All Forum Posts by: Sunny Burns

Hey guys, I think I have finally found my first real estate investment. It is a foreclosure and has only been listed 3 days ago. I believe it is a foreclosure under Wells Fargo. Like Freddie Macs "First Look" and Fannie Mae's "Homepath" properties, it seems Wells Fargo is allowing only Owner-Occupied Buyers to submit offers for the first 15 days.

This would be my Wife and I's first real estate purchase and we plan to owner-occupy so we fall under the non-investor category. I know this is a hot market, because we put an offer in on a similar Quadplex 5 blocks away at $26,000 over asking price and were outbid by multiple full cash offers. 

We saw the house today with the listing agent and plan to submit an offer at the full asking price, my question is as long as there are no higher non-investor bids will the bank just accept our offer, or would they just wait till day 16 for a higher investor offer? The listing agent said the phone has been ringing off the hook about the house, but it has only been investors so far. Any thoughts on this?

Two Fridays ago, I went to the court house to grab their foreclosure listings that we're going to be auctioned off, I also visited the county clerks office to try and familiarize my self with searching for liens on properties. I didn't actually sit in on the auctions at 2 o clock, but plan to Tomorrow, just to gain some experience in it. It all seems kind of overwhelming, so If possible I was wondering if I could shadow an investor who is already planning to go, and ask some questions along the way. I will gladly buy you lunch in exchange :)

@Michael McCartney It is great to see another Ultimate player on the forums. First time that keyword alert was triggered for me. Good luck!

http://www.walmart.com/ip/Inspection-Camera-WIC-1229G/39097776

Whistler WIC-1229G Diagnostic Inspection Camera $39

• 3.3' flexible camera tube
• 9mm wide angle lens
• 2.4" LCD monitor
• Image rotation
• Water-, alcohol-, gas-, diesel- and oil-proof camera

@Ceril S.  my Wife and I are looking to put in an offer this week. We are going to start with $320k, but our hardcap is $350k. Not sure about the taxes, seem to be pretty average for the area.Rents I would say are also pretty standard, although the 2 bedroom could definetly be increased. I think it's just low because the tenant has been there 15+ years.

I found out more information about the sewer and waterbill this morning: The quarterly sewer fee for each unit is $125.00. The quarterly water fee for each unit is $64.50. The total for 4 units is $758.00. There are no installation fees for this property.

Is the Sewer Fee just a standard fixed price? Anyway to get that lowered?

Thought this was an interesting proposition that people on the forums might appreciate knowing about and discussing.

I just called the electric company and they gave me a breakdown of the average monthly Electric Bill for the last 12 months:

• A: $122/month
• B: $96/month
• C: $91/month
• D: $89/month
• Owner: $35/month

I feel like those seem pretty reasonable, since that is all they will be paying. All Electric Heating.

Thanks for the invite, my Wife and I will be in attendance.

I helped my friend move into an apartment yesterday and noticed that the landlord had placed painters tape on the edges of all the entrance doors as well as cardboard to save the floors. I thought this was ingenious and wanted to share.

@Michael Noto , yea that was one of my main concerns about this property... I feel though that the apartments are small enough and well insulated enough for the bill to be reasonable. I should take a look at the electric bills though for the current tenants. I was thinking about possible upgrading to heat pumps in the future if neccessary... how do electric hot water heaters compare to Gas Water Heaters?