All Forum Posts by: Shant Ohan

@Chris Tarpey

Thank you so much!! Very good advice!!

Hi Everyone,

So as everyone is aware trying to find a BRRR property in california is not easy. I was able to find a property that is mostly finished besides the flooring BUT it also needs septic and requires the county water hook up. I think the property ( I haven't been there yet) requires flooring, sheet rock, and some minor details like base boards. It is a 2b/2b but I would like to convert it into a 3b/2b. Property is 159k and 1280 sgft and the lot is 7841 sgft. I have two question:

1. Will banks finance a property even though it is not complete/live-able? 

2. Would this be a deal someone would take on as a first time home buyer(knowing that it requires water/sewage)? The numbers would work out to rent this property and average property prices in the area are around 300-400k 

Anything else I should consider as a first time home buyer before I get too caught up on this deal?

Thank you!! 

@Matt Nico

Hahaha thanks Matt! I’m slowly realizing that there is a lot more to it then one might think.

@Dan Heuschele

Thank you so much! I really appreciate the knowledge!

@Dan Heuschele

Hi Dan I am not familiar with what ADUS stands for, can you please explain that for me? Also my initial thought was trying to increase my monthly cash flow via this route

@Dan Weber thanks so much!! I’ll have to contact them and find out!! I didn’t know where to start!

Hi everyone,

I live in Turlock, California and I’ve been doing a lot of research in our market and looking into many deals and just can’t get the numbers right.

My question here is it possible to convert 1 of the three car garage into a studio and rent it out? I was wondering what the California law in regards to this is?

Hi Everyone!!

So we found a place and the owner is motivated to sell! The property is a track home and requires around 50k in renovations. The properties around it are selling around 350-380 (this is California real estate). My questions are what price range would be a good deal to offer the owner (we have a sit down with the owner in a couple weeks) and what would be good things to take with us to the meeting (e.g paperwork). Also my gf is currently living at the property and renting from the owner. The property is 3 bed 2 bath approx 1300 square foot, backyard is a mess, inside is a mess but structurally good needs some love!

@David Kelly we are looking to buy our first property and assessing our options -one thought is to "house- hack" and live in one unit while renting the other units to pay the mortgage until we had 20% equity to refinance and get rid of the mortgage insurance. Our biggest barrier to entry is the highly priced CA housing market. Any suggestions or advice to this plan, or concerns besides mortgage insurance with FHA?

Is it possible get a FHA Loan on a multi family? Specifically a duplex or triplex?