All Forum Posts by: Mike Schelske

Hello Biggerpockets,

I am looking to buy a house in the California Bay Area using my VA loan. I would like to make the first purchase my primary residence, and rent out a room. Then I would like at some point in the future make the first home I buy a full rental, and purchase another and continue like that unit another strategy/opportunity comes along. Has anyone done anything like this, before? What are some obsticals to expect? I have read online that a IRRL( Interest Rate Reduction Refinance Loan) is one way to get rid of the Primary Residency Clause problem.

Thanks everyone for the great advise. I started reading the Ca tenant handbook, lots in good information. 

Hello Biggerpockets,

I am looking to buy a single family home in the Fairfield, Ca area, and I plan on renting out a room. I am using my VA loan for the purchase. I want to make sure that I am well versed in the tenent laws of California, and Fairfield.

1. Sources for tenent law.

2. Renter Vs Roomate is there a legal difference?

3. Month to Month, 6 month, or year lease. 

4. Can I find a contract on line like legal zoom, or should I go to a lawyer?

5. Finding a roomate. Can I use a property management company, or should I try to find someone from where I work?

6. Anything that I may not have thought of, or I should be concerned with.

I have been reading David Greene's  book on long distance investing. I am having trouble starting a good system for search criteria for cities to invest in, some say look at jobs, others say schools and the list goes on. Can anyone help make this very simple for me. What sites or numbers am I looking at, or more accurately I don't really know what I am looking for or at.  

Hello everyone,

I was hoping to get some suggestions on good books for rehabbing a property, I know this is a key part of investing so I would like to read up on the subject.

Thanks everyone. I have heard a lot about Ohio, but I didn't consider Alabama, Mississippi or Missouri. I like the idea of buy and hold, I think one of my hang ups is how to evaluate a property so I am not buying a lemon. And, not spending too much on a contractor to repair the property. 

I plan on leaving California at the end of 2018, maybe earlier. The cost of living is to high, and there are just way to many people here. What I would like to do is find a market that has potential for investing, but won't break the bank. I know that less people means less renters, but I just want to be in an area that is a little slower. So, how would I go about valuating a state, county, city, and so on? 

Hello everyone,

I have done a little research on out of state investing, turnkey seems to be the easiest and simplest option. I have heard there is another option that is similar to turnkey but safer, but I haven't gotten specifics. If I were to pursue turnkey or some other out of state investing option I was hoping to get an idea of indicators and strategies for investing out of state.

1. How to find and identify good property mangers, or PM options?

2. How to find good turnkey providers?

3. Other options to turnkey, I work full time and attend college.

4. Free or cheap sources for research of the properties.

I have read a few articles that have said that turnkeys are bad because of poor location, or false information, the renovation wasn't done properly. I have also read that the returns aren't as advertised, that they turnkey is slow to grow be an effective investment. 

Thank you Jason, that is something that I didn't even consider.