All Forum Posts by: Mel Rosario

I have a condo that I want to sell. I paid cash for it and now it has some very nice appreciation. My NOI is around 10% a month (wish i had at least 10x then this wouldn't be an issue). I asked my realtor if I should sell it and buy up like a quadriplex. He told me that it would be difficult to sell because I would need an all cash buyer. The condo is among many condos. The ratio of renters to owners is greater than 50% i believe. I know certain HOAs don't allow more renters than owners. I was wondering if it is possible to be sold to a person who puts a down payment and lives there. I am sure the all cash buyer can buy it too. Any thoughts? Yes I also don't mind keeping it, better than the bank, but Its a condo.

hello, looking for advise about buying investments out in this area. anyone have any success? difficult tenants, good tenants, section 8 etc? what areas to avoid ie south of foothill or north of foothill blvd. I'm mainly looking for mutiplexes but interested in sfr if i can get more than 200/dr cash flow. thanks for your help. seems like the people i ask live a little further away such as claremont, yorba linda, corona. I work in fontana for now. thanks in advance.

sorry to chime in, but what are the best section 8 tenants "in general"? not all of them can be criminals. there must be some good-great section 8 tenants.

I feel any renter can trash your place, because it is not their property.

sorry for late reply, thanks for all your inputs.

unfortunately, that triplex is pending. oh well, there will be more of them

thanks for your comments, I will buy in cash if the property is a good deal. i will look into these wholesalers lists, maybe i can acquire a teardown and build new. who knows. thank you guys.

I want to invest in beach communities.  when I find a property, do the math with a 30-40% down, I barely cash flow, break even, but mostly will pay out of pocket.  Ways I try to cash flow is a higher down payment, but there goes all my investment money, or raise rents, but compared to sources like zillow and property managers, the new projected rents are so much higher than surrounding rents, I can't make an offer for fear of having the place unrented or rent it at market rates and pay out of pocket. HOWEVER, these places still get sold, how do they make money, let's assume they are investors too.

ex:  550k 2/1 900sq ft/5000 lt, 5 minute walk to beach, will get 1750/mo based on community surrounding rates.  dropping 30% down, mgmt, trash, insurance, mtg, will make my pockets bleed by about $200/mo.  Based on numbers this is a bad investment, but these places still get sold to investors, at least that was told to my realtor from the seller.

Frustrated

I haven't encountered a wholesaler yet. I have been buying through the MLS. Of my most recent properties bought, I may have been able to purchase the property up to 25k less than asking. Most of these properties didn't require much rehab, just started renting them out. Would I have been able to save more using a wholesaler? or trying to offer less/low ball a better deal?

I know the seller's agent is trying to get the best deal, but my agent who I have worked with many times already,doesn't really care on the amount but just wants to close and move on to the next property.  So my agent before submitting an offer will talk to the seller's agent if we are even near a number.  (I never tell what max I'll pay for a property to my agent)

durance,

I just use cap rates as a guide, more concerned with the safe max return of my investment.  the inland empire seems like I will get higher returns in cities such as riverside compared to oc properties, not every area is nice though.  I pose this question just to see what some of the BP members would choose.  I will get instant gratification with a fully paid condo with low maintenance since it's covered by the association and it's fairly new.  while the triplex is older and may have some eventual maintenance issues. 

is money now (fully paid condo) better that a little less money and more in the future when tenants pay the mortgage down?

buying in the inland empire, need help which one to buy. here are some details:

Condo 1500+ sq ft, newer community, accessible to freeways an shops
150K (built 2005) cash offer of 150k
HOA 300/mo
prop tax 150/mo
mgmt 145/mo
insur 50/m0
rent about 1450/mo
my calculations about 6.5% net return, vacancy not included to make it simpler, appreciation may be slow, prior sale of this place $286k

triplex older built in 60s, 2/1 x 3
500k at 150k down at 5% interest 1460/mo for mtg
rents $3100/mo
tax 500/mo
mgmt 300/mo
insur 150/mo
water uttilites 100/mo
my calculations about 4.8% net return, assume no vacancies, appreciation slow, nice older matured community.

fully paid vs, paying down rent. just want an opinion or advice. for some reason i lean for the triplex but also can't beat a free and clear property.

i usually buy in la/oc counties but trying out inland empire

thanks in advance

Hi all,

I'm looking for help who can provide me a few good full service management companies that work out in the San Bernardino County/Inland Empire areas like Rancho Cucamonga and nearby cities.  I want the ones that you have personally worked with.  I have seen a lot of ads through the internet but I don't feel like going through trial and error.  Thanks in advance.

Mel