All Forum Posts by: Gordon Cuffe

@Sean TrigliaThere is a rei meetup in Roseville on Jan 17th. I sent you a pm with the info. It is free  so it might get crowded. 

Investment Info:

Single-family residence fix & flip investment in Antelope.

Purchase price: $230,000
Cash invested: $50,000
Sale price: $343,000

This home was boarded up by Sacramento county for code violations. It kept getting broken in by homeless people and they kept bringing all there junk onto the property. I put in new HVAC, new water heater, doors, flooring ,kitchen and bathroom. The market has changed a lot so it has not sold yet and I have had to lower the price. It will sell eventually even if I have to lower the price some more. I subbed out all the work myself. I finally sold the home as of 1/9/2023

What made you interested in investing in this type of deal?

to make money

How did you find this deal and how did you negotiate it?

from a local wholesaler

How did you finance this deal?

hard money loan plus a lot of cash

How did you add value to the deal?

replaced everything. The place was a homeless person's dump

What was the outcome?

I sold it and made money even though the market declined during the listing time period

Lessons learned? Challenges?

Make sure that I dont have any paint on the eves that looked chipped or peeling. The buyers FHA appraiser had me fix the paint
even though it just was painted.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am a agent so I would recommend myself because I have a ton of experience.

@Travis L.Your two years too late. You can always get your nmls license and work for a mortgage broker and set your own hours. Hopefully your in a state that has large loan amounts so I makes it worth your while. You are not an employee as a loan officer so you can work how many hours that you want to. 

@Olutomi Odukoya I have not used them. I use directskip and it works well. You can PM if you want 500 free skips to give them a try. 

as a mortgage broker I can say you can get a loan against a home you own . You cant get a loan against a loan. The lender has no way of foreclosing in case you dont pay the lender back. You will have to get a unsecured loan. I know of ways to get unsecured loans if your a W2 employee. You can use payments from your note to pay the unsecured loan payments until you pay it off. 

@Mary Jay Look for a 4plex around the midwest for a 360k to 400k price range to see if you can find one the rents for at least 3500 per month. That will help you decide if you should sell and get better cash flow elsewhere. Look for a city where the population is not declining so that you have hopes of rent increases in the future. 

I am surprised about El Paso being on the list considering how much of a problem they are having with imigration going into the city. I just saw the newscast about El Paso. I live and sell real estate in Roseville CA and can believe that our market is one of the top markets for growth. We have so many people moving from the bay area that our Hwy 65 is over crowded with cars every day. It is a nice suburb to live in but just getting crowded and this week getting hit hard with rain. This is supposed to be a dry park in Roseville 

@sean 

@Sean CagerI just remodeled a home in Antelope with a start date of july 23rd. 2022. I finished the remodel in sep 16th 2022. I had to take out a permit with sacramento county because the prior owner had a building code violation from a old permit in 2018. he never had the prior permit signed off. The permit process was started on july 28th 2022 and sac county finally signed off my permit on december 20th. I wanted to hit my head on concrete so many times when dealing with sac county permit dept. I just wanted to give you a real world example of what happened to me recently. I hope that you can accomplish adding a ADU.

@Cheng ZhouI have lived in Roseville for 20 years now and have invested all over the place around Sacramento county and out of state.  If you ever want data on Placer or Sacramento county properties and areas, you can always PM me. I love looking at the data. 

@Andres Ospina I have been using directskip. You can pull lists with them and they will skip tract them for you. You can do your first 500 traces for free. Give it a try here.  https://get.directskip.com/eas...