All Forum Posts by: Timur Salikov

Given the little about of information you gave.. Id say you are looking at something around 90k - 200k for labor and materials. 

Someone can correct me if I'm wrong, but I'm gonna guess an Airbnb in Arizona will probably be a wash. After paying the manager and upkeep, you wont make a profit. Just a lot of hassle for little gain. 

House hack. Get 3% down FHA loan and get the most expensive house you can / with the most amount of bedrooms and bathrooms. With your income you can probably quality for 800k or more. The 20-30K you will spend on the down payment will be gained on appreciation within 6 months. Most likely in 5-8 years you can refinance and pull 200k out in equity to fund more deals.

I used FHA 3% in LA to buy 455K duplex around 2015. In 2022 it was was worth 700k and I was able to pull out 80k. I can only imagine the application you will get on a nice house in OC for 8-900k. If you want even a better deal, you can try hustling and see if you can get a property off market. Send out handwritten postcards saying this is your dream neighborhood and you wanna buy their house.

Do you have a place in your neighborhood where you can learn electrical and plumbing? I would start there. Then you can start flipping your own houses to generate cashflow. 

Are you still in the inspection period? Some buyers would find lots of things wrong with the house, ask for large reductions in price and blow up the deal that way. 

Im investing in Cincinnati Ohio. Everything is very cheap compared to other cities, and lots of multi families for sale with rents half of the market price. These properties can throw off serious cashflow with some new paint and floors. So I think its a great market, Im not sure how it stacks up to Detroit or any other city in the mid west. Also things here are more or less steady and predictable, no crazy boom and bust cycle like Phoenix for example. 

Or you can list the house as "rent to own" I think the official name for it as lease purchase contact.

How many bedrooms and bathrooms do you have? You can consider renting by the room on Cragis List and now its a new feature on Zillow. Depending on the area, you can get 1k or more per room. Its not ideal but it can stem the bleeding in your bank account. 

"I am interested in seller financing (Ron LeGrand) as it can avoid $ down."

Most of the time you do have to put money down for seller financing. Also I be careful, most people who offer seller financing are doing it because they want above market price. 

To start, I would suggest you get a 2 - 4 unit 3.5% down FHA loan and live in one of the units. I think its the best place to get stated with little money down and huge upside potential.