All Forum Posts by: Richard W.

Adam at this price point, for your house hacking concept you could probably get something in south Gardena( maybe south of Redondo Beach Bl, or east Torrance that would be in a neighborhood that has more to offer.  The neighborhoods around CSUDH are not teaming with students looking for rentals.  Its not a highly regarded Cal State....If you are planning on living with tenant/roommates there are language schools in Torrance that often draw foreign students. Check out that Carson neighborhood on weekend evenings to get a feel for the neighbors...a quick google scout of the street showed sally-ported porches, etc.. 

Curbed LA

this site will give you some flavor for the EP area.  EP is one of the oldest neighborhoods in LA, and its getrifiying to the dismay of alot of long time residents, but there are many homes in disrepair that could be a flip opportunity if you could buy right.

Cant go wrong with Honda/Acura...even the drivers seat foam seems to never breakdown...

@Vivianne Salazar

 I commend your loyalty to a stick shift......I gave mine up....the 405 freeway broke my during rush hour...but I miss that 5-speed Acura. 

My 2002 BMW is due for a change soon, but more interesting is this story about a Pro Bowl NFL running back who drives a 1991 Mazda he bought for $2.  Just a little motivation I use to keep my "wants" in check with my "Needs".....enjoy

Alfred Morris 1991 Mazda

This site and the people I have met through BP has been rewarding in so many ways.  Merry Christmas.  

Im looking to purchase a SFH as a rental and told the listing agent I would offer 51k for a house that was listed for 60k. Early in our conversation I asked what the sellers loan payoff amount was and got a vague answer that the agent didnt know and it was probably $100k + (I should have insisted on the payoff amount prior to talking numbers). I sent POF and a scanned copy of EMD check but havent actually signed an offer to purchase contract. A couple things came up. The agents assistant sent me a buyers agent agreement that included a $400 brokers processing fee which I told them was unacceptable and they said they would waive it. Additionally, the assistant sent me a preliminary HUD 1 doc that listed the fee again, and also listed the sellers loan payoff amount which is $45k.

Since I havent actually signed an offer or agent agreement, and now know the payoff amount, should I write an offer at the payoff amount?  Is there a rough percentage of the outstanding balance that the banks will accept.  Any input is greatly appreciated

Dig deeper into the market rents for that area.  Check CL, hotpads, and check with local PM websites to get a stronger feel for what the rents will be.  Are you going to use a PM?  if so, contact them, and ask them what they think they can rent the place for, and what fees they charge.

There are some easy to use spreadsheets under the ANALYZE ribbon that can get you a clear idea of what your expenses, net income, and COC could/would be.....fun for hours as you play with all the moving parts and say to yourself ..."What if this.....what if that...."

Thanks for sharing your concerns

Start by making the rounds at your local REI meetings.

Determine what kind of a return you want.   

Talk to other PMLs.

Lend to people with a track record of success.

..........Did I mention go to your local REI meetings

Hi Paul,

Welcome to BP.

Are you sticking with SFH in Lawton ? and how much rehabbing are you planning on doing on newly acquired properties?

Ah yes, disruptive technology.  I like to think the agents will become less relevant as oppose to irrelevant, which will put pressure on the least skilled agents and their commissions.