All Forum Posts by: Nick Fitzpatrick

@Andrew Magallanes I dont have either so I wouldn't be able to give you the insight others will on this site. I just wanted to congratulate you for trying to make purposeful steps toward your future at a young age, best of luck your already on the right track! 

@Wendell Allen 

 Is your home in a condition that only an investor would be interested in purchasing? If so you will have to be willing to leave some equity behind for that investor to turn a profit from it.

If the above does not apply to you, listing your home to a retail buyer on the MLS would give you the highest resale price.

@Ryan VanPatten 

Do you report your roomates payments to yourself on your taxes at the end of the year? If so you will be able to use it for most lenders, some have different formulas for how they figure it out and how long it needs to be documented in your returns.

I look to do the same thing, mostly to put myself in a position to own my own property management company at some point in the future. In CA you need to be a broker to be a PM. Good luck on learning the craft and supplementing your income! 

@Patrick Hepner you said your offer was accepted and it had an Inspection Contingency. Is that contingency still in there or did you have to drop it to be accepted?

If it is still in there, I bought an REO a few years ago when there wasn't as much competition, and used the inspection to leverage another 10k off the price, by producing contractor bids for various capital expense items that would now have to be disclosed to any future offers should mine not work out.

@Viktor Stakhov You can get up to 10 loan in your name with different lenders, just start calling around in your area.

Just my 2 cents, but I like the idea of purchasing the 4 plex as your primary and fixing it up for a few reasons, this would probably be the most expensive purchase option of all you listed and you would be able to get a larger assets with primary residence financing options like FHA loans and potentially only put 3.5% down allowing you to keep some cash free for rehab/reserves/or other investments. Then in a few years you could move on and have it be completely rented out.

Either direction you choose your in a great position, nice work and keep us posted on what you decide! 

@Alex D.  Are you in a hurry to sell? If not I would give tenants the price you are going to market this property at after Sept 30th and let them see if they can put together financing and a downpayment for the property. They may want to purchase just not be qualified buyers. 

You only get one chance at a first impression and I would't want a listing to sit on the market with tenants and being in a less ideal state, would turn off many buyers and just sit on the MLS and the longer that happens typically the more interest dwindles. After Sep 30th just get in there and clean the property out and make it shine, then list and sell!

Peggy, thats sounds terrible. I didn't even know it was legal to take fee's out ahead of time. I thought the management fee had to be taken out of rent received. 

It's nice so see how many locals in the area are stepping up with great advice and solutions. Makes me feel a little more comfortable as an out-of-state landlord myself.

I hope everything works out and you get your deposits and money taken back in full! 

Joe Gore a limited liability company does just that limits liability to just the assets and revenue generated within, and does not extend to the personal assets of those that are apart of it. Are you referring to the more complex taxes, minutes and recordings that need to be made to keep that protection up every year?

@Orion Walker  welcome! I live in santa rosa and invest in some rentals in Sonoma county, i used to work up in Ukiah and Willits great area. And sounds like you got a great deal there in Ft. Bragg. Look forward to meeting you in november.