All Forum Posts by: Wyatt Postal

I'm on one of the most expensive markets in California and I started with 9k making combined 75k a year. Bought a 300k condo with an insane $500 HOA hahaha. Best investment of my life so far

Hey everybody, a friend and I have started a Facebook  group specifically for real estate investing in Sonoma County CA. If you want to join please request through this link and I’ll let you in! Also feel free to invite anybody who is interested in investing as well and hopefully we can grow this into a great local resource. Thanks!

https://www.facebook.com/group...

I’m in Santa Rosa about an hour north of you but I’d love to talk man

Thank you man I appreciate it! Equity is the play for sure especially in more expensive markets like we both happen to be in

Investment Info:

Condo buy & hold investment.

Purchase price: $295,000
Cash invested: $35,000

Bought the 2 bed 2 bath condo in 2019 with 3% down at 295k (+was given an $8k closing credit) and lived in it for 2 years exactly then spent 1 month gutting all the old carpet to lay LVP, repainting, and doing new shower and light fixtures, sinks, etc (about $25k). Rented it out to amazing tenants in 4 days for 2450 per month. Now valued over 400k. Cash flow is small but I’m in it for long term principal pay down/equity

What made you interested in investing in this type of deal?

The value add opportunity was huge. It had stained yellow walls and old musty carpet and old tile all throughout when we bought it

How did you find this deal and how did you negotiate it?

We found it on the MLS listed at 309,000 and used the inspection to negotiate down after we had it under contract

How did you finance this deal?

Conventional 3% down with a 3.75% rate

How did you add value to the deal?

Redid the crawl space liner, fixed an exterior closet mold issue, laid LVP through the entire unit, painted all the walls, doors and old fireplace, new faucets, shower, window sills, blinds, etc

What was the outcome?

It is now an extremely low maintenance rental in a great area with amazing super easy tenants that makes me a little money every month and more importantly for me, is building me equity

Lessons learned? Challenges?

Get recommended good handymen or contractors before giving random people a try. Always expect everything that can go wrong to go wrong and always expect your estimated budget to double if you want anything done in a timely manner

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Tucker Allen with American financial network in San Francisco was my lender and one of my great friends. He can make anything happen

@Jeffrey Evans does she 100% grasp and understand the differences between assets and liabilities? If she can see an end goal and have a vision on what to do with the monthly cash flow you two can produce from a few investment properties maybe she can use that as fuel to be more interested in real estate with you

Sorry if this is the wrong forum for this I wasn’t able to post in the marketplace forum. Can anybody do no income verification loans on a already rented/cash flowing single family home in Indiana? Or know anybody that can? My local lender stopped doing their program for these types of loans because of COVID. I have 30% down and reserves. Thanks!

@Kristen Shook I funded 30 small unsecured personal loans last year in even smaller amounts that this and out of those 30, 2 people didn’t pay me back a dime. Both of which had a great history of paying back. Moral of the story is that unsecured loans are the first people that borrowers don’t pay back if anything goes wrong so just keep that in mind. Good percentage on your money though! There’s just more fool proof ways to invest that 5k for even higher returns, good luck!

@Nicholas Aja

I own a 2 bed 2 bath and rent one room out. I can say that make sure you write up in your lease that other people can not stay with the person you are renting to if you’re in a situation like mine. Peoples friends, family, or significant others tend to overstay their welcome so just make sure that doesn’t happen and that the person you are renting to meets all of your other qualifications 👍

What are the best places to buy? I've been looking a lot but it seems that all of the locations that cash flow well have pretty high crime ratings and aren't very good neighborhoods. I'm looking for a more middle class type investment property. Looking to spend 50-80k cash including rehab then BRRRR. Thanks for any tips!