All Forum Posts by: J. Martin

I agree with @Justin B. that the agent might have used your interest to motivate other potential buyers that were on the fence.. Or maybe the other buyers had multiple offers in or in contract.. then this one became urgent with more interest. @Denise Madrid and @Chris Music also seemed to get increased activity on their sale right at the end of the year.. Not sure if people were getting their bonus money, or why jump in during that time of year.. Maybe they can chime in.

If you're patient, don't worry about deals getting tied up by someone else. Try to find something off market, or look for even more days on MLS. 100+ days is a pretty good bet there's not a ton of activity on it. Also, I recommend contacting listing agents directly, if you're already using an agent. I think you'll tend to get more info.. Good luck!

@Jay Willems , not sure about "203k foreclosure loans." You can use an FHA 203k loan with rehab money included (both a streamline - smaller, and regular 203k). But this doesn't necessarily have to be an REO. It can just be on a beat-up property. Although there is a lot of red tape and costs if you can use your own money or borrow some. It's only worth it for a very big rehab project and you need the money, IMHO.

You can also use a VA loan since you're a service member.. Thanks for serving! I have a friend who has used that product to buy an owner-occupied home, then used it to buy another when their circumstances changed, and rented out the old one.. One way to slowly build up wealth if you don't mind moving periodically.. Good luck!

@Troy Fisher , I hear you. I'd like some off-market deals too, and it looks like we have 2 in our group, although no deal flow yet.. I don't know if the market is just too hot in the Bay, if there are already too many cash buyers looking, or if they're out there, and they're just not being found.. Maybe there's a good opportunity for someone to jump in there..

Ultimately, I think @John Rooster hit the nail on the head. If you have a killer deal, you don't need to have a crazy marketing plan. There is always demand from investors everywhere on a great deal. What we need is the method to get that super deal in contract. Then the back side seems to largely take care of itself, if the front side is a great deal..

@Thomas Manuel ,

I'm not a note investor, but I've seen many foreclosures in SF and the Bay Area, and they can take more than a year on primary residences, depending on circumstances. I'm also not sure how any new Dodd-Frank rules may have changed this.

First, it's going to matter what type of property. It is an owner-occupied primary residence? Is it a multi-family? Or an industrial building? Is the borrower fighting you? Is the borrower in BK?

Unfortunately, I won't be able to give you details on the timing, but owner-occupied residences can be lengthy and potentially expensive.. Other properties are easier. Fighting or BK will take longer..

I highly advise you to consult a knowledgeable attorney in the area, because mis-steps in this process can be enormously costly, especially in the Bay.

Hi @Denice Nagel and welcome to the site!

I didn't know there were any Bay Area natives in the Bay! lol jk There are some $200K properties in the Bay, but they're on the periphery neighborhoods of the East Bay and in E Oakland - definitely not down on the peninsula. Definitely different vibe/demographic than you're probably used to down there.. But in my mind, it's sort of an "overflow" play from SF, Oakland, Berkeley, Walnut Creek, etc. As rents and prices go up there, they spill over to the b and c neighborhoods within commute distance to SF and Oak. (IMHO - that's why I'm here. So far, so good.) But a lot of people are going to Houston now, and some still in Atlanta - and Phoenix and Vegas, although I hear less about the latter 2 now..

I'm a 'fix and hold' investor in the East Bay, with my properties centered in Richmond (the city, not the SF district) right now. The rent/price ratio works for me, with rents increasing, and super tight vacancy. I plan to hold these for a long time, but looking elsewhere in the Bay where I can still get some cash flow.

@Account Closed do flips up on our side of the Bay - if you want to connect with some locals. You can also try searching for local members, although I haven't found it very helpful for finding active members. I organize a monthly meetup in Oakland, and you can monitor the link below for the Feb date if you're interested in coming up from the peninsula.. About 20 BP members at each so far.. Welcome, and good luck!

http://www.biggerpockets.com/forums/88/topics/109953-east-bay-meetup---thurs-jan-16-2014-in-oakland

@Adelina P. , welcome from another Bay Area investor! I'm not sure if you're down on the peninsula, or up in SF, but I've been organizing monthly meetups with BP members in Oakland. You can "monitor" the link I paste at the bottom, and you'll see the new date when I post it on there, in your "monitored forums."

I'm a 'fix and hold' investor, up in Richmond for now - looking at some other areas of the Bay. Your experience should definitely come in handy. Being an agent and a loan officer will be really beneficial when you're prospecting, so you'll know what structures are financeable, the best financing approach, good contact/connections, etc..

Welcome to the site, and hope to see around on the forums, if not at our next meetup! And thanks for the shoutouts @Account Closed - both good people to be in touch with down on the peninsula, Adelina. Good luck!

http://www.biggerpockets.com/forums/88/topics/109953-east-bay-meetup---thurs-jan-16-2014-in-oakland

Hi Angelo , and welcome to BP! I’m a ‘fix and hold’ investor from the Bay Area in CA, and loving it! But you’ll find a variety of every type of investor on the site, and everyone is amazingly helpful. Some pointers for you: The "Learn" link across the top navigation bar has lots of great info, and so do BP members! You can click on the ‘vote’ button if you like someone's post or is helpful, and there are ‘awards’ to earn on your profile. And you can tag people by typing @ before you type their name, then clicking their name at the bottom of the message box. Welcome to the site, and good luck in everything!

Welcome Manzur . There are a lot of super helpful people and great advice on this site! I’m a ‘fix and hold’ investor from the Bay Area in CA, and loving it! A lot of others doing flips, wholesaling, notes, everything.. A few tips..

You can tag people by typing @ before you type their name, then clicking their name when it pops up at the bottom of the message box. You can click on the ‘vote’ button if you like someone's post or is helpful, and there are ‘awards’ to earn on your profile. The "Learn" link across the top navigation bar has lots of great info, and most importantly, the BP members! Welcome to BP, and good luck on your investments!

Hi Sid , and welcome to BP! I’m a ‘fix and hold’ investor from the Bay Area in CA, and loving it! But you’ll find a variety of every type of investor on the site, and everyone is amazingly helpful. Some pointers for you: The "Learn" link across the top navigation bar has lots of great info, and so do BP members! You can click on the ‘vote’ button if you like someone's post or is helpful, and there are ‘awards’ to earn on your profile. And you can tag people by typing @ before you type their name, then clicking their name at the bottom of the message box. Welcome to the site, and good luck in everything!

Welcome Winston . There are a lot of super helpful people and great advice on this site! I’m a ‘fix and hold’ investor from the Bay Area in CA, and loving it! A lot of others doing flips, wholesaling, notes, everything.. A few tips..

You can tag people by typing @ before you type their name, then clicking their name when it pops up at the bottom of the message box. You can click on the ‘vote’ button if you like someone's post or is helpful, and there are ‘awards’ to earn on your profile. The "Learn" link across the top navigation bar has lots of great info, and most importantly, the BP members! Welcome to BP, and good luck on your investments!