All Forum Posts by: Ilva Kibare

Thank you for the input. I will be visiting some open houses of these new properties and track down the developer through the listting agent.

For the past 2 years I have been observing the buy and rehab activity of single family residences near Studio City and elsewhere in A+ areas of Los Angeles. From the bit of research I gather that the typ 3+1, 1200sf or so properties are purchased for under or near a million, rebuilt from nearly ground up to 5+5, 2300psf and sold for 2,1 to 2,3 million.

The construction costs here for such properties are between $175 to $200 and up.

They all appear to be very similar design and construction.

Perhaps any of you are involved in this process? I will be tracking down the developer/s the best I can through the real estate agents selling the properties as well. I am interested to learn the process, since I plan to do this on my own within a year or so. 

I drive through the neighborhoods quite a bit and appear to see properties suitable for such development and could be useful for leads. My day job is Structural Engineering. I would like to learn, co-develop the deals, and find a way to be useful in exchange for learning all aspects of the process.

Please let me know if you are familiar with work in these areas. I would like to connect for mutual benefit.

1. When you work with an agent through the auction.com process, do you pay the 3% commission to the agent plus auction.com fees plus escrow fees? 

2. Do I understand it correctly that auction.com is just a vehicle to find the buyer? 

3. From auction.con site it appears that they may sell only a 2ndary note or otherwise incomplete posession which is your responsibility to research. From some of the posts it appears that there could be some contingencies placed on the deal. Do I understand it right that if you are O.K. with potentially forfeiting your EMD you can do all the verifying - title, inspection etc. After your bid is accepted?