All Forum Posts by: Dave Jimenez

@Scott Schultz someone is living there now and the auction ends in less than 12 hours. Hardly any time to check it out. I'm hoping it doesn't meet reserve and it gives me more time to get things lined up. 

If not, I'm going to be hammering hard for a private investor. 

Originally posted by @Jay Hinrichs:

@Dave Jimenez  

Get your ducks lined up then go shopping your just trolling for someone to tell you what you want to hear with no regard to reality.

Jay. Believe me, I already have the loan application process underway, but i am doing some due diligence to make sure I have back up options in case it doesn't pan out quick enough. 

The property appears to be in good shape: in a nice neighborhood and built in 2001. Im not naive enough to think there are zero issues and its up to FHA standards out of the gate.

How did your first deal go? Were you 100% prepared, or did you learn some lessons?

@Erin N. It's actually occupied. Same vehicle there every time we drive by. There isn't enough time to get an inspector and access it because the auction ends early tomorrow morning. 

@Account Closed thanks for your vote of confidence. Have you done similar deals before? 

Either using an FHA loan or private $ to fund it temporarily?

Finally! A "YES" vote!

Originally posted by @John Weir:

I also advise starting a little smaller than a $400k home just to get your feet wet and learn as you go without those big numbers. Good luck though!

 I appreciate this John, but it's Hawaii. For my area that IS cheap. 

Boy, am I getting negged out! lol. Would you guys recommend wholesaling it to a local REI then? Is that even possible?

Thanks Adam! I guess the reason I even think it's possible IS because I just read that book! I am very eager to find an investor who is willing to put up the capital and that's actually why I'm here on the forums. Do you know any REIs in or that are familiar with Hawaii? IMHO, this particular property is pretty much a no brainier. I think any investor that looks at the property and the deal would be very interested in it. It should sell for $550k plus and I should be all in around $425k to $450k including reno costs.

Thank you everyone for the replies. In regard to the auction, it requires an $11,000 earnest money deposit within nine days. Also, the site asks if you will be paying cash or needing financing. It appears as though it allows you up to 35 days to gather funds. Does anyone else have experience using hubzu? In regard to the property, though I have not physically seen the interior, the photos show it in fairly good condition but needs updating. It was built in 2001, we drove by and the exterior condition is good. It does need some yardwork, but we intend to owner occupy and rehab it before flipping or refinancing. I appreciate everyone's input about being conservative, but aren't I missing a huge opportunity if I never try?

Correct! I have been reading books on no money down. It's an online auction on "hubzu." Have any of you guys used this site before? Would any of you suggest using crowdfunding or hard money to fund this?