All Forum Posts by: Bridget Huebner

@Bill Brandt I could have made the intentions a little more clear in my original post. Sorry for any confusion, and I really appreciate your input!

@Bill Brandt Awesome input! Thank you so much, I think this might be an option I can explore.

The original post though, I was describing the scenario from the BP episode for roughly what that investor was doing with this method. Then at the bottom asked if the method could be applied to purchasing the property as a rental, rather than selling it for a profit 😊

@Bill Brandt

I'm scratching my noggin trying to find a way to make a deal in my town work.

The property is owned by a family member and needs a lot of work done to it. So the asking price is very low.

I have someone who is interested in a debt partnership to get this house sold to me to be used as a rental property.

She will be funding the project with a HELOC on her home. I would be making those payments toward her HELOC and also pay down the balance after the home is successfully rented out.

With this debt partnership, we would either have funds to pay the contractor, or the funds for the down payment on purchasing the house.

I trust every person involved to keep their ends of the agreement, and we will find a way to have the agreements professionally notarized as well. I'm trying to figure out a solid gameplan, and am wondering if something like this even has any hopes of working

I remember hearing about this strategy on either the Bigger Pockets Podcast or the Real Estate Rookie, but I can't find the episode for the life of me.

The guest on this episode had used a creative financing strategy by doing the following (I'm going to make up the numbers for this example, so they may not be totally accurate)

The seller wanted to sell his beat up house for 100k. It was off market

The house flipper paid for the renovation of this man's home while it was still in the seller's name. The whole renovation cost 50k.

They then sold this house for let's say 200k. They had an agreement for what would be done with this money after the sale. So the man selling his house got the 100k he initially asked for, and the flipper got everything that was left. He got his 50k back AND made another 50 on top of it.

Is there a name for this strategy? Is this a strategy that can be used for fixing up and purchasing a rental property?

Does anyone know which episode I am describing?

We are in search of a good General Contractor in Redding California for a full remodel.

It's a four bedroom house that needs the works. Pipes need replacing, subflooring that has to be taken out, as well as a full remodel of both the bathrooms and the kitchen.

If you have had positive experiences with any contractors in the area, please reach out. Thank you!

@Punarvashu Tyagi

https://library.municode.com/ca/shasta_county/codes/municipal_code?nodeId=CD_ORD_TIT17ZO_CH17.88SPUS_ARTIIUSPERESEREDI_17.88.230SHRMRE

This link takes you directly to Shasta County's STR laws. I hope this is helpful!

Reach out to me if you need an opinion on what areas are good or bad.

I need help deciding what to do with my next property.

So picture me this:

A 4 bedroom, 2 bath house in a desirable Redding, California neighborhood. Just down the street from a new popular shopping outlet. 1,900 Square feet at least. It's owned by my father and he only owes $78,000 principle on the mortgage, paying about $900 per month.

Its ARV would be around $330,000.

What's the problem then? Everything is wrong with this property. Nobody has lived in it for the last 7 years and has kind of been a hoarder-esque storage shed for my father.

Rotting subflooring (water damage) in the bathrooms and kitchen

AC and Heater both don't work

Tons of junk sitting in rooms

Busted windows and door frames from squatters breaking in

Everything is original to the 1970's when it was built

Rodent and termites, and likely a number of other issues plague this home

An unknown tax lien amount from a divorce

My father said he would sell me this house, and would be willing to work with me in any way so we both benefit from this. This house was my home for the first 17 years of my life and I personally want to see it thrive. I want to own it and have it rented out.

Should I pay contractors to get the home move-in ready and split the profits 50/50 with my father after it has been rented out?

Should I Subject To and take over his mortgage, and pay him out for his equity later on?

Should I pay for the repairs that will allow it to qualify for a conventional mortgage, then buy it from him outright?

There are so many ways I can go about this which makes it that much harder to decide on my plan for it! I would be able to borrow up to $75,000 from a family member and have $15,000 accessible funds right now. I don't plan on buying this house until late 2022. Does anyone have ideas for what can I do to make this work for both me and my father? What would you do?

I need advice, please!

My boyfriend bought our first live-in flip property and I want to move in to this house with him. Problem is, I've been staying in a nice little unit at an apartment complex, and my one-year lease is not up until February.

I plan on sitting down and speaking with my apartment manager later today about ending my lease early. I have been a good well-behaved tenant, and paid my rent on the first of the month every month. The last 8 months here is the only rental history I have, and worry that if I ever need to rent again they will give me a bad referral.

Does anyone have advice or any warnings going into this talk with my apartment manager? What questions should I be sure to ask her? In what ways could this affect me in the future?

Please help me out! I want to go into this more prepared.

Hello all!

I have been a mail carrier in Redding, CA for the last 3 years. I have a massive amount of knowledge about the area, and specific streets and neighborhoods from the work that I do.

If you are someone that would like a second opinion about a property, street or neighborhood that you are planning to buy in the area, please reach out to me. Sharing knowledge and being helpful is what I love.

My partner and I bought our first flip a month ago and are not shopping for another investment at the moment, so nothing to worry about there!

There's been quite a boom in properties being bought by investors in our town. The popularity of Bethel Church has been bringing in thousands of renters from other states and countries over the last couple of years. The demand for rentals has been crazy from this.

What people also love about Redding is the location.

A 3 hour drive to the ocean,

2.5 hours to Sacramento,

3.5 hours to Reno, NV

2 hours to the Oregon border

1 hour drive to Mount Shasta (to play in the snow during the winter!)

And we have two pretty massive lakes that are popular in the summer.

During the summer though, there are wildfires every single year. Because of where Redding sits in this sort of bowl in the mountain range, smoke from even far away fires will sit on top of the town.

The heat in the summer gets to over 110° for several weeks (not fun for a mailman to be working in unfortunately)

There is a climbing homeless population in our town and rates of crime are not the greatest, but also not the worst. All of our future properties will have security systems on them for sure.

Prices of housing is not awful for California, but there are fantastic deals out there. We were able to get a fantastic deal on a 4 bedroom 2 bath last month

I would love to share my knowledge with you, and would love to get in touch and learn from other investors in the area!

@Jessica Tsao Perfect! I have been weighing the pros and cons of having an LLC and I think it would make sense to wait until I have at least 3 rental properties, or after I have my first multi-family home to get an LLC.

I'm so grateful for your help, thank you for your time!