

Thanks man, I really appreciate that.

Think of me as a big bowl and pour as much as you want.

Hey guys and gals

I live in the Bay Area and the home prices are really up there, I see 2 bedroom 1 bath 800 sq ft homes go for well over a million. My question is, is it worth it to try to do fix and flips or BRRRR with manufactured homes since they're $200k-$400k. Trying to find my way in with little capital.

@Gavin Joel arredondo

Also since you're using an FHA loan, look into the 203k loan if it needs a lot of repairs. It's the same kind of loan but also extra money to fix it up. Hope this helps

@Tony Thomas if a meetup is in line I’m in. I live near sf but willing to make that drive. Newbie here too

Sf Bay Area guy trying to figure his way into real estate investing, I’m willing to do whatever I’m capable of for you for 4-6 hours(no cash and depending on location and tasks) a week to be given knowledge, direction and gain experience at the same time. Also willing to help/assist in managing properties if it’ll work with our schedules and legal to do so.

I have no experience as of yet and was lead to BP after figuring out there’s more to life from, YouTube, podcast and books.

Live in San Mateo

I run a pet supply store full-time and currently in the process of joining a financial firm for a few hours a week.

I hope this is ok with BP.

My best friend grandparents are probably going to sell one of their homes to pay for elderly care, my friend wants to buy it and so do I. What options are out there to make this happen with no more than a few grand out of pocket? The house is in northern CA, ARV roughly $390,000-$450,000, currently worth $200,000-$250,000 as it needs a lot of repairs ( foundation, roof etc...). They currently still owe $125,000 as it was refinanced years back but they've owned the house well before the 1940's. It's a 3br, 2 bath 1,634 sq ft. A home around the block recently sold for $690,000 fully updated and spot on with bedrooms and sq ft. Another home 2 doors down just sold for $475,000 with only the inside updated also 3 bedrooms 1 bath but only 1200 sq ft.