All Forum Posts by: Patrick Fraire

Good question @Aaron K.. I’d assume the include a management fee in there though. 

Cap Rates Riverside

This might help. I used this as a reference for buying in riverside. It shows cap rates based on A , B, and C class. 

Welcome James, what city on the central coast? I’m from Santa Maria!

Check the disclosures the seller gave you. Did he disclose this issue?  

So I am in an almost Identical situation except I do have an agent that is sort of a mediator between the seller and I. I just had my inspection and we found similar issues possibly more sever than yours. My inspector gave me a ballpark of 7500-10,000 in foundation repair. He advised me that a lot of contractors won't warranty their work unless they basically brace or modify the entire foundation. That is why it could be up to 10,000. Anyways...my agent said the seller knew of the foundation issue and is willing to give a credit for the repair. The agent has scheduled a foundation specialist to come out and give an estimate and the seller and I will negotiate from there. 

Yes that is correct. I had to owner occupy in order to use the FHA which is 3.5" down + closing costs but I negotiated for agent & seller to cover closing.

So the 20k went toward 3.5% down. 

I may have had a few cervezas in me when I made that bold statement. Id like to rephrase to the best post I’ve ever seen on BP. 

@Andrew Postell this may be the best post in the history of BP... thank you