All Forum Posts by: Clay Sellers

@Lynne MacFarlane, you seem to be focused on CJC. Is that the only place you're looking at the "path of progress"? I can think of a few areas in Indy that I've been researching the may lend itself to more of a path of progress scenario. I'm not sure I would consider one project as a path of progress.  It sounds more like redevelopment or gentrification, which make up many of the projects in bigger (older) cities nowadays.

To me, "path of progress" indicates growth in a new direction adding infrastructure, business, and residential. I'm sure there are better examples but Dallas, Plano, and McKinney TX come to mind for growth over the last 20 years.

That being said, after a brief read of a few of your articles linked, the "Promise Zone" sounds like a good place to be if you are thinking long term.  I get wholesale emails all the time advertising as "located in the Promis Zone" so it could be a good area if you're in it for the long haul. 

@Ryan Pace did you ever find out more info on 16 Tech area?

@Louise A. I know this is an old post, but who is the "biggest buyer you know in town"?

http://sdcia.com/ - San Diego Proper

https://www.nsdrei.org/ - North County

https://www.meetup.com/San-Diego-Investment-Club-S... - Del Mar

 These are all great clubs/meetups.

There are two groups you could try: North San Diego Count Real Estate Investors group (NSDREI). They meet at El Camino CC in O’side and the San Diego Investment Club (SDIC). They meet at the Hilton in Del Mar. 

I have a seller in his 80s. He is behind 30K in mortgage and has a 40K lien on his home. Current mortgage balance is 600k (not including the arrears-30K) with a 3.5% 30 year fixed, payment $2700. (It's in So. California - VERY DESIRABLE BEACH COMMUNITY)

SFR, 4/2 - single level (5/3 - with permitted 2 story granny flat, permitted - part of Tax record)

ARV - $850K -(remember so. cal)

Repairs - $50K

Deals Presented:

1. $700K - Cash ($30K to buyer. (He really wants $50K to walk)

2. $100K - Sub. To. ($70k pay off arrears & liens) $30K to buyer to walk. (He really wants $50K to walk)

3. $70K Sub. To. (Pay Off arrears & Lien) ***He Like This One***

* He would like to stay in property (doesn't want to move if he doesn't have to) - He can pay $1500 p/m.

* Fix up the GF $5-8K

* Rent out the GF - Lease, or AirBnB (I would manage.) - Could command $1500 p/m lease, possible more as AirBnB.

While this third option doesn't give any cashflow, it does allow me to get into a very desirable property at a discounted rate. When they do move out, which I may be able to negotiate a time frame 1-2 years, rents for the 4/2 would be as much as $3200 per month.

Am I trying to hard? What am I missing? Is there a deal to be made?

Thanks @Nick G.

We did look into the 203K but, as you said, "These types of FHA loans often take multiple months to close". In this particular case, we were already FHA pre-approved and our lender doesn't do 203K loans they are "Too Much Work".

This opportunity popped up in the community we currently rent in. We decided we needed to jump on it. Recent comps have been in the $350s (sold) - $360 (listed/pending).

The property IS outdated. As a guy, I would call it livable, but my wife sure doesn't. ;-P

Hi,

My wife and I are looking to purchase our first investment. We want to try to use an FHA loan to purchase the property. That being said, we know we will have to live in the property for a year. We are willing to do that but the place needs a lot of work (Original owner purchased in '86. Still has original kitchen,etc.). We are using all of our funds for the purchase. What can we do to get $ for the repairs needed?

Here are some specifics on the home:

Purchase Price: $270,000

Repairs: $20,000 - $30,000 (could be less if we do some of the work)

ARV: $350,000 - $360,000

Rents: $2200 - $2400

Air B&B rents: $185 - $250 p/night

Location: S. CA, beach close (5-10min), Amazing Sunset views, Major Attractions close by, easily accessible, etc.

We realize it's not a home run. We just want to get in the game.

We are hoping to BRRRR it.

Any help, advice, is appreciated.

Hi All,

I've taken the last 8-10 months to educate myself in Real Estate investing. I have yet to do my first deal but i'm learning a lot about myself in this educational journey. 

I recently took a DISC Profile assessment at my FT job. Turns out you can take them multiple places online for free. I didn't know this but I did find one on Tony Robbins website. I found the results to be VERY eye opening. I am a high "I" low "S". It was amazing to read the profile. What's more interesting is I found some related research online by the NAR and other organizations that suggest I would be a great buyers agent. 

My question is, what about investors? What profiles do they fit into? In the articles I read, while I might be profiled as a good buyers agent, they state a good listing agent is a high "D". 

So, for those investors that have taken the DISC profile test, what are you?  If you've been an investor a long time, has your profile adapted or changed with your growth/success? 

LMK,

Thanks