All Forum Posts by: Ricardo Paredes

@Clarence Johnson I live in Gardena. If the bank you work with is able to do 85% of better LTV could you please message me. Thanks.

Hello Dana, We've lived in Gardena the last past 5 years and the South part of the city has seen some commercial development along with already nice neighborhoods benefitting from younger families moving into the area. Gardena is close enough to commute to El Segundo or silicon beach which should help draw in more young professionals. Are you thinking about buying one of the townhomes on Normandy? Unless you're putting down a substantial down payment, it would be difficult to cash flow a town house or SFR in Gardena as a traditional rental. The Airbnb prices in South Bay aren't as strong as they are in West La or other more tourist friendly areas. For Airbnb a quick back of the envelope calculation for renting both bedrooms would be

$140/night * 25 nights/month  =$3,500 gross per month

Depending on your situation id guesstimate your monthly payment would be in the neighborhood of $2.6-$3.2k month. Depending on how much you are paying to Airbnb in fees and how much you are paying to have the unit cleaned and or managed, it may be possible to cash flow using Airbnb but you would need to evaluate using your Down payment, interest rate, monthly HOA etc.

3.125% on a multi-family 70% cash out refi. Loan amortized over 30 years, but with balloon payment at 15 years. Valley Strong Credit Union.

Has anyone else experienced a high default rate on their Groundfloor account? I've lent to about 70 projects and currently have 7 of 41 active loans in a state of default. Most of the defaulted loans are "A" and "B" loans which is particularly concerning. 

@Siale Havili i own a couple properties in Taft and would be interested in buying all 5 properties. Can you please send info on the properties to me as well?

@John Lawson Keep an eye out for special assessments when you run your numbers. A lot of the cheaper homes are saddled with hefty special assessments that increase the effective tax rate to >2%. The kern county assessor's website is a good resource.

@willsholy

I'm an agent and investor.We bought our first rental in Taft in 2017 and have bought and flipped a couple homes since then. It's significantly "cheaper" than similar sized towns in Kern County because the job market isn't particularly strong when the price of oil is down. It's also a little more difficult to find contractors due to the small population and distance from Bakersfield. I would spend a day or two exploring the town to see if you're comfortable investing there. Homes in Taft Heights tend to be larger and newer construction while much of the SE part of town and Ford City was built in the 1920's.  I would avoid the SE part of town unless the owner is giving the house away. 

@Keith Meyer could  you share what you learned?  I'm also looking for an escrow company in New Mexico with similar experience.

There have always been oil companies in the area, but roughnecks are not ideal tenants and  there are also dozens of rigs laid over in the yard right now. If the units are in good condition, you shouldn't have trouble finding tenants at $525-550/month. Why this particular duplex as opposed to other duplexes or 2 homes on 1 lot that were available in Taft last year?

@Bosko Mijatovic What kind of metrics are you using to shape your search?