All Forum Posts by: Domenick Cava

@Kevin Wood I appreciate the answer and example.  I am definitely looking to connect and learn from someone who is making larger deals and could use some grunt work on the side.  I love running numbers on homes and also drive a majority of my day for work. Hoping to be able to utilize some of my personality and time to help and learn with others.

I ran into the same issue.  I found 2 credit unions who on paper were willing to do non-owner Helocs.  I have not done the process, but I can shoot you the info and see if it works for you.  PM me if interested.

I am wondering how investors and flippers use younger colleagues who are willing to give their time.  What type of delegation is used in order to give both parties a beneficial relationship. 

I am interested to chat with those in the South Bay(Los altos and Mountain View areas).

Thanks BP.

@Maurice D.

Yes currently have a realtor on the ground.  I had them check out the property and get some views on things that needed work.  The challenge I ran into was the extensive work needed and attempting to get an idea if the work was 60k or 100k.  

Yes the challenge, and im sure a common one, is coordinating a contractor to come out to a property(in order to get a clean renovation number before putting an offer on a property).  However if this is not possible then the approach may be more rough estimate at offer and then more specific once purchased or fully appraised. 

I am working on my first out of state BRRRR deal and am running into the hurdle of trying to get a contractor into the property to come up with renovation estimates in order to assess asking price. How have you guys found the best way to move forward with this process.

Right now

1.  Agent finds property

2. Assess that there can be forced appreciation and CMA shows that there is a value gap between current home and last purchased

3. Try to coordinate Contractor to get into the home and estimate renovation costs.(step that I am having biggest challenge with)

4. Make an offer based on calculation of ARV-renovation at 70-75% LTV.

I am wondering what methods other investors have implemented to more efficiently attain bids and renovation numbers.  

Thanks BP

Hey Tyler,

I have 3 properties on the peninsula all buy and hold.  There are pockets where you can find decent homes for cash flow, but you are much better off looking at appreciation(Not ideal, but its the smile states).  Unless you have an incredible connection you can rule out Carmel, Pacific Grove, and Pebble beach.  Monterey is going to be tough, but there are some older places that you could get lucky and buy low in order to renovate and rent.  The best growth area has been Seaside due to the military and hospitality industry requiring housing.  You cold also look across town into Salinas.  Although not known for being a safe area, just stay aware of the East Side, you will find better cash flow in those areas with lower but still good appreciation.  

Just a heads up we are starting to see some softening of the market with prices decreasing, and inventory slowly rising.  If you have any other questions I will be happy to help where I can.

Best,

Dom

Thank you @Kevin Romines for the knowledge and direction.  I appreciate the explanation

@Greg Downey In my case I am looking for pure refinance, I can come up with the upfront personally and/or private. What kind of lending institution do you work at that will refinance based on ARV?

I am trying to connect with banks and credit unions in Maine(the area I am looking to invest). I have started contacting one institution every morning. One issue I keep running into is their refinance is based off of total cost(acquisition and renovation) as compared to Market appraisal. Is there a better way that I could ask this question, do I need to try and negotiate this, or just keep looking for a lender that refinances off of ARV. Thanks all.

@Matt Faircloth just listened to the podcast.  I am going on vacation and excited to read the book over the next 2 weeks and set a plan of action for when I get back.  Appreciate your knowledge and help to all us following our Real Estate Dreams.

Love the dynamic due of @Brandon Turner and @David Greene on the mics. You guys do an incredible job of keeping the podcast upbeat, informative and enjoyable.

Cheers

@Ashish Acharya  Thank you for taking the time to spell a few things out.        Obviously the “it depends” answer can play a large part when dealing with the IRS but I appreciate the response and direction.