All Forum Posts by: Abbas Raza

Hello fellow investors, 

I have a lead on a property in the Santa Barbara, Montecito, California area.  The house is one of the last remaining original homes in the area and would need to be a tear down.  The lot, however, has an incredible ocean front view.  The owner was very selective and chose this property specifically for the view 20 years ago when he bought it.  The land should be worth much more than the structure itself.

I want to know the best way to go about getting an estimate on the value of the land plus tear down cost.  I looked at the county assessor website and the value is below.  This cannot be right.  

Homes in the area with ocean views are around $5 million.  Obviously, this varies depending on the home.   How do I go about getting an offer together for this property for the land + tear down cost?  Owner is motivated to sell, but knows he has a prime lot.  Your help would be much appreciated!

@Nicholas Novak - It looks like this is what I'll be doing.   Thanks.

Thanks for your input, everyone!

Thanks for the feedback, @Craig H. and @Rick Turman.

Craig - I'll PM you.

Thanks @Austin Fruechting!  Sounds like I need to talk to some more banks.

If anyone has any recommendations on banks that will refi on appraised value in Ohio, I'm all ears!

Thanks @Joseph ODonovan.  Maybe I need to ask about a different type of loan after the property is "seasoned."  

Hello fellow investors. I'm working on my first BRRRR property. I purchased a duplex in Ohio from a wholesaler for $60k and I'm putting about $23k into the rehab. We expect the property to appraise around $110k. I spoke to my bank about the refinance and they said they could do delayed financing on the home and cash out 70% of the appraised value...which would be about $77k. At this rate, the duplex would cost me about $6k out of pocket, which I was ok with.

Half way through the loan process, the bank is now telling me that they can only finance 70% of the purchase price (which was $60k). I can do a HELOC for the equity I have built by adding value to the home. I don't love this because the HELOC isn't really my money. I would much rather have cashed out $77k, as I was told initially.

Generally, is this how others have done their cash out refinancing?  Or should I speak to another lender?  Have others been able to cash out 70% of the APPRAISED value, not the PURCHASE PRICE?  If so, how do you recommend I go about doing the same?  TIA.

Thanks for the feedback, guys!

Hello everyone, 

There is a home that is in pre-foreclosure in my neighborhood in Atlanta.  I know how much the homeowner purchased the home for and what it's worth now.  There is a potential for a good amount of equity.

I need some information on how to go about purchasing a pre-foreclosure.  I couldn't find a good post in the forums on this topic.  I'd like to see if I could purchase this home as a short sale, potentially.  How would I find the lender on the mortgage?  Any help would be appreciated.

Thank you @Rob Gillespie and @James Wise for your input.  Rob - I'm going to PM you with some questions I have.  

My hometown of ATL has become quite expensive and deals are not easy to come by from what I'm seeing.