All Forum Posts by: Patrick Roane

Hi Tesho,

Yes- buying off market is ideal. Can't disagree with you there. We've had success w/various guerrilla marketing (ugly signs, cold calling- driving for dollars, etc) and we have some great relationships w/realtors. One of the best deals being a subject to- lease option deal we found using signs. 

Tesho, What strategies have been working best for you in this market?

Thanks.

Russell,

Yeah. I agree. So that puts buyers in the unique position of having to compete either buy at the peak (have we see the peak?) now or wait for the market to cool but have to pay higher rates.

Hmmm..

Hey folks,

Just want to get a sense for what you all think about the housing market right now .. it seems everywhere people are bidding up, multiple offers everywhere, insane housing shortage, building material costs through the roof.. to say we are in a hot market right now is to put in mildly.

What is your sense on where the market is heading? Do we chase deals as prices continue to go up? What strategies have been working best for you in this "sellers market"?

Thank you.

Pat & Mirela

@Nathan G.

Hi Nathan, regarding your storage investment, I've always wanted to get involved with storage but the barrier to entry seems a bit more challenging than SFH or Duplex, etc

What are your thoughts?

Thanks!

Beginner.

Keep keep us posted if you find anything under market. We would be interested in taking a look at what you have. We are out of state investors living in the Bay area of California right now. Thanks.

Hey everybody .. just a quick update on progress. We are still looking and are now working on getting our financing together. We've been working with Phillip, whom I would recommend to anyone who is interested in either conventional or investor financing. Anyway, I'll let you know when we get our first (of many) investor properties under contract. Reach out to me if you have any questions or ideas! 

Many 

Thanks.

Hello Kyle, Thank you for your in depth response here. Yes, I agree with you synopsis and feel that unless we can get this house under contract for way below their asking price ie. 160-170 range .. this is a no deal. I'm not sure why the bank is being so rigid with their asking price when so much work needs to be done to this property. For this deal to work, we'd also need to reduce our repair costs to something around 10k .. which would be difficult if not impossible to accomplish. We'll see. Meanwhile, we keep looking!

Hi Dylan.. I figured these would be the kind of responses I would get from this potential deal. But I wanted to float it out there to be sure about what my gut was telling me. Unless we can get this place under contract for much less then what I think they'd be willing to sell it for- you are right. The number just don't make sense. 

Thank you for your response!

Hello out there to all of you brave souls! 

We are new to the game and have been looking at potential flip and or BRRRR opportunities in the Stockton Lodi area of Northern California. We found a bank owned property 3/2 SFR in a better part of Stockton that needs around 30k of work. Asking price is 207K and the ARV is around 250K. We plan to offer around 200k

We are thinking about getting a conventional loan at 80% but need to come up with the 20% down plus the money to fix it up- this is where we are having a challenge. 

Any recommendations as to how we may be able to either finance or somehow come up with the 20% plus the 30k in renovations costs?

Thank you!

Hi Toree! Looks like you've received some super informative responses to your first potential deal- nice! I would keep plugging and look for a 10-15% return on your investment (if it's a flip).. otherwise, if you want to rent it out, make sure you are cash flowing at least $150/month after the mortgage is paid. Keep us posted!