All Forum Posts by: Patrick McCandless

Brian Braker welcome to BP and Ryan Hopkins howdy neighbor! I've been in Walnut Creek for a little over a year now. Would love to connect with both of you. I'm actually keeping eyes peeled for exact same thing, Brian. Hopefully a little closer to the $300k mark though in the Concord area.

@Ravi Sesh I agree with Craig. The rental property calculator is a great tool. You can use it a few times as a non-paying member, but will need to upgrade to PLUS or PRO to have unlimited use. My biggest advice would be to not forget certain expenses in your calculations such as property management fees, PMI/MIP, HOA fees, vacancy, maintenance, and cap ex. Second tip would be to use cautious numbers for the ones you will be estimating (vacancy, maintenance, and cap ex). Better to account for too much rather than not enough.

The main thing you left out which will ultimately determine your cash flow is how much you are putting down. If you're purchasing as an income property I'm assuming 20-25%?

Hi @Ravi Sesh and welcome to BP! Listen to as many podcasts as possible and read as many threads as possible. If you have a question about a specific topic try searching for it first and if you're not getting the answer you want then start a new thread.

I'm an owner/broker of a boutique real estate brokerage in AZ covering the Phoenix metro area and am currently branching out to the San Francisco bay area. Let me know if I can help in any way and feel free to send me a direct message.

Thanks for responses guys.

@Darrin Carey yeah the only reason I mentioned closing in 14 days is because I do have a conventional lender that has proven first hand he can get one done in that amount of time for me. Not sure how he does it when others I've worked with have a hard time with less than 30 days.

@Scott England yeah the only real reason for my asking about going straight in with the conventional instead of private/HML and then refi into conventional is to save money on the high interest rate of hard money as well as the cost of refinancing.

So it sounds like it's possible as long as the homes condition will pass appraisal. Just unlikely that a wholesaler would want to entertain it.

Is this something that ever happens or is even possible? I am trying to think of a reason why not aside from the wholesaler not willing to wait more than 10 days or so to close. I have zero experience with wholesaling though.

Let's say I'm wanting to find a discounted home and do a live-in rehab over about a 2 year period to then either rent or sell depending on what makes most sense at that time. If the numbers make sense for both me and the wholesaler and I can close with a conventional loan, as-is, and non-refundable earnest deposit within 14 days it wouldn't really be any different for the wholesaler than an investor paying cash or using hard money loan, right?

@Brian Garlington Are you looking for single family to purchase as primary residence and turn into rental down the road or just purchase it as an income property right off the bat? Or multifamily? I'm personally looking to use the BRRRR method on a single family detached.

Sue Kelly I have been keeping my eyes peeled on Concord myself. I currently live a block from downtown Walnut Creek and am new to the Bay Area overall from AZ. While WC is absolutely great and the downtown is really cool, the prices are just outrageous. There is a 2/1 around 1,000sf for sale on my street right now for $900k. Unbelievable. You can get the same thing in a decent part of Concord for around $375k. Also strongly considering Oakley/Brentwood. What area are you in specifically?

I live a block from downtown WC and absolutely love being walking distance to everything, but it's not worth the price tags. A 2BR/1BA detached SFH around 1,000sf with single car garage just sold about 10 houses down from me for $900k. I mean wtf. Seriously. I'm focusing my attention toward Brentwood and Oakley personally.

I would also be interested to see how rental prices react to increasing/decreasing sales prices in the Bay Area. Any charts to find a side by side comparison?

Syed Khan What are you referring to regarding getting "screwed over" by the lender and other party? FHA loans are great for owner-occupants. Really the only downside is that the mortgage insurance never drops off and the appraisal rules will be a little more strict.