All Forum Posts by: Tommy Vincent

@Neil He any insight into “Old North Sac”? Looking around Del Paso and El Camino.

@Kenneth Reimer any insight into “Old North Sac”? Looking around Del Paso and El Camino.

I’m looking into a duplex property to purchase, and we found out it’s Section 8 qualified. This is not something we were targeting, and frankly, I don’t think we’re interested in using it.

Question is: Should we cancel the status? Or is section 8 qualification seen as an asset to the property because it gives the owner the option to leverage or not? Is there a cost to maintain?

Property is in Sacramento, CA.

Welcome Jason!

I was told by an agent today that lenders won't finance commercial properties under $750k.  Can anyone substantiate or negate this? Doesn't seem right to me....

Michael Lucero yeah, I think that's something I'm quickly learning. In fact, I've been thinking that my analyses are wrong because everything I see has a negative cash flow. But I keep checking my numbers, and it seems right. Average cap rates that I'm seeing are in the 2-3% zone. I'm looking at R2-4.

Thanks for warm welcome everyone. 

@Jo-Ann Lapin I did NOT know that.  Thank you for mentioning. 

@Account Closed The biggest reason for this is that I have family in the OC/SD area (retired parents) that already offered to help with property management/maintenance - at least for my first purchase.  I'm still calculating management fees into my proforma, but knowing I have someone close would be ideal. Also, I grew up in the OC area and have a much better sense of the cultural nuances of each neighborhood.  This makes me much more comfortable and confident when making assumptions (i.e. rent prices).  Even though I already lived in SF for 7 years, I was primarily in the city, and don't have that kind of intimate knowledge of the neighborhoods outside of the city (and the city itself it like a 13/10 on the prices scale). With all that said, I'm never against a great opportunity should it present itself.  Hope that helps clarify.

Hello BiggerPockets! 

My name is Tommy Vincent and I'm a newbie from Encinitas, CA.  I own no properties (not even my own live-in), but I've always been intrigued by the real estate industry, and in particular, the accumulation of wealth and passive income through RE investing.  I currently work in Sales in the enterprise software industry, and will be moving back up to San Francisco (from Encinitas) in August '17, where my company is HQ'd (currently working from home).  For the most part, I can't afford anything in the Bay Area yet, but I am interested in buying my first rental property somewhere else, hopefully within the next 90 days. Areas of interest include the cities of Orange and Santa Ana (in the Orange County area), Oceanside, CA (in North San Diego), and/or the greater Phoenix area.  

I'm excited to get started along this path, and I'm looking forward to networking and learning from this community.  

Cheers,

TV