All Forum Posts by: Account Closed

Hi everyone, Not sure if this makes more sense to Californians & other expensive real estate markets vs more affordable ones but roommates are very, very common here in SoCal . Given that fourplexes are few and far between, and rooms rent for what units would in California (I’m in Orange County, 30 miles from LA... probably applies to many other metro areas as well) would it make just as much sense to get an FHA loan for my first property in California as a SFH with 4 bedrooms? I’d house hack, living in the home for at least the required 1 year and I’d do so with a much smaller down payment, lower ongoing overhead, and collecting the same if not more in rent. Roommates sign leases here with the homeowner and have similar protections as a landlord. Tenants have similar protections as fourplex renters would, as far as I understand it. What would you do in an expensive SoCal market ripe with renters?? Get the SFH and rent rooms or wait and wait to find a fourplex with a much higher down payment and mortgage payments?

Originally posted by @Anthony Dooley:

It's all about choices. I see 20 year olds driving very nice cars, wearing $200 basketball shoes, eating out at very nice restaurants when I'm there, and shopping at expensive stores. I can afford to do these things, but I choose not to most often.  People under 30 don't make a lot of money, but they are living larger than me sometimes. This is why the rich get richer because they don't blow their money on lifestyle as a percentage of their income.

 There are a lot of 20-somethings with money these days. Don't underestimate the income these millennials with 100k Instagram followers or were into cryptocurrency before it blew up (for example) are bringing in. I know some of them, they are living larger than you and I combined. $20k just for posting a link to a skin care product is nothing to sneeze at. 

$400 isn’t a lot of money for most emergencies either. Consider what an emergency really is... medical bills or car repairs out of nowhere. I live in Southern California so maybe I’m a little biased but I can’t even think of anything that I’d consider an emergency I’d be able to resolve with only $400. That’s barely a month of gas money.

@Jay Hinrichs thanks I'm aware of unscrupulous inexperienced wholesalers however I am not one of them. As far as I know, and correct me if I'm wrong, any two parties can engage in a contract and it is legal in all states to assign one's interest in a contract. I will not be marketing any properties or acting in the capacity of an agent in any way. My actions and the verbiage in my current and future contracts ensures all parties understand this.

If anyone is aware of an escrow or title company that works with people legitimately closing wholesale deals please chime in :)

*Edited for typo (working on my iPhone at the moment)

@Logan Allec thanks I've met with a real estate attorney in Irvine, I am concerned that a 6 page contract may be a turnoff to my prospective sellers. I don't mind using his, and paying $xxx for it, because I know it's airtight and contains the verbiage necessary for California. 

However I'm hoping to find something more inline with what worked for us in Tennessee; simple yet contains the wording needed to protect both parties as well as the deal itself.

One more thing I forgot.. planning on using the same contracts I used in Tennessee will that be okay?

Hi everyone, Experienced wholesaler from Tennessee new to Orange County. Quick question: what title companies are you using? I’ve made a lot of phone calls and come up with too many that do not work with us.. yet I see bandit signs all over town so I’m a little lost. If anyone could point me in the right direction I’d be much appreciative, thanks!

Thank you @Joe Homs, I will look into finding an escrow company to work with.

Hoping to connect with active investors in the SoCal market. Recently relocated from Chattanooga, had success wholesaling there and would like to do the same here. Looking to take action here so I've started marketing just need a few pieces to the puzzle. 

Just a few questions:

1. Investor-friendly title company? I've made some phone calls in Orange County (I live in OC) and have had no luck. Anyone have a recommended title company? Assigning contracts for wholesaling. 

2. Do you have a real estate attorney you work with and recommend? 

Thanks!

@Paul Honen the location should be in Meetup but it isn't yet for the Chattanooga group. Download that app and follow the REIAs there are some for Nashville, Chattanooga, etc. I get notifications for every city but Chattanooga but it looks like we have one coming up now.