All Forum Posts by: Monica Gonzalez

I've been looking to buy my first rental and want to minimize my risk considering the current housing market.  I own my house and have the low rates that were around during COVID.  With that I approached my sister who is a long time renter if she would be interested in going in on a multi family with me (2-3 doors) with the intention of her living in one unit and paying a portion of the mortgage. I would supply the down payment/closing costs needed. 

I recognize that we still need to look at this from the standpoint of our goals (long term rental with the goal to pass on to our kids) and that it make sense from a finance standpoint rental income.  We will be looking at the Redlands, Loma Linda, Yucaipa area, where we will be lucky if we can break even with rent. 

Q1 - We will have 20% down if needed, but is it better to put the least amount required down and have mortgage insurance? 

Q2 - I'm currently reading @Dave Meyer Start with strategy, he talks about it's not just about money that "you" can contribute to a deal.  How do you quantify "time" into money to ensure a deal is equitable.  

Q3 - What else should I be thinking about? 

Thanks in advance! 

@Deandre Brown I have not used it yet, but I'm anticipating trying it this weekend.  I don't have pro, so I'm not sure exactly how much detail it will show me. 

Where are most Multi's in Texas? Or do they have any? I've never been but the photos I see it's always Large newer homes or SFH on a large piece of land. Well, large compared to us.

@Deandre Brown Thank you for all those tips! These will definitely be helpful to consider especially the insurance in my area of SoCal where companies are leaving and prices are increasing. 

I'm looking to start with Multi-Family (duplex/triplex).  I have my own home so this will have be as an investor with 20% down. 

I know there are things I need to do to analyze if the deal is a good one, like rental rates, Status of the house/infrastructure, amenities in the area but what else should I be thinking of? Tools that I see to analyze deals: Zillow, rent websites, craigslist what other tools do you recommend? 

@Wale Lawal thank you so much for that feedback! It's very helpful, I'm excited to start my journey. 

First, I wish there was a location for San Bernardino County (SBC), especially since it is the largest county in the US with so much variance of investment potential. 

I'm looking to get started in a long-term rental, even a perhaps a small multifamily in a B-/C+ class-ish property.  I've been trying find topics here on BP for the SBC, sadly nothing posted lately in the last year.  I think it's as far back as 2019. I've been listening to almost all the BP podcasts daily; I've read 2 of the PB books including Starting with Strategy. Are there any people here who are in those areas as well? I'd love to meet up, specifically areas East of the 215 and or North of the 10.

I'm also curious about starting out in B-/C+ class-ish multi-property where the median house is around $500k, however it boarders an area of the median home of $700k.  As much as I'd love to be in the straight B class, living in SoCal and wanting my first purchase to be close I simply cannot make my first investment in a B from what I can tell so far. Any tips from people who toggle between the two would be so appreciated. 

Thank you, I'll give your live's a view. 
@Tim Swierczek

@Tim Swierczek I'm new to investing and starting to look in Minnesota. As a CA native I've never purchased out of state and curious how different the lending rules are in MN.  Any tips you can provide would be great.