All Forum Posts by: BJ Ralphs

How can I get solid information on liens or county fines placed on vacant properties selling at auction.

In state of Washington title companies seem to find it a burden to provide much info. In Oregon they charge a fee up to $400 for a preliminary title report.

That could get expensive. Bit I've heard a few investors at auction say "be careful" they have purchased properties with as much as $50 k in county liens they weren't aware of.

Should I be able to get all this info from County records?

Thanks!

Yep. many agents are not interested in doing a lot of the grunt work or don't understand exactly what it is that we as investors need. 

In California I'm licensed so I can do my own grunt work, however, I just bought a property in WA. I worked with several agents until I found one who understands my business. Once I found the right person (you can tell by the type of property they show you, comments they make, information they provide, questions they ask you)  we looked at lots of properties. (sometimes I wasn't in town and HE, looked for me, sending me tons of photos) but he has been a blessing as well as a world of information. Worth every penny of commission that he gets. - Also. I'm very clear with him - When I sell the property and many more to come in the future " You are my guy" - He is assured that he gets all of my business. don't mess your agent around. A good one is not easy to find but will work hard if treated fair - A good agent will make you money. Everyone wins. Good agents are out there. be picky. 

@Account Closed

Thanks for your input. Heres how it went. I ran some "test ads" on Craigslist for VA only Custom Home designed how YOU want it. Must come with VA Loan. - Zero response - Figured the buyer pool way to small. Walked away from the deal. I think someone else snagged it. It would make a great long term rental for the right investor. Just wasn't me at this time. 

Hi All, 

I have a deal for a manufactured home. Priced right, plenty of meat on the bone but here's the hitch. I just got word from my RE Agent that that it wont qualify for FHA or Conventional loans after I have repaired it and put it back on the market, because the home has been moved more than once. (Twice as far as I can tell). The property is solid but apparently there is a rule regarding loans on these things if they've been moved a couple of times? Only Cash buyers or VA will qualify. This severely limits my resale possibilities by reducing the market.

Question: 

1) Can anyone verify this info? Property is in Washington State. 

2) Does anyone know of any modifications I can do to the property to change its status to a permanent structure so its no longer considered a manufactured home (I can level it and start over but that isn't a profitable option) 

This could be a walk away deal if I have a limited pool of buyers. What do you think.

Thanks for any and all feedback!!! 

BJ 

hard money is short term and expensive. if you don't have a solid exit plan you might find hard money might be difficult to get also. If the property value drops you could be caught up in something you can't manage. Me personally. I would get a second "JOB" and get qualified for a conventional loan. The money you earn with the second job and the money you save on hard $$ costs, could be a down payment for another property later on down the line. You can always quit the second job once the escrow is complete. 

Your best bet is to get comps from a Real Estate Agent to figure out your actual ARV. 

 I guess a cost to repair in the area of $25,000-$40,000  Depends on who is doing it, and how far you want to take it. 

If you could get $150,000 for it ARV, and you need to put $30,000 into it. you could not pay more than $75,000 for the house. based on the 70% - minus repair costs theory.

I've been spam banned too. - So sad. Please help. 

Thats what I think. I have one here in SoCal though that emails me "deals" daily. I pass on ALL OF THEM because they arent deals, but no sooner than I pass, I will get an email back saying the deal has already been sold. I think there are many who don't know how to analyze a deal and end up paying to much. by the time they find out. its way too late. These are probably big fans of Flip or Flop and watching TV can make it look easy. :) 

Get out of California. 

As a newbie fixer / flipper, I have never been presented with a deal from a wholesaler where the numbers work. We all have to make a buck. What am I missing here?