All Forum Posts by: Santiago Almaguer

Hey Kimberly, i live down in Oxnard own a few multi unit properties but am familiar with the ventura area as well (slightly more expensive). First off i agree with the previous poster, bail on that realtor. Looking back on 2015 there was so many good cash flowing places to buy compared to now. The market is very dry here currently in my opinion, and what is available is too high even compared to the end of the year last year. I closed escrow end of the year on a 3 unit apartment building each unit 1 bed / 1 bath, touched up nicely less than a quarter mile from the beach in hueneme for $480K. I'm renting all 3 for combined $4650 in rents with my payment being $2400. This is with the listing agent saying i would only be able to rent each unit for $1000-1100 which i knew was crazy talk. the rent market out here in ventura county is crazy. oxnard vacancy is less than 1% and i don't think sellers or realtors realize it. Now i don't see any deals like that currently and i don't know where you prefer to live either but there is some stuff i see on the market you'd easily be able to get into depending on your budget and make some money or cover almost your whole mortgage living in one renting the other. I don't have tons in reserves but i always find a way if i focus in on a property that i want. Although in ventura county its hard for the flip unless you have $300k sitting in your account.

Example, there was a beat up house that was $200k (would appraise for $425k easy in livable shape) and the seller wanted to sell it with the empty lot located next door for 300k. Both were zoned commercial and the street had another 6 empty lots as well. Well they got tons of offers even over asking price turns out the guy that's buying the house and the empty lot is actually buying the 6 empty lots as well! That's how he swayed the deal in his favor. My point is, in the buy and flip scene over here, the good deals never go unnoticed. But in the buy and hold there is money to be made because the rent market is so hot out here. 

@Omar Merced Thank you so much for the info everyone and omar, i will be getting in contact with you shortly.

Hey guys, haven't been on this forum in a while, from ventura county in southern california and I'm on my 4th property but everything is getting super expensive out here. Was looking into putting my money elsewhere, just a few questions with those familiar in the area.

-Just how hard is it to get an investment loan for multi units out in Vegas being from socal? Can it be done with 25% down? And do they look at my DTI ratios as well if I'm out of state?

-I see a few duplexes that look like they consistently pump out $1100-1200 a month total, with my 25% down my payment would be around $5-600 with these units I'm looking at. Is there a catch?

-How is the property management out in vegas? Whats the fees? Any recommendations.

-Duplexes I'm looking at have been in the 89106 area.. Also any recommendations on any other markets would be much appreciated. Im very familiar with the market where i live but haven't got my feet wet anywhere else.

THANKS!!

Hey guys just a little background before I dive into this.

My name is Santiago, I'm from Ventura County in Southern California. I'm 22 and bought my first rental property when I was 20. At 19 I was hired at a fuel plant in my city as just a helper for the Accounts Payable and Accounts Receivable managers. I started off at $11/hr and would stay late every day trying to learn what I could. 3-4 months in, the AP manager left on pregnant leave and decided she wasn't coming back. I worked extremely hard to get the hang of the position wanting to quit at times. Eventually I asked for the promotion and got it, bumping my pay to $19.50 an hour. As you can imagine just 1 year removed from High school I was elated working full time with benefits. I saved and by February 2014 I acquired my first income property. A 2-1.5 condo for $135K (one of the lowest on the market at the time which still upset me though because just 6-7 months before there was some alot cheaper), I put $30k down and began renting out at $1300. The loan was first time buyer at 4.25 fixed. I was netting about $200 a month after everything. The condo was just remodeled and my tenants are fantastic. I currently pay $300 rent at my parents and have a paid off truck which was how I was able to save my $. I was a penny pinching hound. That condo is valued around $200k now and I currently owe $94k on it (ive been putting plenty on the principal a month. In the future I see myself as more of a hold type of guy more than a flipper but we'll see where I go. I don't work at that job anymore and made a mistake not showing much income the past year because I do have a substantial down payment saved up again which would lead to my next investment which i have questions on a buyer carrying the loan but I think that would belong in a different thread? Either way im a HUGE sports fan and listen to sports radio all day and recently felt like I discovered fire finding out about bigger pockets so ive made the transition to trying to catch up with the podcasts. It looks awesome here and just thought I'd like to introduce myself.. Thanks!!