All Forum Posts by: Dairek Lewis

Thank you Joe!

Hi, Im currently looking into purchasing a home in Southern Ca. (Orange County). I have saved up a decent amount where I can now put a down payment on a home. Will most likely be purchasing a home within the next 4-6 months. I don't know how crazy this sounds but my budget for a single family home in this area is 750k. Was hoping to see if I can connect with someone who is familiar with purchasing in this area and looking for some advice. I wanted to purchase a brrr property with maybe house hacking. I have a few questions for anybody familiar with homes down here.  Any advice is greatly appreciated. Thank you. 

@Tyler Safran thanks. Looking in Orange County. I’ll try researching a broker for foreclosures. I also thought of maybe putting offers in mail boxes. I don’t know how well this works but I figured I’d try it any way to see what happens. particularly home that needs some work

Does anyone know of a good source to find deals on foreclosures? Ive been looking on auction.com and recently read on reddit that the process can be a drag and also doesn't guarantee that because you won the bid you get the house. If the bank does not agree to the auction price they pretty much put the house back of for bid again. (from my understanding)

@Dan H. 

Some of it seems silly as I can conventional finance with a sagged roof (as long as it has the roof) but cannot with a missing fire alarm ($10 item). 

LOL. 

Thanks again for all the advice. I checked out your intro on your home page. Good stuff! Awesome you were able to get into the game at such a young age. What a great location to be in for investing in too. Good luck to you 

@Dan H. thanks for your input will def be doing more work on the suggested topics.  Seems I have more to learn about with fha. This is news to me. I thought as long as you qualify for a certain amount you good to pick and choose which house you want. 🤷🏾‍♂️ I guess it makes sense, the less equity you refi for the longer you’ll have to stay on an fha. Can you lose the pmi with less than 20% equity? Excuse my ignorance, I’m a newbie and will be doing my own due diligence but figured I’d ask since on the subject 

@Aaron K. so with FHA Loans only a certain amount of homes with a certain amount of rehab needed will only qualify

Hi, new to BP and real estate investing. I have around 50K to invest in. I live in Orange County, CA and plan on investing here. Ive looked into Mulitplex, SFH, and Condos. Im looking for fixer uppers in the area to put some sweat equity into but have had a hard time finding some. Currently I'm focusing on getting into ADU/Multiplex's. This will be my first home that I will be purchasing with FHA. Because of the high mortgage my concern is may 50k be to small of an amount to invest with. I plan on rehabbing the place myself on a place that is in less than good condition. I myself work in construction trade, have resources and am comfortable in doing this rehab. I will qualify for a higher loan because of the dwelling unit income. Im afraid after rehab cost, and down payment, it wont leave me much left over for emergency fund and also vacancy. Estimating my mortgage payment around 5k or less my worry is if I can not find someone to split the mortgage with (tenant) I will quickly be in a tough situation. How much should I excpect on vacancy? Ive never had tenants before and don't know how hard it actually it is to find someone willing to pay that amount. Condos/Apts go for about 2k or less in my area. This is will be an ADU so ill be looking for around 2450 minimum.

@Dan Heuschele that's exactly what I'm trying to do to try and get the full value from my investment. I'm pretty excited about owning real estate like this in the OC. However I always pictured myself owning SFH. Taking this route is not the norm from the way my family did there first home. The goal is to own a SFH on the OC coast. I'm concerned about getting a tenant who can be a nightmare. I expect push back from the fam from this kind of buy but it seems to be the best option. My dad has always been a person of influence/mentor. Also I was excited about moving into a SFH coming from renting and not having to deal with peoples bs but it seems sacrifices will need to be made. I understand dealing with tenants are part of real estate.

@Twana Rasoul I haven’t really even checked that type of criteria and I did not know a lender will lend you more based on the second unit! Very helpful. I will be doing further research into looking into these type of homes