All Forum Posts by: Sharyn Umaña-Angers

I've never heard of an "unlicensed assistant" either... what is that about? 

That's a great list to start with! I just finished Think and Grow Rich. I would move that near the top because, while its not specifically about real estate, it is about getting your mind, body and spirit ready to jump into real estate with a clear head and positive outlook--an absolute must to play this game. RDPD certainly whets the appetite! I've also heard epic things about the 4 Hour Workweek and The One Thing.  Happy Audibling! :) 

Hi Minh -- Welcome to BP!  You sound a lot like me, actually :) I work in Creative Services at San Diego Zoo Global. It'd be great to get to know you. I'm pretty new at this myself—still in the learning stages—but I find myself on BP every day. It's the best resource. Feel free to PM me if you have any questions! 

@Ali Boone, I agree that living in SoCal and buying out of state is probably the best of both worlds. I have been extremely reluctant to invest in SoCal (first time was definitely NOT a charm!). It's not just because of the insanely high home prices (I know that many investors are doing it here successfully). But it's also because CA is an extremely tenant-friendly state. So, I've considered buying out of state, but have not yet looked into which markets. 

I know that when you lay out the numbers like that, it looks like a dream situation but in my experience, in Southern California, a $100k window for everything is cutting it close. I say that from experience that costs can be worse than your worse-case scenario. I'd feel more comfortable with a $300k offer if it were me.. but if you're confident in your ability to move it in that neighborhood, it could work. Good luck! 

Welcome to BP (and SD!) Ryan :) I'm pretty much a newbie myself as well. Kudos to you for wholesaling. I'm pretty sure I'll be using wholesalers for a lot of my future deals. You should post a profile pic so we know who to look for at the REI meet ups :)

The property next door just hit the market at $330k... so I think what you're saying, @Eric G. is very likely -- that it was deliberately priced low to start a bidding war. In fact, we are receiving much interest in ours as well in its first couple of days. There is a bit of a bidding war going on for ours as well, so for the moment, it does look like a seller's market as most people have noted. Hopefully, as @Chris Soignier and @Daniel say, it will end up at FMV in the end.

Thank you all for your advice! You have been very helpful! :) 

@Michael Kim The house is not currently being rented. But when we did have tenants, it was rented for $1850/month. 

Thank you very much for your replies! You both seem to say the same thing so I will definitely follow up on that. This may be an ignorant question but is an appraisal required by law? Or just a recommendation?

I have a 1,722 SF 3/2 Single Family Home that we were renting for a number of years and now we are trying to sell. Getting comps is a bit difficult because it's a neighborhood where no two houses are exactly alike. But a fair Market Value estimate would be AT LEAST $375k or $400k. The problem is that the house next door (which is 500 SF bigger and with newer upgrades - countertops, appliances, etc.), was purchased in January at a foreclosure auction for $238k, and is now being flipped for $330k!! That house is EASILY worth at LEAST $425k if not closer to $475k.  I really have no idea why these guys are selling it at such a low price (I'm pretty sure that in this market, it would even move quickly at $400k). But the bigger problem for us is that suddenly we have a ridiculously low comp right next door that beat us on the market! Will real estate agents actually take this comp into serious consideration??? It's a joke... I'd appreciate any advice from people that have experience with this. Or suggestions of anything we can do to mitigate the situation.

Also, when a house is appraised, is it done so based SOLELY on the value of the individual property or do they take neighborhood comps into consideration as well?? 

Thanks in advance!