All Forum Posts by: Zena Elkady

Hey Michael,

It takes a long time finding the right property. My first property was purchased before the pandemic (adequate supply) and I think I spent 4-5 months looking. Then I went into contract on the property which went through probate mid contract, and closed a year later LOL

So your time will come. Please don't give up.

I would advise reaching out to landlords on Facebook marketplace, and telling them you would like to buy their house if they are tired of tenants.. something like that.

I would also keep my eye on the market and not disregard 600k+ properties. Properties that have been on the market a while could accept a lower purchase price. 

Also search outside Clayton/Concord. There are some great deals in Bay Point, Martinez and Pittsburg. 

All the best! :)

Z

I want to say depending on your goals.

If you have the money and you want to lock them in a property instead of spending them then go for it.

But if it's for investment, then try to go after a different property.

As many of the comments mentioned putting 30% down is very high. You're not leveraging lending, you're cash flowing negative and the chance to cash out refinance later will be risky because you might not get all of it out or maybe ending up putting more money.

I bought a rental 2 years ago that was supposed to cash flow $500 per month. It was cash flowing negative $100 for the first year and now sometimes it breaks even or makes like $80/ month.

The mortgage payment vs rental income is so close not to mention sudden repairs, a break-in, vacancies, increased property taxes that added $120 per month to my mortgage payment. And in your case increased HOA dues annually.

I would buy something that cash flows positive or breaks-even without putting more than 10% down. Get it rough and put the money to fix it up so when it's time to refinance, you'd have added value and equity with your renovations.

Hey Abe,

Completely agree with Osazee. Pick a city or two where you want to invest. Start following all the listed properties in those two cities. Learn the market and the average price for duplexes, triplex, and fourplex. That will equip you with the knowledge to identify what's a deal and what's not.

Run numbers for the deals you see to determine an offer price. Even if you're not interested to put an offer, I would still run numbers for practice. Once you've done your calculations, work on getting funding. You can purchase cash or with a loan. To qualify for a loan work with a trusted lender. For cash make sure the realtor representing you does a good job with the due diligence.

It's great you're starting now. Wish my first purchase was a fourplex, and not a condo. If you want to talk or have more questions, please reach out :)

Hey Loretta,

San Francisco Investor and Realtor here. MTRs are great. Especially in San Francisco with all the temp contracts and expats. Depending on the location of the property, it could also be a great rental for traveling nurses if it's close to hospitals. I own and manage an MTR in Sacramento and my tenants are always nurses.

If she lives in one of the rooms, she could also airbnb the others. Make sure she registers it as a short term rental. She will need that license number to advertise on Airbnb.

Hope this helps :)

Hey Mohamad, I'm an investor in San Francisco. Would love to connect.

Hey!

I was living and investing in Concord and moved to SF 5 months ago. Would love to meetup if you're still interested. 

Warm regards,

Z

Hello Roshan,

I have been flipping in the east bay. The comments above are on point. You need a substantial amount of capital to flip. You can use loans from hard money lenders but most of them want to see a track record. Let me know if you have any specific questions. Would love to help out.

@Jennifer Williams

Appreciate it Jennifer :)

@Sean Resavy

Self managing. Picked the material and design myself, with the input of my contractor here and there. Is that what you mean?

Thank you @Dimitriy