All Forum Posts by: Brian Batista

Hi Everyone,

I'm seeking referrals for contractors in the bay area. The project will be a 1200sf home remodel + detached 700sf ADU in East Oakland and I'm looking to get bids sometime next week. If anyone has any recommendations that would be awesome.

Thanks in advance

Quote from @Andrew Postell:

@Brian Batista I would recommend reaching out to some local real estate groups.  There are some that will post on the Bigger Pockets market place but you'll find tons of them on Facebook.  Just search things like "San Francsico Real Estate Investor" or something like that.  Some of those groups have tens of thousands of members.  You should have plenty of references to some there.  I would also suggest to start networking with some in your area as well.  Many of them will meet in person and you never know who would will meet or learn at these groups.  Meetup.com is a great place for those as well.  Thanks!

Thanks for the response but I'm not looking for a meetup or a networking get together, I am looking at a potential subto deal with an FHA loan and need a referral for a title company or otherwise who can service the transaction.

Hi Everyone,

I'm looking at maybe taking over an FHA loan subto for a condo in Oakland, CA. The seller's title company says they won't do a subto on an FHA loan. Does anybody have a title company that is familiar with doing subto on FHA loans?

Thanks!

@Dave Foster Thanks for the helpful feedback, Dave! Youre example for selling @500 and buying @1 Mil, would the same logic apply if the proceeds go towards a down payment? I'm guessing your example assumes I would come in with the other 500k, correct?

Using the estimated actual numbers, his proceeds will be about 250k to 1031 and I have about $50k of my own money to put in on the down payment for, let's say, a $2 mil property. Does he then take title to 12.5% and I get 2.5%, since the remaining 85% would be financed? Or does he need to take a *minimum* percent equal to his equity, therefore we would be able to split it 50/50 when the title is transferred in a TIC situation?

Sorry if this is confusing, just want to know we will have a clear path before getting too far down the rabbit hole or getting anyone's hopes up, but it sounds like it is possible.

Hi All,

I have a question about the 1031 process. My brother-in-law is under contract to sell his single-family investment property, and will be netting about 225k. He is interested in partnering with me and using the proceeds to 1031 into a down payment on a large multi-family property, the situation would be one where he is funding it with his 1031 proceeds and I am doing all of the leg work and we will split equity and profits 50/50.

From a legal perspective, how would this work? Would he need to buy the property initially under his name, and then at a later date and after a seasoning period transfer it to an LLC that we are both members of? Is this even allowed? I am assuming we can't create the LLC and do the purchase under that because it has to be the same entity that is both relinquishing and purchasing.

Would it be easier to just have it all in his name and we split the profits "behind the scenes"? Or is it possible for him to add me to the title after that fact?

Any advice would be greatly appreciated! Thanks in advance!

Hi Everyone,

Wanted to test the waters and see if there were any investors in the area who would be willing to do a very casual meet up to discuss creative financing in the area. We could maybe meet for a local happy hour somewhere and discuss strategies, leads, potential partnerships, etc...

Hi Everyone,

I am looking for recommendations of a good agent in the Bay Area who has experience with investment properties in the Bay Area, specifically rehab properties. My goal is to use an FHA203k loan to buy a property, rehab the home, and do either an attached or freestanding ADU to convert it to a multi-family property where I can House Hack for a year before refinancing into a conventional loan. I would prefer an agent who has experience using this loan product because from what I can tell it is very nuanced and many are not familiar with it.

Thanks in advance!

-Brian

@Andrew Postell @Will Pritchett, Thank you both for your helpful feedback. The fact that you're having to leave more cash in deals lately is very useful information to know. It's something I am anticipating going into this, which is why I am looking at more affordable markets so it won't impact my ability to continue investing in more properties afterwards. I have reached out to Robert Finn, hopefully he can help me figure out if this is the market for me!

Quote from @Walter Jones:

Investor and solo agent in Memphis here. Lots of competition around here for good BRRRRs and flips. Much easier to find a solid SFH rental that hits the 1% rule, but with some good searches and diligence they'll pop up on occasion.

 Hi Walter,

Thanks for the feedback! A 1% SFH is nice, but I really want something I can BRRRR so I can keep my relatively limited amount of money moving and working for me instead of having to save up again after each property. I'd love to chat on the phone about your experiences sometime if you have a moment.

Thanks!

Quote from @Rick Pozos:

If anyone says that they can find you a deal with minimal repairs in SA for about 100k, they are not telling the truth. Well...let me rephrase that, 100k, minimal repairs in a decent neighborhood is non existent.

I have a house right now under contract for 105k, but it is going to take 50k in repairs. Thats plenty of repairs. ARV about 210k to 215k. Most decent neighborhoods are going to be 200k ARV or a little more for about 1200sf+.

Hi Rick,

Thanks for your feedback! I’m not afraid of doing bigger rehab jobs as long as the numbers work, I just need to be at a certain purchase price because of how much cash I have, but most hard money lenders I’ve spoken to are willing to finance 100% of rehab, with 20% down on the acquisition cost.

As far as decent neighborhoods go, I wouldn’t mind being in an up and coming location. I would consider something like the deal you mentioned above successful since about 70% of your ARV is about what you put into it!