All Forum Posts by: Steven Holiday

Greetings. 

I'm only one vote, but I can offer my initial thoughts.  

--There is an excellent Children's Hospital just north of Fresno (Children's Hospital of Central California).  You might ask if they offer referrals for traveling professionals or families on extended stays.

--There is Fresno State (CSU), Fresno City College, and Visalia's College of Sequoias.  

--Central Valley Regional Center has a well regarded cardiac program and several other hospitals in the area.  

--You might also look at the Hanford and Lemoore Naval Air Station.  

All of these are within a half-hour's drive or slightly more.  Of course, you have the drive to the mountains for the Big Trees, Hume Lake, King's Canyon, etc.  

You might run some Google or Facebook Marketing and see if there's interest. I don't do STR's but if I was, if there was a way to get a manager to do all the heavy lifting, that's how I would go.

Good Luck!  

sh

I know there are lots of STR hosts, but I don't know of anyone actively managing, at least not as I've heard. I know of a realtor or two who will informally watch over a client's house and at least one house-cleaner who would clean between stays, but that's about all I have.

You might call around and ask realtors if there is a demand.   Maybe they know a client who can't get the price they need.  

No problem.  

I'll drop the info in your PM.  Good Luck.  

There was one lady on Linked In, years ago, who managed her own properties. I had a friend who recently told me about a realtor friend of hers who managed her STR while she worked on the East Coast. I CANNOT recommend from personal experience, but I could reach out and put you in touch if you're interested and they're willing. Good Luck!

Congratulations on making very good decisions at this stage in your family life. The Central Valley is one of the few places in California that are still "affordable". I wouldn't be surprised if the area sees a significant correction, especially if interest rates continue to climb. But in the long term, if you buy right, at your stage in life, you'd be in a very enviable position.

1. You can pay enough down to keep the payments manageable, even if you have to absorb a few months of vacancy or a capital expense like a water heater or HVAC.

2. You can offer rent at a marketable rate, but know if the rental market cools, you could get by with less cashflow.

3. Build comfortable reserves in case bad stuff comes along.

4. Keep an eye on your equity and rates and when possible, refi to a lower rate, take cash out, or both.

5. Don't count on appreciation, but enjoy it when it comes; understanding that when wages catch up with inflation, more dollars will be competing for fewer available rentals.

6. Stay in touch with realtors and make clear that you are ready to discuss "less than perfect" properties. If you take a "before picture" property, you can save money on the payments, spend a dime at Home Depot for a dollar at appraisal, and rehab a house to "renter-friendly" specs, not "realtor wow", which is what the place will look like if it's ready for the MLS.

7. Considering what you posted, you and your family are probably in a high tax range and you'd be able to offset a significant tax burden with an investment property. Any good tax guy or gal would be able to advise specifics.

8. I wouldn't hesitate to reach out to lenders, property managers or realtors and discuss what you're thinking. Each one would love to earn your business and will jump at the chance to answer questions and ask you a few. If they act like they don't have the time, find someone who does. But don't forget to put a negative rating on their social media, your choice where. I would recommend David Greene's Lending Wing in the Bay Area. They were rock stars for us on a recent purchase. It wouldn't hurt to talk to their realtors, either; but I had more local representation, so I couldn't personally speak to that aspect of the business. There are several good property managers in Visalia. I'd check their reviews before you call one, but even if you're planning to manage the property yourself, if they know you're an investor, they will want to impress you. They might even have a few burned out landlords that you might want to talk to.

I hope some of this helps. It's refreshing to see a young family making such great decisions.

Very best of luck to you.

That's a good idea.  I start looking into different aspects of each deal and have a million questions based on the property I'm looking at.  

Thanks for the tip.  

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Hello Friends.

Thanks for all your posts and new information. I learn a lot. Let me ask for some input on a situation I’m considering.

My wife and I are qualified for a five percent down loan, owner occupy. Conventional. Not FHA.

There’s a mid-century house that is listed at four bed / three bath.

When we visited the home with the seller’s realtor, we learned that the house is actually barely a 3/1.75, but it has a decent apartment above the unfinished, two-car garage.

This is why it’s listed 4/3.

The apartment was occupied by a nonpaying tenant until he left with rent unpaid. The apartment is in shoddy shape; not terrible, but certainly not rent ready. I won’t know the full situation until someone does a more thorough walkthrough.

In addition to the garage apartment, there’s a two-car garage by the alley that is just studs and roof, but the deceased parent of the seller always wanted to turn that structure into an apartment as well. Currently, it would be perfect for storage, but not hooked for electric, water, etc.

The idea I am considering is this.

1. I get a property manager to agree to manage the finished, above garage unit, the unit by the alley, and the main house (after my family has lived in the main house as long as necessary).
2. I get tight bids on rehabbing all three units and refi as soon as all three are rent-ready. The main house would need some work before we’d move in.
3. Upon refinance, my costs are covered, choose to rent out or move into the main house.

My question at the moment is…

1. Could I refi after only three or four months of rehab?
2. Would I still be need to plan to occupy the property even if I refi?
3. Technically, this property is still a single family with an extra bed and bath above the garage. Is this listing not exactly in line with the intention of the loan? Obviously, I don’t want to get involved in anything shady and even if I did, wouldn’t a shady situation be picked up by the appraisal?

I sure apologize if this is too confusing. It makes a lot more sense in my brain than I’m able to type out.

Thanks in advance for any guidance.

If I was given a choice, I would lean toward the Oak Grove Neighborhood, but Green Acres is very nice too.  Most of the homes in the Oak Grove area are slightly more established, but the Shannon Ranch homes are top of the line, as well.  For a 1,500 sq foot, 3/2, I would think you could get at least 1,900oo.  The appreciation question is a little tougher.  With fuel prices, interest increases, and all around uncertainty everywhere, there's no question things are certainly slowing down.  On the other hand, if priced right, homes are getting offers.  For real time information, I would consider calling Mill Creek Property Management or Realty Stars and Investors Property Management.  I'm sure they would give you an idea of properties they currently have available and what they would suggest market rent would be for your specific prospect.  

Good Luck.  

Most of the problems are similar to everywhere else in the state.  California is not a landlord-friendly state, but the appreciation side of things makes up for the headaches.  If you want to invest in the Valley, I would certainly recommend narrowing your focus to residential, multifamily, commercial, etc.  Industrial is going to make huge gains in my opinion, but that is a national, not a regional trend.  I hope this helps.  Good Luck. 

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