All Forum Posts by: Nick G.

@John Chin As both an agent and investor, I think your question is too broad. You'll get good and bad with everything in life - is there more context to your question?

@Wendy I. It's not the tenant's responsibility to have to pay two rent checks, I wouldn't do it either. To answer your question though, I'd consult a local attorney on your situation, since there's really not enough information or context here to go on.

Hey @Matt McKinney, letting water and other water-based fluids sit on wood or wood-like floors, even just overnight, will cause them to ripple. Could be a spilled drink, an over-watered plant, etc... all kinds of non-leak related things. It also could have been a one-time leak that the tenants mopped up or fixed, but I certainly wouldn't be taking them at face value that it just "appeared" one day. Without pictures it's hard to say though. 

Hey @Juan Gomez, welcome to BP! I would search old forum posts to learn about the different loans available to buyers, particularly if there are any programs in your area available to first-time buyers (a local lender would know, and the programs are often county-based.) 

Typically though, your other low-down owner-occupied options are 3% and 5% conventional loans if you don't go FHA. Hope that helps.

@Carlin Randolph No, not if you want a reliable number, anyway. You need to ask a local agent who knows the market. They'll be able to give you a range that it would land in value-wise if fixed up to a certain condition. 

@Peter Green Sounds like somebody's trying to pull a fast one on you. Tell them to take a hike.

@Matthew Schwenke Welcome! The next official VCREIC meeting is Thursday, October 12 at Mimi's Cafe off of Moorpark Road in Thousand Oaks, hosted by @Jeff Greenberg and Pat McCormick.

The "meeting" you're talking about that's happening this Thursday is very different, it's not a REIA at all. I will say that I went to it once, and regretted doing so. Feel free to PM me for more info.

Looking forward to meeting you.

@Matthew Charron There are different schools of thought. The people I follow and learn from tend to be in one camp: specialize. Find an area you wouldn't mind living in yourself, then take at least three to six months to learn it like the back of your hand - become an authority of knowledge on that area. Don't bother with an entire county - start with a single town/city. 

@Monica Davies Probably negatively. Having a license means you are legally considered a professional in the industry, which means that you are now held to a much higher standard of practice when conducting business.

When you get your license, one of the fundamental things you get drilled on is agency and fiduciary duty - I suggest you read up on those topics, and/or consult a local RE attorney. Because of those things, wholesaling - in most instances - would be very difficult to do without putting yourself and your license at risk.

TL;DR: If you want to wholesale, I highly suggest not getting your license.

Hi @Sarah G. - I don't know your market, but typically I've found that the best advice is just to sit tight in your position. You need a place to live no matter what, and I can't imagine rents are very cheap in Portland, so you're usually better off at least having the benefits of a little tax writeoff and mortgage paydown while you own, plus being able to paint the walls the colors you want, etc.

I'd hang tight if I were you, see if your market goes up a bit more over the next few years (which I personally believe many will, just my professional opinion,) and try to refi and dump your mortgage insurance (assuming you have it) as soon as possible.

In the meantime, hang onto your $50,000, keep growing it, and wait for the right deal. While you wait, spend a lot of time and energy learning your market and its history so you know exactly what a deal looks like (or whatever market you want to buy in. Brandon and Josh always say, you can usually find a pretty cash flow-friendly area within two hours of any major city.)

Lastly, try joining your HOA board, lay low for a while and learn, then see what you can do about lowering HOA fees. It's not always easy, but you can bet that the homeowners will back you. Worst-case scenario, you can still keep an eye on things :)

I personally would not go out of state unless I had once lived there for a good while and still knew it well, but that's just me.