All Forum Posts by: Patrick Parry

you will need a surveyor to do that. It can be difficult and expensive but it depends on the situation. To protect yourself you would want to hire your own.

I am not sure how well you know him, but he is probably asking so he is not wasting his time and basically prescreening. For the most part fixer deals will require cash or hard money and both cases will require a good amount of cash.

Setting up an auto search is simple and takes 5 minutes so I am sure many Realtors would be willing to do it if he is not.

Nobody likes wasting their time, but it sounds like he may be wasting yours because he does not seem to have the knowledge you are either seeking or expecting from a Realtor. Us Realtors are a dime a dozen, but the ones who actually work will do their share of work for you.

@Anne A.

That is not crazy what is crazy are the rents compared to value in most areas of California. Utilizing that recent appreciation and taking advantage of great rent to value ratios in cities with strong employment and provide cash flow is a great idea. You may not get the large appreciation jumps, but you will still gain equity while getting good cash flow, more tax write offs, and diversifying the real estate market. Just like a mutual fund. Real estate is local and by owning in various states you can diversify market conditions and vacancy's. Like everyone said a great team is what you need.

I am in Orange County and have a great relationship with a company also in Orange County that specializes in exactly what you want to look into. They have been around for almost 10 years and have a physical office in Cypress. The owner who is also a BP member buys where he recommends and finds local market specialist(Realtors, investors, Property managers) and brings his network to them. The service they get is top notch because sometimes he will bring in 20-50 individual investors to a select area. Strength in numbers so to say. If they do a poor job they may loose the business. He has Podcast, seminars, and a wealth of information on his site. I will send you a message because I do not think I am allowed to post websites on here. Feel free to contact me anytime to discuss.

Get a good title rep. Many times you just want customer service because the title rep is more concerned with sales. Call or even email. Say you want absentee owner list for this neighborhood or within whatever proximity of 123 Main st and they should get that to you within hours.

@Andrew Erpelding a realtor should be able to find this information. However, not all MLS companies have some of those search options IE cash and financed purchases. Title companies can usually provide that information. You can Google a local title company and call in and ask a rep. They usually will provide that information for free and hope that you will use them as a title company for future sales. Here is another site I looked into yesterday more geared toward Realtors but they use about 200 different indicators to determine potential sellers. Not really what you are looking for but a title company should have what you want.

http://www.smartzip.com/corp/product/overview/

Those numbers look correct.

I imagine this is a turn key home ready to rent and it seems like a fair deal. You are buying a property from a Realtor so that means fair market retail price. You want better numbers you will most likely need to look for distressed homes or off market home sellers that just want to sell with out the hassles of listing a home.

If your plan is buy and hold and you have a day job or business and want long term investments then this seems like a great start.

Don't forget you are paying down a mortgage, getting tax write offs, and locking in an exceptional interest rate.

I agree with @Scott Swink. Taking the US market as a whole is Macro Economics and that really only has relevance with politicians, school and discussion like this one.

Coming from the Orange County area of California we saw a huge appreciation form September 2012 to September 2013. About 30%. Staggering. It has gone relatively flat since with some small exceptions. The usual market time has tripled since a year ago hovering at about 2.5 months. I hear people saying that prices are dropping and I explain prices are not dropping they have stabilized. Sellers were over zealous thinking prices would continue to rise so they would price their home 5% to 10% higher than the comps. So homes sit as the sellers realize if they want to sell they need to bring the price down to match market. Buyers are no longer willing to chase and are willing to wait for a correctly priced home. Now the market is primarily equity sellers that are contingent on finding a replacement home and smaller scale investment companies or individuals

When I listen to some investor radio shows that focus on the more stable markets it seems they are about 1 year behind what OC experienced. Extremely low inventories and multiple bids on homes. We are near a point where most of the large investors are leaving or are gone.

Many economist have predicted about a 5% nationwide appreciation, and also say that this could be the first time the Real Estate peak is lower then the previous peak. (I know in San Francisco they are already above the last peak in 2006. So there is an exception) The buying pool will not be ever expanding this time. John Doe the bartender qualifying for a 500k home purchase with a 110% LTV to wrap in closing cost and maybe a small kitchen rehab.

So in short I think the bubble markets in general are becoming relatively flat with the more stable markets continuing a generous appreciation. There is no such thing as a United States Real Estate Market. There is about 400 distinct in diverse real estate markets in the US. So for Orange County, CA we are relatively flat. Memphis Tennessee will be seeing generous amounts of appreciation.(Generous for Tennessee at least)

@Rafael Floresta my advice is to meet her again and bring a contractor. Explain comps and the difference between turnkey and what it would take her home to become turnkey. Show comps, repairs, and closing cost. She wants to sell as is so she does not want to hastle with much or any of the work involved in selling her home. She wants top dollar she will have to take the steps necessary herself to get it. I would not waste too much time because it sounds like she is in no rush and quick cash will not be a life saver for her.

Also, advise her to consult her own contractor to see what repairs would cost for her own knowledge.

Most importantly understand there is a good chance the Realtor will take the listing at the inflated price. I myself being a Realtor, do what I can to price a home according to the market. However, if the seller will not budge I will explain what I can do at that price, and then analyze if it is worth taking the listing at the overpriced number. (we can still get many leads on a sign posted in front of a house no matter the price) I guarantee she will find a Realtor who not only will take the listing at the overpriced number but guarantee that price.

I would make the offer and also explain what she will pay in commission. (6%) So the difference in the total net. If she does not take it explain that she should give her Realtor 3-4 months to sell the home and exclude your name from the contract. Also she needs to explain that the Realtor has to sell her house at a net sale of more then what your offer will net her. This can all be included in the contract. If the Realtor is legit he will agree to the terms. You may not get anything from the extra effort, but you would have helped her, and I am sure she will refer anyone she knows that may need a quick sale.

@Mark Meynhier that's my backyard im Rt off Antonio. I have a deal in Laguna Beach let's set a time to talk n

Hello All,

I am an Orange County Realtor aspiring to become a full time investor. I constantly drive neighborhoods and look for opportunities. I also door knock nods and scour public records to call potential homeowners that provide opportunity. I am a Realtor so I am bound by a code of ethics on top of my personal ethical standards. I understand what it takes to make a deal work and I always all interest in mind. Everyone deserves their due share.

I hope some great deals come from my involvement on this site and I can create lasting business relationships.

Regards,

Patrick J Parry