All Forum Posts by: StevieAnn Nance

Hi BP, I'm looking at a rehab in East County, Jamul, CA.  I spoke with my lender and due to the state of the property, I need to put together a bid for a Construction loan.  I'm looking to schedule a walk through in the next week with a licensed GC or Home Builder (who has a history of good financials and reviews to be approved by my leader) to get the estimate of repairs. This will be a 3-6 month build / rebuild.  I'm looking for someone budget conscience, investor friendly to build a long term relationship (future rehabs). My husband and I have rehabbed 3 previous properties and ideally would like to partner on the lighter work to save $$$.  LMK if you're interested or have any referrals!  

@ Tim Gordon I just finished my first deal and have some a few months to kill (down time while I save up for my next downpayment). I want to get my license to have access to the MLS / bypass realtor fees - do you have a recommend on a course? Which course did you take for $200?

BTW SD surfer here as well. 

@Travis Rasmussen @Olena McCormick I missed the last one as well but would like to attend.  What date is your next meet up? Thanks!

@Olena M. I'm interested as well.  RSVP me for 2.

@Tom Gimer @Samuel Pawlitzki Thank you!  

My realtor pitched in his commission (champ!), title & escrow chipped in (about 1k) and I came in with the rest ~ (4k).   Offering the 4k as a loan would be money I'd never be repaid anyways. Not worth the extra head ache. Paying to close was well worth my opportunity cost to get it closed, rehabbed and back on the market.  I closed last week & the rehab is well under way.

Thank you to everyone for your help & advice!  

@Tom Gimer The seller bought the house last year, so there wasn't much pay off on either of his loans.  It was a major miss.

The lender is charging ~ $400 to carry my current rate for a 10 day extension. 

Per my realtor's suggestion, I signed a demand to close Escrow; deadline is today.  My Realtor has more than graciously offered to chip in his commission. (He's a champ! ...Mentioned on the phone last night that he's out the commission if the deal doesn't close & would rather have the goodwill and his reputation in his small town.)  My agent's broker is on a call with the listing agent's broker now basically demanding they chip in their commission & cover the cash short for their mistake.  

Escrow has offered to give $500 too.

We'll see how the next few hours play out.  I've also offered to carry the balance that remains for the seller if he signs his vehicle's title over to me (he has an old 1985 truck, not worth much but my thought is it gives him some incentive to repay me).  That, or I'll split the amount that remains with him if he can come up with the cash today.  

I have no idea how "normal" this situation is but it's become an excellent learning opportunity for me to say the least! Talk about 'creative financing'.

My biggest takeaway from this is to look for deals where the seller has equity.  I see now why this is such a huge qualifier on deals! 

@Gannon Beebe Welcome! I'm a beginner as well, looking to network and get amazingly good at this REI stuff. I'll see you there!

As a beginner myself --> Save that 12k towards a down payment!  Go find your local association & meet ups and pay $100-$22 to join your local club.  If you feel you NEED a mentor, find someone successful you want to emulate and offer them $100-$200 for an hour of their time each week.   If you're lucky, and ask the right questions, you might even find people willing to help you for free. 

I completely understand needing a 'kick start' but 12k?  Save that precious start up cash! 

@Kevin Fox I'm very interested in finding a 4 plex (and future larger properties).  Please connect with me and get me on your lists! 

Hey @Jenna Harris welcome to BP!  @Dan H. very good points.  I've been considering out of state investments and I really like the points you bring up in this post. 

Thanks everyone!  

@Adam Bennike good reads here. :)