All Forum Posts by: Brian G.

I have tried but their site is really buggy and support is nonexistent. I have had nothing but problems with applicants trying to apply and get screened.

I don't particularly care about the auction aspect but it would be nice to have a modern website for applications to submit documentation and tenants to pay rent and sign leases.

Anyone happen to know of any service like that?

@Etan Frankel I’ve done a number of deals with virtua but the best I can tell at this point is that it’s very early and everyone is still figuring out how to do it . It a potentially very powerful tax shelter but that doesn’t matter if the assets you are holding are junk.

Its single 2/1.5 condo on the mesa. Ill need help finding a new tenant in December and I need them to be the primary point of contact for the tenant.

I have a condo that I have already rented out with good tenants and the lease is coming up at the end of the year. I am out of town and don't want to continue self-managing. Does anyone have experience with any property managers in Santa Barbara?

I have a number deals in progress with Virtua. I was connected to them through crowdstreet. I have been impressed with their communication and execution and availability for questions. I have learned a lot investing with them. 

Good question. I forgot to cover that. Supply in my market is very low. It is common for single family homes to sell for cash in the  $1M range. If this unit goes on the market it could sell for cash over appraised value. 5 or so similar units have sold in this range just this year so far. I have been looking in this market for years and just getting an offer accepted and not being outbid by a cash buyer is rare.  I saw a home with several unpermitted additions sell for around $1.5M last year down the street from here. 

I'm comfortable overpaying and being upside down for several years. 

@Mark Gallagher

I have been renting the condo I am living in for a year and the seller has agreed to sell it to me. Her realtor is representing both of us. The appraisal just came back $50k under contract price. As far as I can think of these are my options:

1. The seller can carry a note on the condo for the 50k difference
2. I can give the seller a 2nd on one of my rental properties for 50k as security for a note
3. I bring 50k cash to close ( I don't have $50k additional cash )
4. She reduces her sale price to the appraised price (not likely )
5. Roll the dice and try a local lender that the realtor suggests (realtor has asked this several times)

I have asked the seller to reduce the sales price to meet in the middle, but for discussion lets assume the price will not change.

I haven't talked to my lender about what I can do but I thought I could get some ideas here before inundating her with requests and questions.

Some general notes. I can afford the payments on the 50k note as well as this mortgage, even my lender would agree that my DTI would still be fine. I hope to live in this condo for many years, and if Im upside down for some years I wont be too bothered, its just nice to have a predicable housing payment. The market is Santa Barbara, CA. My lender is out of town but Ive worked with them on 2 other loans. They are the best Ive worked with. I am doing a 20% down conventional loan.

I have bought 4 SFRs in other markets in the last few years but this situation is unusual for me so I would appreciate any insights. Thanks!

Welcome. What areas are you interested in? I haven't found much within driving distance of Santa Barbara.

I would want to understand what the seller's motivations are. Do they need the cash or do they just want to move and not have to pay the mortgage? Are they willing to do subject-to or seller carry?

I own two rentals in Stockton, and I think you will have a hard time finding tenants in that price range. Ive also worked with a brokerage and lenders in that market. PM me if you want their contact info.

I can also give you my property manager's info if you want another opinion on market rent for that home.

I just filed two tax appeals by mail for Marion county. How long do they typically take to respond?