All Forum Posts by: Ursula B.

Congrats!

Thanks @Jason C. !

@Rolanda Eldridge thanks!

@Wendell De Guzman thanks for the analysis! I didnt realize #3 and #4 were an option. How do i approach #4? Is that with a bank? My credit union seemed interested in doing a business loan, 5.675% amoratized over 25 years with a 10 year balloon. I'm always leery of banks so I'm certainly interested in your creative financing approach!

Thanks Wendell. The substitute trustee was appointed in December, do you think that's too far along in the process to try a short sale? I was going to ask the tenant for the owner's info, but didn't want to tip them off if they didn't already know what was going on. Maybe I'll just ask for their property manager's number and see how far I get. There's also an address in Realist but not sure how far I would get by writing them. I'll keep you posted on how this turns out.

Correction to the taxes, they are actually $677. Didn't realize this until after I purchased it. Happy surprise!

I've had my share of run-ins with HOAs, but at the end of the day I like the protection they afford me against stunts my neighbors might pull. The two condos I own include water with the dues, an everybody like free utilities. I like to buy close to major highways to advertise convenience. I usually don have a problem renting them out. I'm anxious to get this new one on the market to see how it goes. It's my first investment in this part of town.

Thanks Roy! I guess I'll just have to keep an eye out for it to hit the MLS. I don't want to miss it but I'm sure they'll overpriced initially.

Maybe it's a CA thing, but in NC the buyer doesn't have to disclose ANYTHING, even if they know what's wrong with the property. That's why buyers are given a due diligence period. Whether the inspection is before or after contract seems irrelevant if it's true that the seller has to disclose. If an inspection is done after contract but the deal falls through with the lender, wouldn't the seller have to disclose what was found to the next potential buyer? Also, an agent is usually not a party to an inspection report - it is between the buyer and inspector.

I hired out subs for my first (and only) flip. On top of not knowing what I was doing, it was a nightmare to manage with a full-time day job. I now have a contractor that charges more, but I don't have the headaches of being on call, being taken advantage of or having to have work done over. If I sub something out now, it's usually to a box store where I know their subs are professionals. My contractor is expensive, but worth every penny. He's on time, on budget and it's done right the first time.

Good luck to you!

I was checking out Realist to see if it had been updated with my latest purchase, and noticed that the unit next door was in pre-foreclosure. It looks like a couple bought it, deeded it to an LLC and now live out of state - so I'm assuming the current occupant is a tenant. Bank is Wells Fargo. Based on the mortgage, they probably owe about 3 times what I just paid for the unit next door.

I'd like to reach out to the bank to see if they're willing to make a deal without going through the asset management/listing process. Has anyone had any luck with calling up the bank and making an offer once the foreclosure is complete? Any luck with this bank in particular?

Ursula

I'm in the same boat, 5 properties, 4 mortgages. i just found out my credit union will do a purchase or refi business loan at terms that are hard to come by for investment properties. I'm completing the paperwork now, and crossing my fingers that this opens the door to more purchases for me.

Good luck to you, let us know what you find.