All Forum Posts by: Melody T.

I noticed the CMHA fair market rent is showing $2,300 for a 3 bedroom in the 44122 zipcode. https://www.cmha.net/housing/landlords/rent.php Anyone know how accurate are these rental rates on their website and what one can expect to collect? I tried calling in to discuss, but the hold time was very long and I had to drop. Curious as to what can be expected in this area if receiving vouchers. Thanks

 That name doesn't sound familiar. It was a different group. 

I can't recall the name of it offhand. It was a while ago. If there is a way to see posts I've posted in the past it should come up there. I think I actually typed the name of the group online to see if I could find more about them and a bigger pockets thread came up and discussed the lawsuit. I think that's how I first heard of their troubles but can't remember exactly. I know I discussed it on BP though. If you research the group you're working with you will likely see what I did if it's the same one. They had a go fund me page raising money for their legal fees and there was also a strong religious affiliation with their group. 

I've been trying to pick up some properties to wholesale in the inland empire and every time I put an offer in, I end up losing it by a few hours to other investors. They're all over the place and I think they are offering closer to asking price than usual, creating a bit of a bidding war in the most desirable of areas. I just keeping looking around when I have the time and eventually will land something in the near future. 

Welcome to BP! I'm located in the Inland Empire and just starting out here as well. I've invested a bit before in NY and PA but new to the CA market. I'm focusing in San Bernardino county at the moment. It would be great to get all of us So cal lady BP's together sometime to brainstorm. I heard of a investor's group in Riverside that I thought would be great but after calling them I realized it was a membership based group where you go to a free meeting and then they ask for a membership fee of a few grand. I wasn't interested in forking over money just to chat. I also looked into the group and they had some legal trouble. If anyone is interested in perhaps getting together at some point let's connect!

This property is no longer available. 

Hey Kate, I know. I may ..just don't really have the time at the moment. 

Hey BP-ers, I just picked up a house in southern California located in the most desirable area of cherry valley near some very established homes. 100 year old oak trees line the street and property. 3 bedroom (listed as 2 bedroom, 3rd room just needs closet to make legal 3rd bedroom), 2 bath, 1364 SF on 1.5 acres. Built 1957. Bring your horses and toys! Wood beam ceilings throughout home. Wood burning stove and fireplace. New septic and water heater. Big beautiful windows throughout main living area bedrooms. Comps are a little hard to come by for this square footage all fixed up. ARV between 400-500K, depending on renovations and if an addition is put on or not. Here are the numbers without an addition.

9314 Avenida Altejo Bella Cherry Valley CA 92223

The Numbers:
ARV $425,000
Closing/Commission $34,000
Repairs $65,000
Price $275,000
Profit $51,000

Happy Investing!

Some comps in the area http://mrmlsmatrix.com/Matrix/Public/Portal.aspx?k=4756836XR14Q&p=DE-309031460-418#1 This sold for 415 and still needs a complete rehab.

http://mrmlsmatrix.com/Matrix/Public/Portal.aspx?k=4756836XR14Q&p=DE-309031460-418#1 This one is North Cherry Valley, where our house is. It’s bigger (3,000 square feet), same 1.5 acres and a pool. Nice place!

I found these comps as well...selling high 400-5. Larger square footage.

http://www.zillow.com/homedetails/10959-Cherry-Ave-Cherry-Valley-CA-92223/17956057_zpid/

http://www.zillow.com/homedetails/9944-Cherry-Ave-Cherry-Valley-CA-92223/17954706_zpid/

http://www.zillow.com/homedetails/10543-Winesap-Ave-Cherry-Valley-CA-92223/17955041_zpid/

http://www.zillow.com/homedetails/9510-Oak-Glen-Rd-Cherry-Valley-CA-92223/17954521_zpid/

I saw a sign posted near the highway saying something like "flipping house training" so I called the number to see what it was about. I'm an investor but new to so-cal and was interested in meeting some other local investors. I spoke with Daniel E who seemed like a nice guy but as I learned more he told me there was a $1200 yearly fee to be a member. I was looking for more of a meetup type situation with some like minded people, freely sharing information. I guess I can just find that here :) I did a bit more research just to be sure I wasn't missing out on anything and wasn't keen on the "God" talk that commingles with their business model. I've seen too many scams where people use God as way of luring people in. And, there is an active lawsuit against them from 8 previous members. http://www.skapiklaw.com/uncategorized/new-wealth-... . Looks like the founders are trying to raise funds for their legal fees. http://www.gofundme.com/nwaclub

Legit or not, I've deciding to pass on it.