All Forum Posts by: Elizabeth Matos

I am buying a newly built home on contingency but the builder is saying that because of Covid-19 they have taken a different route and will not start building my new home or any other contingency home, until our homes are in escrow.  Is this normal?  Are they trying to circumvent my purchase?  I am trying to think of some options.  Does that mean I need a 120 day escrow?  90 Days?  Most buyers are not going to like that.  The sales agent tells me it takes 84 days to build the house, plus weekends and holidays.  I had a buyer that I turned away because they had sold their house and only had a 45 day escrow.  Any ideas out there?

Hello Real Estate Investors!  I hope you are all doing great!  

Well I finally found out how to post my power point presentation so you can see my progress.  Boy, this flipping business just keeps me going everyday.  I am more busy now than before I retired and started my Flipping Crazy business. 

   So here is a link to view my flip!  Please let me know what you think!  

https://www.dropbox.com/s/n8pbl9vggg45qnm/RE%20Inv... 

Thank you gentlemen! Yes it is part of my due diligence. The home was appraised at 165,400 with an ARV of 235,000 based on 1650 sqft. I have already spoken with Riverside County Building and Safety and to the reporting officer who was very helpful and encouraged me to call her with any problems or questions. I plan on proceeding with the purchase at this time. I will get contractors out to give me an estimate before I close as either way the numbers work. The pool is coming out for 1/4 of the price of saving it. After I rehab the property I will post it on bigger pockets so others can see what is possible to achieve.

Thanks Again,

Elizabeth

Purchasing an REO in Hemet Ca. for a considerable discount. It has two unpermitted Enclosed patios, a unpermitted aluminum patio and a unpermitted fiberglass pool. I know that most people would run from this but I see potential here. I haven't dealt with unpermitted areas before so I am looking for some advice on how much it will cost to bring them to code as the two enclosed patios will add 659 sqft. of living space taking the sale price from 235,000 to 250,000. The home is located at 40864 Johnston Aveune, Hemet Ca. 92544. Riverside County has already cited the home. Fannic Mae's bank have paid all the penalties and as the new owner I either need to bring them to code or tear them out. I need help in making my decision. Thanks to all who respond.

Purchasing a home in Hemet Ca. for a considerable discount.  It has two unpermitted Enclosed patios, a unpermitted aluminum patio and a unpermitted fiberglass pool.  I know that most people would run from this but I see  potential here.  I haven't dealt with unpermitted areas before so I am looking for some advice on how much it will cost to bring them to code as the two enclosed patios will add 659 sqft. of living space taking the sale price from 235,000 to 250,000.  The home is located at 40864 Johnston Aveune, Hemet Ca. 92544.  Riverside County has already cited the home.  Fannic Mae's bank have paid all the penalties and as the new owner I either need to bring them to code or tear them out.  I need help in making my decision.  Thanks to all who respond.

OK I understand that they do not represent me and can present many properties. But I need to know why I am paying them 400.00. Is it just for their service of finding the property? All the properties they show me are on the MLS? I can just bid on them myself... can you explain how it benefits me to work with them?

During my education and experience flipping homes Brandon has taught me that I must develop my funnel to acquire good deals on properties.  I have run into a company name New Western Acquisitions.  They want to sell me properties but they say they don't represent me?  I do not seem to understand how their business works? How they make money?  Also I have found that I seem to be competing with them and have been out bid by them a couple of times.  Can someone please tell me what I'm dealing with?

Hello again!

So  I wanted to add the slide show but it is a power point presentation and I do not know how to add it to these post.  Maybe someone can help me with that.  

Thanks.  

Thank you all for your response.  I have been very busy trying to get a property in contract.  I almost had the perfect rental but I got beat out by a CASH BUYER!  Which what I will be within the next year.  In fact my private lender just told me he can help me to be like a cash buyer and is willing to close my next deal in as little as ten days.  

Pete,  I would love to have coffee but I am no longer in Fontana, I moved to Sun City.  Guess I will have to continue my story soon so you will know how I ended up here.  

Edward  Please let me know more details on flipping mobile homes.  I would love to hear more details on how this is profitable.  

Will Post more of my story soon.  My hope is as we go along I will give and get suggestions, encouragement , ideas and gain some knowledge as we go along.  

Have a great weekend everyone,

Liz 

It so nice to have a response from the bigger pockets family out there. Let me start with my oh so tragic beginning.

Once upon a time I was happily married and finally convinced my husband to buy a residential income property. We took a Home equity line of credit out to put the down payment down on a little house in Fontana Ca. The price of the house was 155,000 and I offered them 150,000. Yes I know that as a flipper you should only offer 70 to 75% of the price but this is southern California and I am afraid that strategy just doesn't work well here. You will get out bid constantly. Both my husband and I were employed then with good jobs. Three months went by and I figured my bid was lost in the mix when the bank called and offered me the property for my bid price. I stated that I needed to see the property again. When I did I notice that some of the repairs had already been completed: new carpeting, new paint and the holes in the ceiling from water damage had all been repaired. Although I knew the home was in better condition than I first saw it, I also questioned if the roof had been repaired. I told the bank that I felt I could no longer pay 155,000 and would think about 150,000 plus a consideration of money back for the closing cost. Say 4000? The bank accepted my offer, so basically I took possession of the property for 146,000. It only cost me 500 dollars to fix the roof. The 1st month was not even over and I barely had the house all cleaned up when people came knocking on the door asking if it was going to be for rent. Consequently I ended up renting the home out for six years for 1500 per month, So lets take a look at the numbers so far.

Purchased for 146,000

Held six years as Rental

Yearly Rental Income 18000.00

Operating expenses 8400.00

Yearly Profit

9600.00 (x6= 57,600)

Refurbishment cost 16,000

Cost 162,000 .... minus profit stated above = 104,400.

Now the tragic part... My husband lost his job, my renters stopped paying rent and I went trough an Unlawful Detainer to get them out just in time for my husband to ask me for a divorce and asked me to leave my residence of 18 years. Hopeless and worried what I was going to do? How was I going to survive all by myself? At least I still had a job.... but not for long.

Stay tuned....