All Forum Posts by: Account Closed

Hi @Krystle Padilla, thanks for the awesome info! When you say "permit requirements" for 29 Palms, what in particular?

@Karl B. This is great, thank you! I was just organizing all of my questions today into a spreadsheet of who I need to ask which questions to. I wish I had found this page first - it is exactly what I wanted! Thanks so much

I've got my eye on a plot of land and I decided to reach out and request more information. The selling agent wants to jump on a call tomorrow and I want to make sure I ask all of the right questions. This would be my first time buying land and although I've done a lot of research on what sort of due diligence is necessary before buying the land, I am wondering what bits of information I should ask the agent the first time I talk to them. Does anyone have any tips or things I need to make sure I find out right away, and what I should or should not mention to them during our first call? Maybe things that are appropriate to ask them and what will also help me determine if it is even worth moving forward with. Any advice/suggestions are greatly appreciated!!

Thanks @Account Closed! Overall does this look like a good list of questions to ask an agent at an open house? Is there anything I'm missing?

I want to start practicing analyzing properties (multifamily...2-4plexes) and I'm putting together a list of all the data I need to input into the biggerpockets calculator. 

Regarding info that I need to get from agents at open houses...I've been reading both to believe the numbers and not to believe the numbers. So if I don't go by their numbers, where can I get the info from? Also, what other questions should I add to this list as far as things I should ask the agent when I go to look at properties? Anything on this list that I should NOT ask them?

-Is it rent control?

-What is the market value rent?

-Is it turnkey? Any repairs needed soon?

-After repair value

-Estimated Closing costs

-Estimated repair costs

-Total gross monthly rent

-Other possible monthly income

-What expenses are paid by me and what are they? (electricity, lawn care required? water, sewer, garbage, HOA's, insurance)

-Monthly property taxes

Please excuse my possibly bad list..I'm very new to this! Thanks so much in advance

@Shaun Weekes Thank you!

@RJ Walz @David Varvaro @Ciprian L. Thank you so much for these great answers! This is really helping me along as I formulate a game plan. Much appreciated.

@Shaun Weekes Thanks for the tips! If I plan on trying to get gift money for the down payment, do I need to have that in my bank BEFORE I can get pre-approved? And if so, for how long does it have to be in my bank account for? And also, one thing I just can't figure out is...so I can use 85% of the lease agreement of the other half of a duplex I want towards my income to qualify for a bigger loan amount...but how does that help me during the pre-approval process when I haven't even found a place yet? 

@David Varvaro My rent is currently at $1600 and is set to increase again in September so I definitely feel like I could be putting that towards a mortgage that i split with a few other tenants instead right? I do need to read that book! And I'm really open to taking every area into consideration as long as I'm able to still commute to my job. The condo suggestion sounds great, thank you for bringing that up! I've read a bit about BRRR but also heard that it's really hard to refinance if you have an FHA. Is that true? I still have a lot more reading to do on that. Thank you again so much for your input, I appreciate the tips!

@Ciprian L. The competition is a big part of what scares me as well, but I have seen quite a few listings that specifically mention the properties are good for FHA loans. If something has that verbiage, could that actually make things a bit easier for me? Does that mean that the prefer an FHA to all cash or conventional financing?

@Fay Chen Thank you! I'll search around for it :)

I also did some more research today and it seems like I can also use the income of a co-signer in addition to my own and that could help me show an overall higher income and get a bigger loan. Does anyone have any insight on that? 

@Purnell C. I will, thank you!

@Tim Puffer I know, prices are crazy here. Thank you for that info! I have to look into that and see if that would make things a little more reachable!