All Forum Posts by: Kyle Parks

hi @Jared Carpenter

I am an agent at Caliber Real Estate. Let me know if you are interested in getting hooked into our Foreclosure info resource and I can help you get set up. Give me a call or email me if you want to chat on the phone or meet up to discuss your goals. 

@Denny Lefirstly, don't go off anything on Zillow. You need to do your own actual comps. If you are not an agent and don't have one yet to run the comps for you then check out the pricing feature on Redfin. That will give you a much more accurate idea of what the market will bear. It all comes down to what the seller is thinking and willing to take. I would have advised you to qualify the seller to see how realistic they are in selling the home for a price that works for your business model. If you are comping it at $200k and they are saying it is worth $300k then you know that they are life suckers and not worth your time. If you can lock up the place in the wholesale model then you will have a lot of options as to how to proceed but the trick is getting it under contract first. Be sure to be realistic and not optimistic when estimating rehab. You could lock up the place for what you think is a reasonable price but then a seasoned investor comes along to buy it from you and you find out that there is $20k more work needed than you had anticipated. If you haven't done so already I would read Jay Scott's book on estimating rehab costs. If you need a good agent let me know and I can get you in touch with someone from our Portland office. We have a long list of investors that would be happy to buy your deals. Good Luck!!!

check out markjkohler.com

I am an agent and I use Lisa Schultz at Chicago Title. I like in house title and escrow because of the ease of communication between the two. I definitely recommend using a large title co because they have much more risk tolerance. Lisa also gives investor rates. 

hi @Arthur Davis

I am a real estate agent / investor in Gig Harbor. I am looking for a contractor to partner with. We should get together for coffee. 

@Wesley Wong the exit clauses are case by case. The duplex that I rent has this exact clause but others don't. Some landlords want to control the timing of vacancies in their rentals so they are strict. Others haven't even thought about it. Like everything, rental leases are negotiable contracts but the more desirable the place the more likely the landlord will get their terms. You might probe your landlord to find out what is most important to them then give them what they want so you can get what you want.

Have you checked to see if your landlord wants to sell your current place to you? If they own it free and clear you could do seller financing then use your loan to buy a rental.

Another option is the foreclosure auction. My brokerage (Caliber Real Estate) specializes in buying at the foreclosure auction using hard money and in your case refinancing after acquisition. This is a big week at the King County auction. Let me know if you want more info on this and we can talk about the details. 

@Wesley Wong if you consider a condo be sure to check on rental caps. You wouldn't want to get into it with the intent to rent it out and then find out that the HOA won't allow you to rent the unit.

Have you looked to see if your renewal lease has a favorable exit clause. For instance you will help procure the new renter and only be charged half a month rent as a penalty for breaking your lease. if it doesn't try to renegotiate the lease. This will give you time and you can budget the fee into your new home. 

@Renata McCulloch

we can get something setup for next weekend. 

Hi @Renata McCulloch

I am a real estate agent with Sound Harbor Homes based out of Tacoma. I work with investors to help them do just what you are asking for by finding and analyzing properties. I would love to meet up with you and talk more. You can call, text or email me and let me know what your schedule looks like next week and we can get together. Have a great day!

The banks don't dictate the title and escrow in an REO situation but they do incentivize the buyer to use their closer by paying the closing fees. I have a client with an REO deal right now and the bank requested First American which is ok with my buyer for the incentive. In your case that would have been perfect. Just ask the listing agent who they would like to use and if they don't want to use First American then you can still use them but you will be paying the closing fee. I do know that they have an investor rate so it might end up not being that much. Chicago Title's investor rate is only $350 and they are all pretty competitive.