All Forum Posts by: Rami W.

they do not disclose owner names on tax records online. You should be able to get them in person at the office. 

oh and check out navy fed credit union for heloc. They may have no fees. 

Heloc the San Diego equity and buy in Virginia beach! Also sounds like you need to raise your rent if you are not cash flowing off your property bought in 2010. 

30 year and pay additional monthly towards the principal when you can/want to.

465 arv - 40k rehab * 80% rule (so.cal style) = 340k offer price

That's a what I would use.

Do you really need to evict? Maybe you could work with the tenant and offer some relocation allowance if they move out within a couple weeks $500, $1000, up to you. Could save you thousands of dollars if they agree to it. I don't know the details of your situation though. 

@Anthony Dooley never considered improving property I don't actually own! The property also has a 1 or 2 bedroom detached rental in the back that needs a full rehab first and I would get that rented to generate income ASAP before starting the main house. If I was to do a lease-option would I just need to include subletting rights so I can keep the rental income from the rental unit?

Thanks for the responses but I'm not wholesaling the property. I will occupy the property.  @Rick H. @Anthony Dooley

I have a my first (of hopefully many more) lead on an unlisted property here in San Diego. I contacted an owner directly and he seems like he could be convinced on selling his vacant property.

He’s an older retired gentlemen, his concern is capital gains taxes which is understandable (reminds me of my father). I’ll advise him to talk to a tax professional but I told him he may not have to pay IRS capital gains if he is in the 10 or 15% tax bracket, which peaked his interest. 

If I can convince him to sell and the property is right for me (haven’t been inside or inspected yet) I want to make this an easy process for him and I don’t want to hit him with a long contract that will scare him off. Anyone have advice on making this an easy but legal transaction for us both?

This is how I see the longer process going. Please advise if I am way off:

A. Get a contract signed so it doesn’t get swooped up by someone else. Not sure what this even looks like. Needs to be simple. Maybe a refundable earnest payment to show him I’m serious? $1000?

B. Get a property inspection/contractor estimates on rehab.

C. Agree to sale/price and terms after I see contractor bids. I may see if he wants to go for owner financing so he can earn interest income to sweeten the deal for him, also so I don't have to worry about getting a loan.

D. Title search?

E. Escrow?

F. Close through escrow

OR can the whole thing be as simple as just getting an inspection on the house and a clear title check then having him sign a quit claim or grant deed, and I write him a downpayment check (if he goes for owner financing)?

Not sure if it's relevant, but I would owner-occupy this house once rehab is complete.

Thank you!

Welcome to BP, Ann!

You sure you can't get over 200k for it in this market? Most zip codes in San Diego have surpassed the mid 2000's peaks. Unless you overpaid for the condo.