All Forum Posts by: Robert Ortiz

Hello Everyone, 

One of the biggest challenges I've come across is deciding how much to charge for rent while analyzing properties. I've looked at rentometer, craigslist, hotpad, zumper, and other sources out there. The problem is the amounts are all over the place between all sources and I wan to make sure I'm using correct numbers; I usually run a worst-case scenario just in case I need to rent ASAP and make a decision based on that number. At this moment, I've been getting an average amount between all sites and going with that number but I wanted to ask what others are using (or suggest) when analyzing and actually charging for rent. 

I'm looking into buying my first multi-family home in either Vallejo, Oakland, Richmond, and Sacramento and I plan to rent the other unit and hack the unit I will be living in; I'm single so I can get away with getting a roomie. BIG BONUS if the property has an ADU or a detachable garage I can convert. Therefore, I tend to look for rent amounts for a studio, single room, and 2 or 3 bedroom (depending on the size of the unit).

Thanks!

Hello Everyone! Does anyone have recommendations on a reputable lender in the Bay Area who specializes in FHA loans?

Thank you.

Thank you for the clarification, everyone! I'm going to start budgeting for a higher down payment just in case. 

Hello Everyone! Hope you're all doing well! I just began my journey as a REI and I wanted to get some insight on something I thought was a bit odd. Are sellers motivated by the buyer's down payment amount?

A really good friend of mine advised me to take the next step in the process and talk to a realtor in order to get some momentum with the process. "You have nothing to lose but so much to gain". So I did! I'm glad I did because it gave me more action items to address before moving on to the next step. 

I spoke to a broker associate through realtor.com to get insight on investing on a duplex using an FHA loan. The broker told me that sellers usually go with the buyer who has a higher down payment if they are faced with multiple offers. She recommended me to put more money down in order to increase my chances on closing a good deal. To my understanding, the seller will still get their money regardless of how much a buyer puts down, right? I asked her but I felt like she was not able to give me a straight answer. Is there something I'm missing?

P.S The only reason why I went through realtor.com was to get over that hump and start taking steps in putting myself out there. I also feel like doing this will prevent me from having analysis paralysis :). I'm currently learning more about the FHA loan and getting my personal finances in order so I can start looking for an agent and lender in the Bay Area through the BP community.

- Robert

I’m also on the same boat in California (San Jose)! I’m glad to hear the 1% rules doesn’t really apply in California. I was having a hard time finding properties that met the 1% rule. Knowing this will definitely make analyzing a bit easier. Thank you!

I'm also starting my REI journey and I'm trying to learn as much as I can. I have a good amount of cash saved and I'm looking for a plex to house hack using an FHA loan. Does anyone gone through this process? I'd love to get some insight on the process and the limitations.