All Forum Posts by: Maurice D.

Bianca,

There is an advantage to fixing it up now, because workers in some trades are hungry and will do the work for a fair price.  On the other hand you might want to remove yourself from the property for the reasons you mentioned.

I am local, and sent you a connect request so I can offer some options.

Maurice

Search is your friend.

https://duckduckgo.com/?t=ffab...

Also rentometer.  check to make sure you have not overpriced the units

Heloc will help, but consider it short term financing.  Your deal has to work at permanent loan debt rates once you season the title and refi the property into a conventional loan

the advantage is you can only pay interest on it for this period which lowers your holding costs.

Great way to snag some foreclosures.

You have to shop around different banks/credit unions.   If this paid of property is your principal residence, most banks will heloc in 1st position no problem.  if it's a rental, some banks don't do HELOCS on investment properties / condos etc.

I have a property in an ADU friendly city. (Accessory Dwelling Unit - AKA in-law suit)

I want to build an attached ADU studio for myself and STR the rest of the house (4 beds/3 baths).

Is there a negative stigma in any way when the owner is present on the side of the house?  it is sort of a duplex scenario, so one wall would be shared but not accessible from each other.  Separate entrances/garages from the front.

The bonus here is if I could also book the studio on occasion and when both book concurrently, I would travel and stay elsewhere.  On Nights the studio books and the house doesn't I sleep in the house.

Thanks

The bottom is going to be bouncy and not an overnight shift up after hitting bottom.

We have the price drop everyone mentions here due to rates and low demand.  What might also happen if the economy gets worse is an increase in defaults which will end up with a number of foreclosures/distressed properties.   Banks will then take an even lower price just to get some dough.. 

it is totally possible.  As others have said, find a good agent in your target market and start building a team.

There are other ways, if you want a more hands off approach by looking for turnkey properties or partner with a reputable investor in some form of equity split, where you provide funding and they do the work.

also, talk to hard money lenders.  they can put your money to work while you learn from their guidance and local market knowledge.  they can network you with contractos, GC etc.

It wouldn't hurt to start networking and interviewing HML now, even before you have a deal.   Check out their rates and maybe ask them if they know a reputable wholesaler or other recommendations for finding off market property.  

Welcome to BP Jaime, you are on the right track. Yes if you have a portfolio of rehabs you have done that certainly will help but the first HML you will have to put more money down, until you develop a successful track record with them. you will have to present the deal to them, purchase price, repair costs, arv etc and photos.

why can't you do a one month rent-back to the owner.  this way he has 30 days to get his move done with closing proceeds?