All Forum Posts by: Josh Carlos

I'm also looking for similar since I'm newly divorced and have to find a place to stay, but am also wanting to house hack. I'm currently looking at some 4-plexes since they are more common than duplexes out here. There are a few neighborhoods that have casitas built in already or have a 3rd car garage that may be easy to convert. All the casitas I have seen here are just basically a bedroom, bathroom, and closet.  

I'm a mobile notary/loan signing agent, and I actually work with the prop-tech division of First American which handles the offerpad closings. From the reactions at the closing table, it seems to be hit or miss on the customer experience. I know if there is no agent involved then offerpad charges 4% to 5% in place of the commissions that the agents would normally split in a traditional transaction. 

I know I've met a lot of investors who are using them to basically liquidate their holdings here and look for other opportunities.

I'm a notary that does mostly real estate closings for my local title offices. I would always get questions on if this kind of stuff really happens. I could never really see how since I only did closings for title companies. I guess it can happen also if you do have title insurance. Good to know. Sorry for your experience.

Here is a link from a company I get some closings from that help explain it a little better.

https://www.amrock.com/why-is-title-insurance-necessary-during-a-refinance/

They said that a new title policy is required because the borrower is receiving new money..

I'm not sure if it is required. I can only speak from my experience as a notary for these closings. I have always seen title insurance for the lender on the settlement statements and CDs. Even if it is a refinance with the same lender. I will message some of the escrow officers I work with to find out and get back to you.

Investment Info:

Single-family residence buy & hold investment in Laughlin.

Property I inherited when my father died. Currently rehabbing from past tenants. Already have new tenants lined up to pay $850/month.

There is a loan balance on it of $117,000 from a cash out I did back in 2005. Payment on that is $630/month.

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

Just fell into it, but am interested in picking up more properties in that area.

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

I grew up in the home.

How did you finance this deal?

Hard money lender.

How did you add value to the deal?

Right now we are replacing carpets in the bedrooms and changing them to laminate. We are removing the acoustic on the ceiling and repainting it. We are painting the kitchen cabinets and epoxying the countertop. When the next tenant moves, we may replace the cabinets.

What was the outcome?

Right now I am looking at cash flowing about $120/month after expenses.

Lessons learned? Challenges?

Make sure to always check up on your properties. My tenant for the past 3 years smoked in the house which required a thorough cleaning of the air vents and cleaning.