All Forum Posts by: Cornelius Charles

I am looking for investors to build my buyers list.  My area of interest is primarily Ventura County, but also includes parts of Santa Barbara and Los Angeles County as well.  I do not currently have any properties under contract, but do not want to be caught in the same predicament as last month where I was unable to obtain the needed financing, and then was unable to wholesale the property due to a lack of a sufficient buyers list.  If you are interested, please shoot me a PM including your criteria (area, price range, bed/bath requirements, etc).   Thank you.

Cornelius

Has anyone tried advertising on the checkout dividers at a grocery store or supermarket?  I tried contacting a Realtor in my local area who was doing so, and although she was very friendly and referred me to the company she goes through, she would not divulge if or how many leads she was getting.  If anyone has tried this form of marketing, I would love to hear about your experience.  Thank you.

Cornelius

@Sulin Rubalcava May i suggest the Ventura County Real Estate Investors Club. It is a local group that meets up once a month at the Mimi's Cafe in Thousand Oaks. My fiance and I just became interested in investing earlier this year, and this is definitely our favorite REIA that we have attended. There are no sales pitches. The leader goes around the room and has everyone introduce themselves and say what areas of investing they are interested in. Then there is a question and answer period where anyone can ask any questions they may have. If you would like more information, you can go to www.meetup.com and search for "Ventura County Real Estate Investors Club."  

Feel free to send me a PM if you have any other questions about local groups, or anything else.  Talk to you soon.

Hey Jackson. My fiancé and I are new investors out of Oxnard.  Welcome to the site.

If you are open to using hard money lenders, I can send you POC info for a few that have been very helpful to us as newbies.

@Steve Babiak 

Thanks for the links. I usually forget to check if a topic has already been discussed before I post something.

@Will Barnard 

Thanks again. We are not giving up yet. Still have a couple of days to work through things.  It is great getting feedback from those of you with much more experience than I can hope to have.

Thank you for the feedback Will.  Just from the first few responses from a couple of the hard money lenders, it looks like we will have a very hard time finding funding for this, as you mentioned.  I'm still researching if any of them will accept us having a lender in 2nd position (if we can even find a lender to do 2nd position).

I am not familiar with coastal commission.  Looking on mapquest, the property is approx. 4 or 5 miles inland, if that means anything. 

We knew this property was most likely a long shot when we submitted our offer (due to the higher price point and our limited working capital), but we knew we would have our contingency period to get out of it, so we figured we might as well try.

We currently have a property (2 bed, 2 bath) under contract in Santa Barbara CA for 575K. Rehab costs are 100k with an ARV of 834K. Comps used to come up with the ARV are 2+1 that sold for 806k, 2+1 that sold for 835K, and a 2+1 that sold for 841K (all within half a mile and since March 2014). There is currently a 2+2 on the market listed at 938K within half a mile. There is also a possibility to add an additional bedroom and sq footage, as comps for a 3+2 predict an ARV of over 1 mil. More research needs to be done on our part before deciding to pursue this option.

We are currently working with several hard money lenders to secure funding. We have until Monday evening to decide whether to purchase the property or walk away.  We have very little capital of our own to commit to this project, so we will need to have most of it funded.  If anyone is interested, or knows of an entity interested in loaning in 1st position, 2nd position, or even JVing in some capacity, please contact me for more details.  Thank you.

Cornelius

@Steve Babiak 

From what we are hearing through the realtors, they have already been served their NOD and are worried that we would back out of the deal before Oct 31, and then they would be in a big bind. Since we will have to have a lease with them for the two months they will be staying there, I was wondering if there was any way to protect ourselves more than a standard lease agreement in this situation. From what we have heard, they have not paid their mortgage in a year and a half, so we want to cover our bases as much as possible.

They asked for rent of 1k a month and we countered back at 2k a month and a 4k security deposit. 

Yes, it is a major rehab, which is why we are worried more about them staying past Oct 31 than causing damage.

We gave them two options in our counter.  One included a 15 day closing date and us providing them 5K moving costs.  The other was a lower offer price and allowing them to stay till October 31.  They chose the latter.  Their agent says that their reasoning for wanting October 31 is because they are "old and slow."  We researched and found that 5K would allow movers to pack all their stuff in boxes and move them down to Orange County.  Them not accepting that option made us a little more leery of their true intentions.

In any case, our realtor is still negotiating with theirs to see if there are any other options that we can both agree on.