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All Forum Posts by: Peter F.

Peter F. has started 4 posts and replied 11 times.

Post: House Hacking in Los Angeles Area

Peter F.Posted
  • Sherman Oaks, CA
  • Posts 11
  • Votes 2

Is it still feasible to get a MFH (2-4 unit) in L.A. county with being able to put 5% down? Could be FHA, or conventional as long as it allows 5% down. Can someone walk me through "doing the numbers" correctly? I hear it all the time, but I'm not 100% sure how to do them right.

Here is an example of one I saw that would be interested in:

http://www.loopnet.com/Listing/20288041/601-E-30th...

How would I run the numbers? Thank you!

Post: Trying to Figure out Where to Start

Peter F.Posted
  • Sherman Oaks, CA
  • Posts 11
  • Votes 2

@Dan H. thank you for that solid advice! Basically what we were leaning towards, but you articulated some finer points to look out for. Much appreciated and will definitely be applying this advice.

Post: Trying to Figure out Where to Start

Peter F.Posted
  • Sherman Oaks, CA
  • Posts 11
  • Votes 2

@Eric Delcol 100% this. I'm looking around for a duplex-quadplex under $1,000,000 to house-hack for 1-2 years. 

Post: Thinking of Buy & Hold a SFH in Woodridge, IL

Peter F.Posted
  • Sherman Oaks, CA
  • Posts 11
  • Votes 2

Thanks so much you two! @Justin Pillion and @Sahana R.. Great website Justin.

Post: Trying to Figure out Where to Start

Peter F.Posted
  • Sherman Oaks, CA
  • Posts 11
  • Votes 2

Thanks @Account Closed. And thanks for the info in the PM. For now I think i'm going to focus on getting an initial property for me and my wife. Perhaps in the future might try one of the Subject to deals. You'll be the first to know know if/when.

Post: Hi. Glad to Have Found This place!

Peter F.Posted
  • Sherman Oaks, CA
  • Posts 11
  • Votes 2

Thanks @Bradley De comarmond - Just finished reading Rich Dad, Poor Dad and will receive "Set For Life" tomorrow. Also started listening to the podcast. Really enjoyed the one with Scott Trench (guy who wrote Set for life).  Let's meetup sometime in the near future!

Post: Trying to Figure out Where to Start

Peter F.Posted
  • Sherman Oaks, CA
  • Posts 11
  • Votes 2

Hey @Account Closed yea that's what it seems from the research I've been doing in Socal. Had never heard of subject to, but just looked it up and I must say it's very interesting. Thanks for that! I want to accomplish a few buy/holds and a primary residence for me and the wife. I know it's somewhat vague still, but we're getting there on the specific goal. So if I understand the strategy you're talking about it would be to buy 4 houses for $25,000 each using subject to (so takeover the original owner's payments from their existing mortgage, and get the deed). Then turn around and sell them to people who want to rent-to-own in the next 60-90 days. This means the new rent-to-own tenants will be paying the mortgage + some extra cashflow to me while they live there renting. Then once they've made enough payments that they own, I sign over the deed and they take on the property including any original liens and whatnot. Is that pretty much the idea? 

Post: Thinking of Buy & Hold a SFH in Woodridge, IL

Peter F.Posted
  • Sherman Oaks, CA
  • Posts 11
  • Votes 2
Thanks @Sahana R. Solid info. I was thinking it's too expensive for investment at that price.

Post: Trying to Figure out Where to Start

Peter F.Posted
  • Sherman Oaks, CA
  • Posts 11
  • Votes 2

How would you start investing if you and your wife had $100,000 to invest in SoCal? Note: she wants a yard for the dog and a decent neighborhood for primary residence. We're open to moving and/or purchasing out of state. 

Post: Thinking of Buy & Hold a SFH in Woodridge, IL

Peter F.Posted
  • Sherman Oaks, CA
  • Posts 11
  • Votes 2

Hi everyone! I may have an opportunity to purchase a nice SFH in Woodridge, IL. I've never invested before, but am ready to get going. Where do I start with my research. So far I've pulled this following:

  • 1,450 sq. feet
  • built in 1968
  • Zestimate $277,040
  • Sold for $278,000 in March 2005
  • Rent Zestimate is $2,100/mo (Reality from rentometer is about $1700)
  • Property tax in 2013 was $7,311
  • Tax assessment in $2013 was $79,730
  • Estimated Mortgage $1100/mo

I'm pretty familiar with the area because I grew up near there. I have many family and friends who I trust there to help me manage the property as I live in California. How do I check the schools and what else should I be looking for in order to price the house? I know it's all based on what kind of income the property will make, but it's currently not a rental so how do I find that information out. I understand how it's done with a MFH, but not for a SFH that was not previously a rental. Also on Zillow, the house is supposedly worth as much as it was when it sold last time. Is this an indicator of an area that will not appreciate well? The seller is a good friend so I'm not trying to come in and low-ball or anything, but we can avoid an agent fee and I suppose some other costs because we trust each other very much. She doesn't want to have to go through the ordeal of selling it to someone unknown. I definitely do not want to take it if it will not provide cashflow though. Where do I go from here. Any help is very much appreciated. Thanks!