All Forum Posts by: Yia Her

Can’t read the attachments you have there as they are too small. From what I can read, the expense being at $300k+ is by far the most I have seen on a 25unit. What are you buying it for, what improvements needs to be done. Seems like the place is just a mess and the seller is looking to exit. Maybe good opportunity but you’ll need to get the facts. In short there’s too much missing from what you provided.

@chrispurcell - I’m more concern about the well being of the home owner. Hope it didn’t come off as being a heartless. But as an update, we found the guy. He’s been living down the street with a neighbor for over a year due to some health issues with mobility.

Thank you. I’ll check on the few things mentioned. I have done a search and try skip tracing the info to find owner and anyone related.

There’s a home by my moms house. We suspect the owner (elderly) May have pass away in the home or so. Gonna call non emergency hotline to perform a welfare check on the fella but he seems have no heirs son/daughter around. What’s the best approach for something’s Like this or if you have come across this before?

The remodel looks great. Sometime when buying in a nicer zip and location, understanding the type of end buyer would be extremely important. Not sure what kind of market Nashville is in but definitely the end buyers who paying $450k+ for a home probably is a little more pickier on location and not necessarily on the upgrades and remodel. Anyway - looks like your considering other exit strategy to implement at this time since it seems to have been on the market for about 171 days with no offers. Have you looked into short term rentals such as airbnb since you mention renting seems to be dry as well? Not sure how you bought the property, your own cash? Hard money? Private money? But those are important to share because it changes the situation and if you need to dispose for a quick loss or if you can afford to hold on. Hop that helps, but little more info would give other savvy BP more ways to chime into help. By the way, the map right across from the freeway seems to have a space where there's a lot of little streets, is that a military base??

Thanks for the interest.  

For sale is Duplex located in Sacramento.  Great deal for buy and hold investor looking for an income property with equity position.  Here are the details.  

Price: $185K (cash or HML/Private)

Rehab needed: $18K 

ARV: $250K - $260K (high would be at $275K)

Rents are below market value and can be on the upside. Please contact me ASAP if you are interested. Property will be on BP for 1 week before I list it on the MLS for $200K. Thank and please direct any questions to:

[email protected] or 916-743-3393.  I will provide more information such as pictures and details.  

Thanks 

I just closed on 2 HML/Private Money deals and I really was shocked to see the BPO that came back from the agent/broker who was assigned to value the properties. I was shocked because the valuations were quite off from one another (the duplexes were a block away from each other). I know that when getting a HML, they can help you by valuating the deal and if they decide to lend on the deal - you may be in a better position because they lend to deals in which they are in good position. Well, I personally feel the deals were off by a huge margin and this could be troublesome for some who may not know values as much.

Just want to hear from those who may have experience this and what your personal take on HML and BPO/Appraisal valuations. Can these BPO be challenged? Do they just hire anyone that subscribe to them to perform the services and how they may be vetted to ensure they are lending on deals that are truly valued properly.

Duplex 1 - The as-is value ($200K) on this one came back okay but the ARV ($215K) was off by at least $50K. This duplex was the one that needed less work (about $10K of work needed).

Duplex 2 - The as-is value on this one came back at $252K and ARV @ $258K. (this one was in worst condition and needed at least $18K-$20K)

Curious to see what others have experience.  

@Simon Stahl

  A list that I highly recommend is a private list that no one else have and that is: "Drive 4 Dollars".  I know its a little bit of work but driving a neighborhood that you want to buy in and then coming back to do the research on owner's info and property info itself is worth your time.  If you're spending almost a year trying to get a deal and haven't been successful, then you are definitely doing something wrong.  Have you consider finding someone who is highly successful at what you are trying to achieve and then offer your help to them?  Getting on wholesaler's list is easy but you have to realize that wholesalers typically sell to their top 2-3 cash buyers.  So you may need to take your wholesalers out to lunch, get to know them and show them your track record and buying power.  This is a relationship business and adding value is where your return will come in when working with other investors.  DM is hard and can cost a lot of money if you're not prepared and just blindly sending out mailers. 

@Gail Roberts

You mention that you want to do something with the money you have.  It sounds like you have already decided that where your money is at now is not the right place for you.  You also mentioned that you never owned a property before and that you have limited help with fixing property and maintenance should something go wrong.  Property investment can be challenging if you don't have the knowledge and skills beforehand to make the right decision.  If your retire and want to invest your money in something tangible (real estate) that will meet your current goals, I would just recommend to spend about 3-5 months learning/obtaining the foundations of real estate investing.  From there, you can then have the confidence to get out there and network with folks in the area who may have a solid deal for you.  It doesn't sound like your plan is to go out there and start flipping homes or buy a bunch of rentals so networking with wholesalers who heavily market for off market deals are probably your best bet at getting something below market value and yield nice rent income.  I would recommend 2-4 units where you can afford to get a property management to manage your units and be profitable.  Again it really depends on where you want to go.  You seem to be on right path.  Best of luck...