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All Forum Posts by: Clifford G.

Clifford G. has started 3 posts and replied 21 times.

Post: Pick Apart My Deal (San Bernardino, CA)

Clifford G.Posted
  • Real Estate Professional
  • CA
  • Posts 22
  • Votes 12

@Bruno do you leave in the area or have you drove it at night? Is it North of San  Bernardino High School? I think the average Rent is high for that area.

If you were North of the 210fwy by Cal State I could see someone paying that. 

Also is your Down payment correctly calculated? For an investment property you should be looking at 20% down.

1000sqft house is not very large you can get an Apartment by Cal State San B with the same square feet for $1400.00 

Post: Making our first purchase

Clifford G.Posted
  • Real Estate Professional
  • CA
  • Posts 22
  • Votes 12
Originally posted by @Denise Duffy:

My husband and are making a bid on our first property. The house will have a market value round $75,000 after improvements. Purchase price is going to be $30,000 and the property needs around $10,000 in improvements. My question is should we buy with cash or just put 20% down and take out a loan.

Hey Denise, congrats on making a move on your 1st property. If I was in your shoes and your ARV is conservative I would make a cash offer.

1. You will have a very quick closing. And potentially be more competitive depending on the sellers motivation. Could you even offer a lower amount?

2. If this will strap you for cash consider getting a partner in the deal. This could reduce the stress of putting it all on your shoulders.

3. While your doing the rehab you could start applying for loans to do a cash out refi. Which would be a good idea to start calling your local banks and get a feel for what they would be looking for. 

If you have done the analysis don't get paralysis :-). Hope it turns out well. Keep us posted on what you decide and how it turns out!

Post: Memphis TN.. Is anyone Left?

Clifford G.Posted
  • Real Estate Professional
  • CA
  • Posts 22
  • Votes 12
Originally posted by @Richard Sherman:

@Clifford G. higher vacancy and more evictions than I thought there would be, and I planned for there being a lot.  But I think over the long term they will be fine.   You MUST have a local property manager that really really knows the area.

 Thank you for the information Richard I will be sure to heed your suggestion in regards to the property management. 

Post: Why is getting started so hard?!?

Clifford G.Posted
  • Real Estate Professional
  • CA
  • Posts 22
  • Votes 12

@Nelly R. Congrats on getting started! stay positive! If it was easy everybody would do it. I recall on one of the Podcast a guy went through like 4,000 or something no's before he had his 1st deal. It seems like you need to connect with a realtor that works with investors. I am sure there are some here on BP that will reply to your post. Don't be afraid to fire someone who isn't looking out for financial future creating a Win Win. 

I feel like I am in the same boat as you but one thing I have asked in the fourm is about local REI Clubs. As you heard in many of those Podcast networking and relationships are what made many of the deals.

Cliff G. 

Post: Memphis TN.. Is anyone Left?

Clifford G.Posted
  • Real Estate Professional
  • CA
  • Posts 22
  • Votes 12
Originally posted by @Richard Sherman:

@Clifford G. I own 7 properties in Memphis, I like the market but have found better scale and edifices investing near home (just south of Portland OR.)  Be very careful about applying values from where you are to other markets.

 Thanks for the advice Richard appreciate it. 

Not to be nosey but are your properties performing okay? I haven't gave up in my local market but I don't want to limit myself.  

Post: Networking Clubs Cost Money???

Clifford G.Posted
  • Real Estate Professional
  • CA
  • Posts 22
  • Votes 12
Originally posted by @Guy Olds:

@Clifford G. Now that I've convinced you to go to the Inland Empire Real Estate Club (IEREIC) I have to tell you that in December all they have is a big Christmas party and that may be way too expensive if you don't know anyone ($40 in advance or $55 at the door) so you may want wait until the January meeting which unfortunately is like 7 weeks away. Hope to see you then.

 Yes thank for pushing my off the fence it is what I needed. Plus I wanted to get a feel if anyone here at BP had to say on the topic. No worries see ya in January!

Post: Networking Clubs Cost Money???

Clifford G.Posted
  • Real Estate Professional
  • CA
  • Posts 22
  • Votes 12
Originally posted by @Rob Moran:
@Clifford G. If you join the Riverside club it starts at $19 a month. Worth every penny and more. I’ve been going for about 2 years. Get on the website and check it out. Great networking and contacts. You can’t just go once, you’ve got to get to know people over time. Good luck.

 Thanks Rob for the input! I have checked out the website and look forward to seeing you there also. It makes sense you need to be there consistently in order to build relationships. 

Post: Memphis TN.. Is anyone Left?

Clifford G.Posted
  • Real Estate Professional
  • CA
  • Posts 22
  • Votes 12

Hello BP,

I just got my book by David Greene "Long Distance Real Estate Investing" I probably should finish reading it before posting this haha.... But anyway I have been analyzing the Memphis market. Signed up for the Key Word alerts, and wow I get like 5-10 notices of homes for sale. Why is that it...it would seem like whole streets or neighborhoods are vacant or moving out?? 

From what I have read in other post the local market varies street by street. I am investing for Cash Flow so another concern is the amount of competition. 

Trying to get some perspective so your opinions and facts are appreciated!

Thanks Cliff

Post: Networking Clubs Cost Money???

Clifford G.Posted
  • Real Estate Professional
  • CA
  • Posts 22
  • Votes 12

@Guy Olds Thanks allot for the advice! What you said makes complete sense. I definitely don't want to be sold! That is exactly what I am trying to avoid, I was searching through Meetup.com.

Its a little bit of a mind shift for me, you try to get by without incurring cost whenever possible being "frugal". 

I am in San Bernardino not far for the IE Riverside at the Mission Inn so I plan on attending there at the next event. Stinks that I just missed the last one. 

Appreciate your input its really funny the little barriers you can put up on things that are relatively inconsequential in the big picture of things.  

Thanks again for sharing your experience! I am following through with investing and its clear you got to rub elbows with the right people. It stinks being the novice but everyone was at one time right...  

Post: Networking Clubs Cost Money???

Clifford G.Posted
  • Real Estate Professional
  • CA
  • Posts 22
  • Votes 12

Hey BP! 

I am on fire right now... I've been eating up Podcast like a mad man. Talking with realtors and lenders etc. One reoccurring thing I keep hearing is networking. So I go check out the nearest REI Club for the Inland Empire, its like $40.00 to start being a member...

Now I will take some council, am I Just being cheap? I checked here on BP and there's zero meetups in the area. I may need to check my keyword alerts but I almost never hear anything for San Bernardino and the Inland Empire. How are you guys networking?

Thanks