All Forum Posts by: Gordon Wing

That's an excellent check list. Thank you.

I am living in the property. The 5K was for some new windows, a bath remodel, and a graffiti remediation project (70 foot long trellis with bougainvillea).

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $153,000
Cash invested: $5,000

2 and 1 zoned for 2 units with a 300 sq ft Pedestrian garage and plans to convert to be used as companion flat or separate unit.

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

Initially for housing price stability, security and autonomy.

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

Real estate agent.

How did you finance this deal?

Va Loan.

How did you add value to the deal?

Converted 300 sqft,

What was the outcome?

Ongoing...

Lessons learned? Challenges?

Lesson learned? Get after it. The challenge has been lack of education about leveraging debt. This coupled with balancing the funds to time ratio.

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

Yes, Yes, Yes! Eddy Dunkel at Devon properties is AMAZING. Always available, calm, and consistent.

I am new as well but will share what knowledge I have acquired thus far. First off, Auction.com has a well laid out and and easy to understand faq section under the help link that is very comprehensive as to information on the entire process. If it is an online auction, ernest money is due within 2 business days. But there are 5 days to show proof of funds.  There was a hard money lender advertised on their site,  so I gave them a call. They seemed confident that if you were involved in the approval process with them the seller would generally accept this as proof of funds.  I went to the Bigger Pockets Hard Money search link and called my way down the list. All the lenders on the first two pages in my area, and garnered additional confirming responses. However the seller has right of refusal and will ultimately decide wether the proof of funds is acceptable. If the auction is on the courthouse steps, it is not REO. That is the foreclosure auction. And  you need to have your bag of cash in hand. Also find out about your states rights of redemption before you bid on these.

On to question 2. There is no guarantee that the title will be free of liens.  It is very much advised from everyone I have talked to to at least get a preliminary. You could also go to the county recorder and do your own search. This is where the title company will get their information. The people at the office I went to helped me learn to search all their various record types in about 15 minutes. The actual search took a bit longer.

As I say, I am new as well, but I hope this helps some.