BRRRR - Buy, Rehab, Rent, Refinance, Repeat
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated almost 3 years ago on . Most recent reply
Orange County Homes- How much are people bidding over ask price?
Looking in North Orange County/LA County area for single home fixer in the 650-700k range. 10 mile radius from La Habra.
From listings looks doable. How much are people bidding over asking to lock in these homes. ? Do I need to get creative with financing for all cash offers? or quick closing dates?
I have about 120k-150k for a down payment hopefully 20%, more if I need to pull from retirement account.
This will be my 3rd home, looking to move into for owner occupancy rates, towards end of 2022. Either in a primary or secondary rate.
1st home in Riverside currently doing detached garage conversion adu. Just took a home equity loan to pay for it, then will take another after it is done to pull more equity out after it is re-appraised. Plan is to rent the main home to cover mortgage and then some. Keep the adu for myself since I work 10 miles away. Then probably build a JADU then rent the ADU. The property is big on 1/2 acre
2nd home is an arizona vacation home that I am process of cash out refi. currently do pretty well on vrbo / airbnb short term rentals covering 80-90% of costs so far.
The return on investment is amazing for this property. My rental gross sales are 10% per year of what I have paid for the place.
Another question would be to find a lender that would qualify rental income since I won't have any rental history on my current Riverside home.
Most Popular Reply
Hello Jeffrey,
From what I’m understanding you looking to get a mortgage as a primary. If so the best way would be reach out to a real estate agent who can run a CMA on how much the homes are selling for. After you get an idea of how much the homes are going for you can see how much you can offer. For example, a home might be listed for $600k but the comps are selling for $650k with that being said you would need to pay at least $60k over asking to get noticed. As far as a competitive offer I’m a real estate agent here in Orange County. Please feel free to send me a direct message on ways we can make a strong offer.
Wilson Hernandez
Keller Williams Realty
Dre #02113282
Quote from @Jeffrey Suarez:
Looking in North Orange County/LA County area for single home fixer in the 650-700k range. 10 mile radius from La Habra.
From listings looks doable. How much are people bidding over asking to lock in these homes. ? Do I need to get creative with financing for all cash offers? or quick closing dates?
I have about 120k-150k for a down payment hopefully 20%, more if I need to pull from retirement account.
This will be my 3rd home, looking to move into for owner occupancy rates, towards end of 2022. Either in a primary or secondary rate.
1st home in Riverside currently doing detached garage conversion adu. Just took a home equity loan to pay for it, then will take another after it is done to pull more equity out after it is re-appraised. Plan is to rent the main home to cover mortgage and then some. Keep the adu for myself since I work 10 miles away. Then probably build a JADU then rent the ADU. The property is big on 1/2 acre
2nd home is an arizona vacation home that I am process of cash out refi. currently do pretty well on vrbo / airbnb short term rentals covering 80-90% of costs so far.
The return on investment is amazing for this property. My rental gross sales are 10% per year of what I have paid for the place.
Another question would be to find a lender that would qualify rental income since I won't have any rental history on my current Riverside home.