All Forum Posts by: Shawn Speelman

Thanks Jeff.

Yes this is the place on Shasta, 3 units and is a 2 story. I lived in Yuba City for years but now live in Idaho, my partner lives in Yuba City. I'll post more info tomorrow after I talk to the realtor. Trying to decide at this point if the numbers even make sense enough to drive down to look at it.

Shawn

I'm evaluating my first potential income property. I have a few questions about the percentages most of you use? Specifically- repairs, capital expenditures, property management. 

Also future assumptions- Income, Property Value and Expense Increases.

I understand that every market is different but until I gain experience and would like to put some sort of value for now. Its a triplex in Yuba City, CA

Thanks.

I'm new to this so I don't know. A property I'm currently looking at supposedly has a history of rents of 2000/m income. The realtor selling the property says that the owner just wanted it empty to sell. Does this make sense? I'm sure that I'm just being over cautious but since it will be the first income producing property I have owned I  don't need any surprises. 

Thanks!

I'm debating whether to form a partnership agreement or if I should somehow put my name on deed? Im guessing that if he gets the loan in his name only that the bank wont allow my name on it?

My main concern is that I have control over property as I know how young adults are with making stupid mistakes, I know I made plenty in my younger years. Ideas? Thanks!

Thanks for your responses Brent, Robert, Ben and Jerry. 

@Ben Leybovich, When you say seasoned does that mean that a period of time has to elapse after he takes possession of property? Are we talking a year or so?

I want to help my son buy a Duplex or bigger as his first investment property and have a few really basic loan questions. Will he need to qualify just off of his income or will a lender also consider the rent he can collect as income? Is it easier to qualify if he occupies it or can he rent out both sides (or all if Triplex or Quad) and  thus allowing him to qualify for a larger loan?

From and investors point of view what would you say is the difference between these two markets in relation to the following:

1) Price (if buying now)

2) Yearly Average Appreciation

3) Taxes

I'm trying to decide if I should focus on one of these markets or both since the distance between is relatively short.

There must be someplace I can research this information?

Thanks!

Hello Lisa.

I would love to meet with you and talk RE. I'm moving as we speak to Hayden. After I get settled in I will get in touch. 

Thanks for the welcome.

Paul, James, Larry

Thanks for the warm welcomes!

Hello All! 

My name is Shawn Speelman, I currently live in Spokane Valley but I'm moving to Coeur D Alene next week. Except for owning a few houses in the past in California, I'm very new to real estate investing, that is to say I currently have no investments but I plan on diving back in and that is why I'm here.

 I'm presently a  Journey level automotive technician for Toyota but quite frankly decided  that its time for a new career, that is to say one that fits me. I have put a lot of thought on what career would fit me best and that is how I ended up here on BP. Wow what a fabulous site!! It may take a few years (or not) but I decided to at least get the ball rolling. 

 Mostly what attracts me to real estate is that it seems to be a very patient career esp. if you are in it to buy and hold. Buy and hold will at the very least by my retirement plan. I've often thought that flipping would be what best suits me but I'm not quite ready to take the plunge. I first plan on hanging out here for a while and learn what I can. I might find that after hanging out for a while another aspect of real estate would better suit me. 

I hope you are all ready for some more newbie stupid questions. 

Shawn