All Forum Posts by: StevieAnn Nance

@Brett Goldsmith  Thank you.   We won't take early occupancy.   

@Jay Hinrichs Good to know.  Thank you!  You're a wealth of information.  

The property is "worth" another 10k (comps are going for 30-60k more since I've been under contract) but putting in another 10k of my own cash really hurts my cash on cash numbers. 

@Jay Hinrichs (big fan BTW) @Larry Frank It is a MAJOR MISS. I have 10k I could loan the seller but is that wise? I feel like that's putting additional eggs in the same basket and not the best use of 10k to someone who couldn't afford to come up with 3.5 FHA downpayment in the first place. I'm scouting other deals now to invest that money elsewhere.

Currently I'm waiting for the seller to find the 10K.  There is discussion about the realtors chipping in a % of their commission & Escrow as well.  My broker thinks I should give him 7 days. Is there a standard time frame I should give the seller & then push towards legal action? 

I don't have a RE Attorney. This is my first deal; didn't think that was a good expense until I was a 2-3 properties in.  If you have a good recommend for CA I'm all ears. 

@Samuel Pawlitzki  Thank you.  That is the REAL question.  Even I noticed the 2nd loan on the documents / title search.  I'm beyond frustrated that neither the sellers agent nor Escrow caught this / did the actual math until last night.   

Today is our closing.  As the property is 3 hours from my residence, I did my closing yesterday: signed all final loan documents, wired my money to Escrow, etc., and we FedEx-ed our documents for 8AM delivery this morning.  I got a call late last night that the seller is 10k short to close. Apparently he took out a second loan for his downpayment; Escrow caught this last night.  The seller & their agent are offering early occupancy, essentially renting the property to us for free for 2 weeks while he finds the money.  Does anyone have experience with this? Is this a terrible idea?  The property is in California is an area appreciating quickly, there is no way a short sale would be approved nor do we want to wait for that option. 

@John D. No worries.  I can see past values on Zillow & Realtor which show 250% increases over the last 2 years.    

I agree that a desert estate wedding venue would do amazing .

Hi! I currently have offers in for properties in Joshua Tree & Big Bear, CA. My fiance and I noticed billions of run-down properties in each location. We're currently buying turn key but want to BRRRR-bnb!

1 - Any good wholesalers out there?  

2 - D4$ - We spent a few hours looking around... Is there an app or website where I can look up title & who has their mortgages paid off? 

3 - Who are the expert contractors in these areas?

4 - Any excellent recommends on inexpensive full service co-hosting?

Thanks!

@John Lee Thank you for the tip on the STR 7% tax. I had no idea.

@Lee Davis Did you close on a homestead? 

@Josh Bloemendaal How are your Airbnb rentals going? 

It's true you can no longer install a water tower or haul water to a property unless an existing water tower in on the property (grandfathered in).  The price of installing a new water meter is about 6.5k + the cost of piping to the property.  The cost of this is ~ $60/sq ft.   You are responsible to hire your own civil engineer, cost out the plans, submit to the county & pay for all.  It's expensive!

@Krystle Padilla  We are in the process of closing on a home in the area.  I'd love your contractor contact as well as your expertise on lessons learned. 

@Stephanie Benjamin I'd love to hear how your purchase went. 

I'm looking for investment property in Joshua Tree as well.  If anyone has any contacts they'd like to share, please DM me. Thanks!