All Forum Posts by: Han Oh

@Eric Chiu I just finished my first rehab in Aliso Viejo and used a contractor that I knew from previous experience. It is always best to go with someone that you already know, but if you don't know anyone my advice to you is to get referrals from other successful flippers. Posing the question on BP is a great first step. You can also try attending local REIA meetings or connecting with other investors via social networks.

You definitely need to make sure that they're licensed, insured and bonded. Ask to show you pictures of previous jobs they've done and give you addresses and names so you can check them out. Always do everything in writing, including asking to sign a release of lien upon your last payment to the GC. This will relieve you from potential headaches down the road. 

Yes, I think PR is one of the best when it comes to preforeclosure leads. There's also CountyRecordsResearch which is really good, especially the free advice they provide.

@Alex Bejenaru No, didn't have much luck working with them. I've tapped into other distressed leads since then. Are you looking to target tax defaulted leads mainly? You may want to try NOD's and NTS's as well. There's opportunity there although you have to be consistent and persistent. Happy investing!

@Ben G. Awesome, love it! Beauty of creative financing =)

@Edgar De La Torre I found them through networking at various meetups and setting an automatic trigger on CL based on common keywords that wholesalers use, and calling up every one of them. Like everybody else above said, there are plenty of wholesalers out there. 

@Brett Synicky Who did you find to help you out? I need to start looking for a CPA also for this year's filing. I've got a few recommendations but trying to narrow down the choices..

@Hayley Henning There are many list providers where you can pull leads with NOD or NTS. Most of them are paid services except if you call a title company and ask a rep to send you a list. The downside to this is that you will need to 'process the raw data' as they do not filter parameters for you. A good paid service that I'm currently using is PropertyRadar. Not only can you pull NOD's and NTS's but you can also filter based on equity, transfer date, transfer amount, owner occupied, NOO, etc, etc. I've used a number of other similar services but have found PR to be one of the easiest to use with pretty up to date information at a reasonable price.

As for door knocking, you have to first make sure that you have a good list worth door knocking (e.g. property fits your criteria, it's not pending sale, it's not underwater or has very little equity, etc. - there are ways to make use of this last one but you have to know what you're doing), then have a good idea of what you're gonna say when somebody answers the door, and have ready handwritten copies of letters in case nobody's home so you can stick a letter in their door. From my small experience door knocking, about 80% of the houses were empty. 

Hi @Rita Bock I was in your shoes just 1 year ago. I started out trying to find deals to wholesale to raise enough cash for flipping, but that quickly changed when I met other investors who are now to me great business partners and mentors. $30K could sound like not much in SoCal, but you can do many different things with that money if you invest it creatively and collectively. The one thing I found to be of utmost importance in this business is networking and getting to meet as many people as you can. This is how I got to recently finish my first rehab while am starting with another one and very possibly a third one. You will be surprised at how many investors are willing to freely and gladly share all that they've painstakingly learnt through the years to newbies like me and others. @Joe Homs and @David Church are great examples! 

@Danielle Hanson Leverage is key in this business. My personal opinion is instead of buying something for full cash (although that will be hard to do here in SoCal with your budget), leverage your money and get a hard money loan to fund multiple projects. If you can't do that on your own, you can always find and partner up with other investors. That's exactly what I'm doing right now. I had a $100K to invest and so far I've used that money to do 2 flips simultaneously (1 finished, 1 starting) and also used it to provide gap funding to another flipper from which I got a nice 10% ROI over just 3 months.

If you need any help finding deals or have an interest in partnering up on flips let me know. My partners and I are starting to find more deals to work on and are always looking for equity partners and private money partners.

@Andrea Castor The owner himself is managing it so there is no PM. I've asked the person who's selling it to send me more information about the tenants. I'll be talking to both the owner and the tenants when I'm in town this weekend. 

Median rental rates are right in line with what I looked up. I'm not sure how the current tenants are paying $650 each compared to this. I'm thinking if they don't renew after their lease is up, I may have a hard time finding good tenants at that price.