Mission Viejo, CA · Member since 2014 · 1 post · 0 votes
Hi All, My name is Mary, I am looking for property to flip in Orange County,CA area. I have a few questions to ask and hopefully can get someone to help me! I am also a Real Estate agent. I have been loking in the MLS for distressed, foreclosed, short sales, etc... but they seem to selling at market value. So now Ive been looking at auction.com and realtytrac.com. Is this the best route to take??
Realtor · Orange County, CA · Member since 2014 · 86 posts · 33 votes
12y
Mary Orange County will be difficult and seem almost impossible. We are still about 10% off the previous peak give or take a couple % so there are still homes underwater. Many of those though have gone through the process so to say. However, there will be numerous modified loans ending their trial periods and home owners may not be able to pay the new amounts that will be adjusted. Also NODs have increased quite a bit. I have heard this is because the refi boom has halted and banks can now shift focus. Also, supposedly they have been able to develop a more stream lined process throughout the years. So my advice is to find NODs and door knock with some sort of information in regards to loan mods and short sale. They are stressed and need help but don't want to feel they are being pushed into something. Plus if the spread is not there for a flip im sure the commission on the sale would work for you.
Real Estate Investor · Santa Monica, CA · Member since 2014 · 199 posts · 32 votes
12y
Hey @Mary Fasheh the market is very hot right now so it is getting harder and harder to find such properties, especially in southern california.
When searching on MLS, look for properties with 90+ DOM and/or multiple price reductions. Also look for expired listings. That might be your best bet for finding a motivated seller!
Investor · Huntington Beach, CA · Member since 2014 · 29 posts · 1 vote
12y
Hey Mary,
I'm in the same boat as you and I'm finding it very difficult to find cash flowing properties in Orange County. I'm starting to look into Riverside and San Bernardino county but even then it's hard to make the numbers work. I may look into out-of-state investing.
Realtor, General Contractor, and Developer · Redding, CA · Member since 2009 · 7k+ posts · 4k+ votes
12y
@Mary Fasheh@THANG BUI The two of you should have come to the Orange County Meetup last night! Maybe you can make it next month.
In answer to your question Mary, being in real estate you know that the market here is picking up and values are appreciating. Finding properties that cash flow without a huge down payment is extremely difficult, and more than likely you aren't going to find them on MLS. You have to dig in and start working off market properties in areas.
Realtor · Orange County, CA · Member since 2014 · 86 posts · 33 votes
12y
Mary Orange County will be difficult and seem almost impossible. We are still about 10% off the previous peak give or take a couple % so there are still homes underwater. Many of those though have gone through the process so to say. However, there will be numerous modified loans ending their trial periods and home owners may not be able to pay the new amounts that will be adjusted. Also NODs have increased quite a bit. I have heard this is because the refi boom has halted and banks can now shift focus. Also, supposedly they have been able to develop a more stream lined process throughout the years. So my advice is to find NODs and door knock with some sort of information in regards to loan mods and short sale. They are stressed and need help but don't want to feel they are being pushed into something. Plus if the spread is not there for a flip im sure the commission on the sale would work for you.