All Forum Posts by: Keerthi A.

I do not have mortgages, newbie here. So planning to get it under primary mortgage.

Because of the small amount the extra 137.5 bps will not make a huge difference, it would be $40 extra.

bumping it up.

Let me know if you cannot see my numbers.

Thanks. Can I buy another house as soon as the one year completes or is there a wait period. I am asking just in case.

I might take a dip on this deal, I feel it is worth it. I was saving up for a better deal (bigger house, nicer condo) but market has become tough I got to do it when I see the opportunity.

I am into suburban market. North and NW burbs. You can also look at this.

Many condos here cap rates are low, but 15% cap rates are easy find. Crime and all is pretty low. I know people who manage multiple units here, no section 8s however. I have not seen a lot of issues. Most people here have white collar jobs. Rare occasions you will see missed payments but I have not heard eviction issues.

I am also in the market like you.

I am planning to bid on a unit as owner occupier under first look program.

I do rent right now, it seems a good way to save some money by moving into REO. I would not have to pay crazy high price or get beat out by other investors.

Last time I bid on a unit in this building, I got beat out by an investor offering 35% above asking price. Numbers do not even make sense at this closing price. There are crazy investors. I offered 9% above the list that too on loan so I had no chance.

I did live in this building before five years ago, I might have to make some scarifice into moving into this REO as I rent in a nicer condo now.

Pros are I can get it at list, get the whole deal financed, preserve cash for other deals. Overall I might save 10-15% easily.

How long do I have to stay to satify the rules. Is it one year?

Dropped this.

Wrong condo assc. Got confused with another.

These guys do not allow rentals.

Thanks for all your advice.

Moving to next deal.

I have never looked for SF Rentals till now. The cap rates on single family in my area is low. Just put a bid on a Single Family REO.

Does the numbers look right. Did I leave out anything.

It is not a bad neighbourhood, avg middle class neighbourhood near a train station. ARV is 110-120K after small fix ups. Just put a bid on it. Is it good to keep it as rental.

SF have low cap rates hard to manage, but no HOA, no rental caps, easy to finance and easy to sell down the road.

Please give your inputs on this.

No, Samatha.

Redfin does not have rental listings or leased comps.

Redfin is a RE Brokerage agency focussed only on buying/selling, they do not do rentals. People without agents look at it and sometime call Redfin agents who are paid salary not commission. So they do get money form this. They made the software from MLS data. But only for buying, selling. Redfin is already must be paying a lot of money for the MLS data, why would they give out rental info when they do not work on rentals.

Redfin is awesome. It is free MLS.

Redfn has all the details, old sold MLS, Price History, Pending/Contingent/Active/Reactivated/Price Change status, etc.

Trulia is better than Zillow as it shows good deals at the top. like recent price changes new listing etc. But Zillow has ZEstimates, which are very useful and I also love their Q&A section.

Also Zillow and Trulia has information on private auctions like Williams, Hubzu,Auction.com, etc.

I use the following.

General Listing Sites - Redfin, Zillow, Trulia

REO Sites - Homepath.com, Homesteps.com, HUDHomeStore.com

REOs get listing couple of days later on MLS sometimes. So a headstart is useful.

Update:

I just saw the place, the unit looks neat and no major work is needed. Freshly painted, with AC in all rooms and nice refridgerator, decent cabinets and stove. Needs blinds, pantry missing handle, one kitchen drawer missing, bath tub needs cleaning, one vinyl tile on kitchen floors needs to be restuck, etc. I estimate $600 to make it rentable.

Also I confused with another unit on HOA and attorney fee. This one might come lien free. I bid for another property on the same lane but did not win, so I got confused. Aplogize for the misinformation. It is hard to keep track of my bids. I made 14 bids I think in last three months.

Good news is that FNMA might even cover titile and title insurance if I choose their company. Only stamps, I have to bear and prob some other small charges.

I feel I might be able to close at under 40K. Keeping my fingers crossed.