All Forum Posts by: Oddy Kham

 What does dump mean?  I'm new to this.

@Oddy Kham I'd feel a little better about saying yes if you had said "covers PITI" rather than just mortgage. As a strategy it's fine, but your mortgage isnt the only expense to cover. Though if it appreciates you can take the losses against your cap gains

Theres nothing wrong with buying off MLS. It also makes it easier to finance with often much better rates/terms if can use conventional financing. But that doesn't mean you can just buy any property, you still need to find something selling near the bottom of comps. For example if most 4 units are $500-700k you want to get one close to $500k as possible. Almost all my clients buy off the MLS and the deals end up very profitible.

In the low income/blue collar areas off market is a bit more popular as more motivated seller type deals but in my market chicago north side nearly everything 4 units or below is on market or sometimes pre-market pocket listings.

I think the question here is - I have money but no time, I found something I like and want to just pay the asking price. Is that ok? The short answer is yes. The longer answer depends on whether or not that purchase is a new primary residence or a vacation second home or an investment. If new primary or vacation and you absolutely fell in love with it, go for it. Depending on how much you want it and the comps I might even overpay if i really really want that to be my next home/vacation getaway . Be mindful that while the market is softening and the bidding wars aren’t as frequent we are still seeing people underprice their listings in the hopes of creating a bidding war. If it is an investment (and people with money have money for a reason), I am sure you’ll run the numbers to make sure you are parking your cash properly regardless of how much or little time you have or hire someone to analyze a deal for you.

If you can get it below, do so. This market is leveling off, there is no reason to be paying over at this point!!!  If the numbers work go for it. You can always refinance to get the payments down and make it workable. 

Hi Oddy, 

Welcome to Bigger Pockets! I am actually also an investor here in Fresno and would be more than happy to help you out with you anything you need. Feel free to reach out if there is anything I can do!

Welcome to BP @Oddy Kham! 

My two tips: 1) take advantage of the search function to find threads in the forum for any questions you have (before posting/creating a new thread) and 2) regarding investment property-- clearly define what your goals are on the front end so you don't get distracted when evaluating deals (and your goals very well may change or adapt!). 

I'm also here in CA and would be happy to be a resource for you for anything loan or investment related or if you have a specific deal you want a 2nd opinion on etc! Don't hesitate to reach out.