All Forum Posts by: Caleb Rigby

@Account ClosedI went to the house this morning to speak with the owner and see if my Utah charm could get me in the house to take pictures and to my utter amazement, the front door was unlocked. It's no longer occupied as Auction.com says. I have a video of the property and now know the condition (not great), but at least I can prepare to market it once I have closed on the property. Thank you for all of your responses - very knowledgeable people and I appreciate the sharing of information.  

@Elijah F., I've done an eviction before and have read up on this scenario, so I'm not scared there. About 3-4 weeks for the eviction to take place and have the owners out. Thanks for the input on the 70-80% - I had always heard it was based on ARV and not purchase price. I do have 20% if I need it. And lastly, I don't need to fund in two days (I probably wasn't clear) but I do need to decide to either move forward or pass in two days. There is no recourse if I back out.

@Rebecca Belnap, let them know in 2 days. I'll have roughly 30 days after this to close on the property. The only thing I would need to pay next week is 5% down.

@Jeff Rappaport, average days on market is 54 days for homes over 3500 sq ft. Right now, there are only 25 SFRs for sale in Hooper, but most of those are new (to give you a sense of the Hooper market). The bank is actually using Auction.com to sell their property, so that is who I would buy it from. 

A hard money loan - this is a foreclosure property bought through Auction.com (The purchase has to be paid with cash). The home was foreclosed on last month and I am the winning bidder at $266K. 

I would need to evict the previous owner if I completed the purchase so that I could wholesale it. 

I have a purchase agreement for a house in Hooper, Utah (Weber County). I have 2 days to move forward or pass on it. Here are a few of the details of the foreclosed property:

Purchase Price: $266K

ARV: $370-380K

Year built: 2007

Sq Footage: 3900

Estimated repairs: No idea

I won't have interior access because it is still occupied by the previous owner and I would need a hard money loan to complete this purchase. 

Are there lenders that will loan to me even though I won't have interior access (and therefore pictures)? I am planning on wholesaling this house as soon as I close, but I'm not sure if hard money lenders would loan on this if I won't be rehabbing it. 

Tagging a couple experts that hopefully can help. @Jeff Rappaport@William Hochstedler@Cody Backus@Jacob Cogswell

@Ryan Perkins, how much time do you have? :) The house is under contract, but I've been waiting until it actually sold to post some before and after pictures and a few of the lessons I've learned on my 1st one. My contractor - amazing. Couldn't have lucked out with a better contractor. He's not cheap, but he is a great communicator and he is a very hard worker. Did it goes as expected? For the most part. I had to replace all of the interior doors, the electrical panel, and way more drywall than was anticipated, but besides those things, it pretty much went as planned. I'll tag you when I post my final story about the house. Let me know if you have any more questions.

You should call into the Saratoga Springs City offices and talk with someone in the Planning and Zoning department. They could walk you through the process of converting a SFR in a MFH, which is a different process for every city. But I do think you're right about that city and the surrounding area - it's going to be a great buy and hold play for awhile with the good-paying jobs close by. Good luck.

Let me caveat my response by saying that I have only 1 investment property in Ogden (but grew up very near and attended WSU), but I personally would have a harder time choosing a property west of Washington Blvd (400 east) and definitely west of Wall Ave. I'm sure you could find cash flowing properties (on paper) but I think you would have a harder time finding quality tenants. That being said, there are good people everywhere and with the right property manager in place I'm sure you could make some of those properties successful. 

For me, I like to only look at properties east of 400 east and south of 25th street, but that's just my personal preference. 

@Cody Backus is a great real estate attorney. Hit him up.