All Forum Posts by: Gordon Cuffe

I live in Roseville 95747 and we never have power outages. The electric system is under ground. I never thought that was important until the last few years when I kept hearing on the news about all the cities with power outages.  Did you get your offer accepted?  

Investment Info:

Single-family residence fix & flip investment in Cheshire.

Purchase price: $230,000
Cash invested: $50,000

This home was boarded up by Sacramento county for code violations. It kept getting broken in by homeless people and they kept bringing all there junk onto the property. I put in new HVAC, new water heater, doors, flooring ,kitchen and bathroom. The market has changed a lot so it has not sold yet and I have had to lower the price. It will sell eventually even if I have to lower the price some more. I subbed out all the work myself.

What made you interested in investing in this type of deal?

I wanted to make some money

How did you find this deal and how did you negotiate it?

another wholesaler sent it to me.

How did you finance this deal?

hard money lender

How did you add value to the deal?

replaced just about everything.

What was the outcome?

It is listed on MLS now

Lessons learned? Challenges?

Hire one other guy to work so the project gets done sooner. Get the electrician into the house sooner so the project gets
done sooner.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I listed the house myself so if anybody needs to list a house in the Sacramento county area they can reach out as I really know my comps.

I have used propertyradar for foreclosures and other lists. It has a monthly price. There is propstream also

I am using directskip now to pull lists and skip trace the owners. 

@Joseph Henryif you are 55 or older, you can save on property taxes because the new law allows people 55 and over to keep their current property taxes paid to the new property that is being purchased even though the value of the replacement property is higher. I am a mortgage broker in Sacramento so if you ever want to find out what mortgage rates are, you can PM me . 

@Apar Bainsyou have not mentioned if you have owned the property a year or longer. I can tell you I have a non Qm lender that does a cash out refi up to 80% if you have owned a year or less and they can use the new appraised value and not purchase price. You can pm me your specific scenario and I can tell you what you can accomplish . 

@Bahman GhashghaeiI am a local investor and mortgage broker in the Sacramento area in case you or somebody has questions about financing or local or out of state investing. 

You can ask a realtor in rocklin what they think the house will sell for. A realtor can look at pending sales to come up with a little higher value than appraised value. Appraisers have to use closed sales. If your partner has to do a cash out refinance to pay you out then an appraisal is needed anyway. 

I hired people to do the work. This home was only a half hour from my house so I would swing by the house to check on the work. I have completed out of state rehabs also without having to go to the house. The contractor would send me pictures of the work completed then I would release funds. I am going to do as many flips within my self directed ira as possible. It is the only way that I can generate enough funds to retire with. 

@Jason CriderYou can help me by finding me a off market property in the Sacramento area.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $300,000
Cash invested: $42,500
Sale price: $400,000

I purchased a home within my self directed IRA. It just needs work in the house so I gutted both bathrooms and the kitchen and put in everything new. I obtained a buyer before I listed the house on MLS.