All Forum Posts by: Robert Reynolds

Hi Monico,

Welcome to the BP Comminity!

1. Find comps 3 months max, one month preferable. 
2 & 3. Yes make adjustments but depends on each item. Each item depending on desirability will add or subtract value from your property. 

You are off to a great start. Keep asking questions in the forums and start building relationships with other like minded individuals. 

I think you should buy a second property. The time and money loss of building an adu is often a lot higher than one would think. I have been working on mine for over a year now and in that time I could have bought several homes with that money. I like STR's right now and with the $150k I spent on my ADU I could have bought two STR's in Big Bear or Joshua Tree.

Like everyone else has said, just keep going. I would try and Brrrr single family residences in LA like you are doing. I'm also building an ADU at my house and could easily BRRRR my house when finished, I'm sure yours is similar.

Hi Colby, I've house hacked in SoCal and helped several others do the same. I am also a first responder and love helping out the community. You more than likely won't cashflow your first year or so, but eventually rents will catch up to purchase prices. 

Hi,

Yes buying a duplex will affect your DTI but you can use the rent that is coming in currently or the projected rent to help you pre-approve for a larger amount than with a condo or single family home. I would recommend talking with a lender to figure out what will be best for your circumstance.

Like others have said using a 3.5% fha or 3,5,10 or 20% down conventional loan could also be a good option for you. There's a lot of factors you need to equate for like the condition of the duplex. If the condition is rough, then FHA may not qualify for it. Would love to connect and talk more.

I would maybe start with a 3 bedroom condo and rent out the rooms to friends or family. Then move up.  Could also start with a short term rental in a close market 1-2 hrs away.  You have some good options and will really depend on what you qualify for. 

Please come and network with other like minded individuals at our second The David Greene team meet up. Our first one was great and I got to meet so many interesting people with the same goals of building wealth through real estate. Please don’t come to pitch products; this is strictly a no sales event. Just come and meet others!!!