Los Angeles, CA · Member since 2015 · 15 posts · 0 votes
Hey guys,
I'm sure people ask this question all the time but I recently found out about a probate auction in the Los Angeles area on a really great property! This property is a really good find in a great area and I really want to be able to purchase it. At this time I'm not sure I have enough capital to be competitive. Any ideas on how I can raise enough capital in about one month to try to buy it? I would need capital to acquire the property and fix it up. I'm thinking somewhere around $500K. It needs some work but it's a good size in a great location. Again, this property is a find and I really don't want to pass it up. I I really believe I can turn this into something great. Any help is appreciated.
Vendor · Rocklin, CA · Member since 2015 · 11 posts · 2 votes
11y
One route you can go is to find a real estate developer or builder who can do a joint venture project with you and split the profits when you flip it.
OR
The more creative option is to acquire a short term private money loan in order for you to acquire the property and then pay it back within a 2-5 year span. In this case, you would preferably have a portion of your own money to put into the project. I am a Californian as well so let me know if you want me to put you in touch with some private money guys who might be able to help.
Lender · Greater LA/Orange County area, CA · Member since 2012 · 3k+ posts · 3k+ votes
11y
@Jules Dominguez Given that the property is listed in a public auction, what do you feel you contribute to the formula that someone else (with money) would lack?
Los Angeles, CA · Member since 2015 · 15 posts · 0 votes
11y
Pete, I'm strongly considering doing a private loan on a flip. Due to the large costs involved and the location I need to raise more money than I have to contribute to make this a viable option. So would def like to learn more about the loans they have to offer. It really is a great find which is why I'm really considering creative financing for the property. Please send me more info.
Rick, I'm quite familiar with the area. I think I have the ability to really turn this in to a phenomenal property with the right renovations and additions. Further more, I'm also considering taking a cost analysis on the property for doing a full rebuild and building a much larger house on the lot. This is very common for the area the property is in. It is a great property in a great location.