All Forum Posts by: Patrick Fraire

Nice man, it looks great!

@Brian Ellis That is so awesome! Did you have it refinished or did it already look polished when you found it? Either way that is awesome. I’m going to start checking under carpets now.

@Aaron K.

Commuting from OC to riverside is pretty common in my industry. A lot of the project managers/super intendents in construction make ($100k-$200k) live and choose to live in OC but there is a ton of construction work in Riverside/San Bernadino County. People do it because your "going against traffic". 

to clarify...the rental income I posted was regarding the 1bed/1 bath unit. The other unit to be (house hacked) rented by myself. Pro forma rent of $1400/month. 

The market rent I posted was as-in condition, not pro forma.

After expenses I will be paying market rent for a unit I am occupying plus gaining yearly equity equal in an “up and coming” community. 

Thank you all for the input.

I have taken your guys’ advice and offered to take on tenant for 330k. 

Waiting to hear back...

@David Friedman

That’s true I may go that route. But the reduction would have to be more than the monthly rent would be. I value that monthly rent more than the reducing my loan amount. I actually just went up on my purchase price in exchange for no tenant. We’ll see what they say. 

@Aaron Klatt I’m worried that since the previous seller is out of the area, and they would be liable for rent. I would run risk of “serving notice” to someone that is not actually living in my property. Not sure how that would work. Might need a lawyer to draft that document.

I’m in negotiation with a seller on a small multi family property in riverside, CA. They are out of state owners and are currently paying the mortgage for a friend to live there for free. She is a senior citizen and can’t afford to pay rent I guess? I offered $330k Seller countered at $340k + 1 year lease for their friend (old lady) @$1000/month (Market rent is $1050-$1150 /month) They will not budge on helping out their friend. Any advice on what I should do next?

James McKay by A town I’m going to assume you mean AG? If so that’s awesome. You got Figueroa Mountain there so I’m jealous!

FHA has rules against Airbnb/vacation rentals as well. Just look out for that. I didn’t know that was a thing until I was signing paperwork for my loan.