All Forum Posts by: Rob Duke

Yea, I am definitely using this as a negotiating tool.

Can I get a locksmith to come over and change them while he is in there? 

Pretty sure she said 4 unit. Conventional loans cover 1-4 unit dwellings. 5 or more you are in commercial territory.

So I have a condo I am considering buying and flipping.  I went to inspect it and found a guy living in there. Trash everywhere inside there and I don't think the electricity was on. I started talking to the guy and I asked who he was paying rent to and his story changed 3 times, First the 'owner' who he then said died 2 years ago, then the HoA(condo) and then the property management company which he could not tell me the name of. So I am not sure whether he is a Trespasser(broke in via unlocked window) or Squatter.

What is the best way to proceed if I should buy the property? 

They are in flood zones.

http://gis.bam.water.ca.gov/bam/

Check on FEMA effective 100 and 500 year floodplains.

I knew it was just a quick calculation mistake but I didn't want him being let down later so I corrected the obvious just in case ;)

This is assuming you do both sides of the deal, otherwise you are looking usually 3% at best.

500k > 3% > 15,000 > (80%) > $12,000.

I'd also like to hear how this is working out. 

Thanks for the reply Jaysen.

1. All cash. Holding costs are roughly 100/mo tax, 200/mo HOA, 200/mo utilities.

2. Yes, thank you, I was doing several deals and added these unnecessarily. 

3. The sale on purchase will be a Grant Deed transfer. It was bought at public auction a week ago now. They deposited $15k and my neighbor's client can't come up with remainder. So I have the option to pay the auction price and take the property.

4. Great question, I will have to find this out along with any other rental restrictions and such.

5. I got my RE license a month ago and I will not charge myself any commission.

6. Based on research of recent sales in this particular condo complex and nearby 1/1's with similar square footage I feel quite secure.

Hey Brett, add me to your list.

[email protected]

Thanks,

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Neighbor very active in Property Auctions and just got this deal. He always partners up on deals with people(basically buys the property at auction for them(does all the research on the property) then gets ~20% stake in it) but this time his partner was unable to come up with the money so he will lose his deposit if he does not pony up the remainder. 

What are your thoughts on this deal considering it is a condo/loft. HoA appear to be $200/mo and I am looking to flip it.