All Forum Posts by: Kai Soremekun

I found a property that is scheduled to go up for auction on Tuesday 11/22/22.  Looks like it has been postponed once.

The house is paid off. It was last sold in the 80s for 172k.

BUT an equity loan was taken out on the property in the 2000;s for 100k.  That loan is being foreclosed on.

Property Taxes are current.  Do not see any other liens on the property although since I only found the property yesterday haven't ordered a title search on it.

I drove by the property today.  It is not kept up well.  Was able to talk to the next door neighbor who told me a woman lives there who's been there for over 40 years.

Her husband passed away last year.

I would like to approach this woman, first to see if I can be of service to make sure there isn't a way she can save her house. But if that's not possible I have cash that I can offer her so she's isn't left with nothing.

It seems like it may be too late to reach out before Tuesday but would love thoughts on. I am new to foreclosures.  Real estate lawyer recommends would also be appreciated as I should probably make sure I don't mess up.

1. Possible solutions for this woman

2. How/if I should approach her

3. If I do offer to pay cash to help her what that might look like.

I have family in Cleveland so if I decide to branch out from my local area I will definitely keep that in mind.  Feeling uncomfortable doing that for my first purchase.

Yeah the friend is one of kind.  With all her friends, she's either been paying off mortgages or giving large chunks of change to those who don't own property like me.

I have a YouTube channel called Stephanie Danger.
I also work as a commercial actress and filmmaker.

I'll just speak from when I visited a friend's cabin recently. The layout was similar to how you're thinking of laying out your ADU. Except two bedrooms upstairs.
Bathroom, kitchen, living room downstairs. The cabin is new construction finished in the last year so very modern and full of everything you could possibly need.

BUT I personally found it a bit frustrating to have to go downstairs in the middle of the night to use the bathroom.
I was only there for four nights and both me and my friend commented on it.

Now we are in our 50s, so if you think you're going to attract a younger crowd it may not be as big a deal. But traveling nurses are tired after work and little inconveniences become big ones when you're tired.

Even a powder room upstairs would be my ideal.

I'm with you Renee. I've been managing the building I live in for 8 years and only in the last couple of years do I have peeps I love and trust to do most of the work around the building. Would much rather find a BRRRR here where I can utilize the people I've worked hard to develop great relationships with.

But the property prices here!!!

I really don't want to put all the money I've been given into one property so that's where getting creative comes in.  I'm trusting the right first property will find me as long as I keep educating myself and learning from people with experience.

Yes! The more I read and learn the more your suggestion of leveraging the money and not using it all seems like the way to go. I’m currently in the process of reversing the brainwashing I’ve done to myself to survive as an artist. I think I will need some additional skills and points of view to be successful investing.

That being said as a creative I love the idea of learning about creative financing. It feels right in my wheelhouse.

The subletting thing is an interesting idea. My relationship with my landlord is amazing so definitely a possibility. I really love my place and what I’ve created here and would prefer to keep living here for now until I can “easily” afford a little dream cottage with a bunch of outdoor space.

Thank you for you thoughts @Renee Harris I’d love to chat creative financing after I educate myself a bit more on it. 

 Thank you for your thoughts.  I'll definitely reach out.  I've been scouring this site for the last few days since I discovered it and now a bit overwhelmed with realizing there are many options for the direction I could in to best utilize this opportunity.

Thanks for the book recommends. I am drawn to the BRRRR approach.

Yes I am grateful for my current living situation.  My landlord is amazing and we've managed the building together for about 8 years. It's been a great learning experience without having to worry about the money when things go wrong. :)

 Ooh that sounds very interesting. I am grateful for the sharing of info and am excited to learn and start this journey.

Thanks so much for the replies.

Just to clarify.  I applied for a conventional loan and got pre-approved for 1m using most of my money as downpayment.

Interests rates kept changing as the Fed raised them currently the pre-approval rate is around 8% which everyone has told me seems high.

My income was really low this year which means I'm relying on rents to cover the mortgage.

This was to buy a duplex or triplex.

I've been looking for a few months and even with a lower interest rate, say 5%, it's hard to find a property where the price of the property and the current rents of tenants work to cover a mortgage. The pre-approval will only consider 75% of the rental income. It really got me down which is why I started looking at the SB1079 law to see if I could find my first property that way.