All Forum Posts by: Monica Abeyta

@Zach Evanish

Hi Zach! Thanks for responding! Several options recently came to my attention and now I am trying to figure out which one I like best. But overall we would like the buy and hold cash flow but are also interested in fix and flips. There are so many pros and cons with the different avenues we can pursue it's a tad overwhelming but exciting. I have looked up roofstock and see a lot of great properties on there. I think for our first we have decided that it should be local so we can get a feel for it and learn hands on. But would love to work with roofstock one day as out of state seems like a great way to go to expand our portfolio faster. Whenever we get to that point I will reach out and let you know.

Wishing you continued success!

@Adriel Liwag I am learning looking to start up next year in Los Angeles. So glad to see you are doing well. I have a little saved and I read you have a partner that provided the capital for the first flip. How does the HML work exactly? Are you financing the repairs as well? Being so new I am not sure how the fix and flip works with HML and partners mixed in. Any tips for a newbie would be super awesome. Wishing you continued success.

@Jay Dimacali Hi Jay! I will research the land trust but do you have any info on how that process works so I can get a general idea of what that is? Would be great to save on the taxes that's for sure. 

I would love to add on to the property but I was just reading up on the cities residential zoning laws today and that might be a bit difficult. It is in Glendora. They require so much setback on the front side of the property. The property already has a pool in the back with no room on the sides or back to add even a small guest house. The front lawn has so much space though but if I am reading the zoning restrictions correctly there isn't much room for an addition on the front side without violating the zoning laws.

I will do more research on this as well but what does subject to mean?

Thanks for your response!

@Karen O. Hi Karen! My parents would not seller finance as they still owe about 200k on the place. They have been wanting me to buy the place for awhile but I haven't been ready till now. Since I just recently got into real estate investing I am now weighing my options out as now I would look at it as an investment instead of just a home for myself. I think they would sell closer to the low end of the FMV range but we have yet to discuss the details.

@Shawn Mcenteer The win win scenario is what I am looking for. I want them to get value out of the house while I can still either flip it and make money or move on so they can get top dollar. I have a couple of agent connections so I will reach out to them and see if I can get the ball rolling to gather up the correct information.

@Teri Feeney Styers That there is solid advice. I never thought of it that way. I will definitely approach them with that idea. It could definitely turn my smaller down payment into more money while getting them the value they want out of the house. Thanks so much for that!

@Chingju Hu The zillow estimate for my parents house is $550k. If I use FHA the loan will be about 530k assuming I just buy at market price. With a duplex I could probably get a similar price in a nearby area. It is in Los Angeles County. These numbers are just basic. I just started out on this journey so not sure how to compare properties and figure out the correct numbers. I am estimating property taxes at around $4000 based on county assessors website.

@Shawn Mcenteer I suppose with the duplex I was going to live in the smaller unit and rent out the main unit. I have no kids and have no problem downgrading my accommodations to start out on my REI journey. I wasn't sure if there would be more upside with a duplex or with getting a great deal from my parents. I do like both routes but am trying to gauge which would have better ROI. But as @Giovanni Luna  suggested maybe I'll just build another unit on the property if I can. LOL

it is 1500sqft on a 6200 sqft lot. That's not a bad idea but I would have to see what the city laws are on that as I think they might be strict where that is concerned. I will look into it though. Thanks for the response!

Recently I set a goal to buy a duplex and try house hacking with an FHA loan. My current situation is that I am renting a house from my parents. They asked me if I wanted to buy that instead, either purchase would be my first property purchase. My parent's house does need work and I think I could probably flip it in a year or so with the FHA. But I have a few questions.

Should I buy it or continue onto my duplex plan?

If I buy my parents house what kind of deal could I try to get without taking too much advantage of them? 

Has any one had experience buying from parents that went well for both parties?

How can I make my parents house work more as a flip without incurring too much gift tax or other such tax burdens?

What might be the pros and cons of abandoning my duplex plan to doing this instead?

Any advice would be much appreciated.

Thanks!

@Jason G. I have a few questions about roofstock.com if you don't mind answering them.

What is the process of purchasing through roofstock.com? 

Any pitfalls to look for? 

Were you able to see the investments in person or did you buy and rely on out of state real estate professionals? 

Now that you have several properties with roof stock do you find their assessment of each property to be close to what they list or were there significant differences in what they advertise on their site?

How are their property management guarantees like covering vacancy after 45 days closing?

Any info you can give would be awesome.

I would also like to know more about roofstock.com. Hopefully someone can come along with some info about this site.