All Forum Posts by: Marcell Z.

@Account ClosedWay to keep an eye on your MLS! Often that can be quite tedious but this just goes to show that persistence pays off. Great job!

@Account ClosedCongrats on your 4th purchase! That looks like quite a deal.  How did you originally get in contact with the seller?  

@Ryan R. Congrats on getting your offer accepted.  The 203k loan is a great way to get into a property and have the money to do your improvements.  That being said, the intricacies of the loan and the process are something I'm sure many people are interested in hearing about as you can already see by@Daniel Diazquestions.

If you don't mind, please keep this thread updated with your experience as you move along through the loan process.  If you are able to do so this thread can be like a case study which many will find helpful.  

As for the contractor situation I would also recommend doing one at a time. Just let them know individually that you will be getting multiple bids to compare.

I wish you well in the process and look forward to any updates you might be able to provide.

Congrats @Mehran K. That's very inspiring news!  I remember listening to your podcast not too long ago and a few short months later here you are.  What an amazing couple years you must have had.  Congrats again! 

Hi @Vanessa Vandervalk, I'm not sure if you're still in need but I'd be happy to put you in touch with a Marble and Granite company that can refer you to a reliable contractor for your installation.  Feel free to PM me you're still in need.

Michael, congrats on making the decision to take this first step.  Your first purchase is always a bit nerve racking and so you're doing the right thing by reaching out for help.  Oceanside is a popular area for many in the military due to proximity to the base which I'm sure is why you selected that area.  

As Tim mentioned you will want to make sure to find a cash flowing property meaning that your rental payment will cover the mortgage and all other expenses.  There are many factors that will enable you to do this including how much money you have to put down and how much your property will command in rent.  

You may start off by figuring out what your tenants will be able to afford in rent and then you can see if there are properties that will meet your needs from that standpoint.  There are many other things to evaluate but that may be a good starting point for you since you can contact your prospective tenants now.  Feel free to send me a colleague request with more questions.

Best of luck!

My apologies @Matt C. 

I definitely wasn't sure.  I do love the concept!  I imagine you must love competing against wholesalers.  It seems like they wouldn't be much competition when speaking with a prospective homeowner.

I believe they take a portion of the equity as their fee.  Their target market is homeowners looking to get top dollar for their properties but whose homes need rehab in order to get a top of the market price.  They provide the cash and the rehab work and then take their equity cut when it sells.  

That is what I remember from speaking with a representative about 8 months ago but I would investigate further to be sure.

@Dawn Oree How did your closing end on this deal?  I hope everything went well!  Truly an inspiring thread to read.  I'd love to hear how the story ends.

@Joshua Swanger All my fees are on auto-pay and I definitely don't remember what my initial costs were to get started but maybe this info will help you.

SRCAR (Southwest Riverside County Association of REALTORS)

 is the biggest Realtor Association in your area

Marketing costs to get your business going will be up to you but you can always start with Door Knocking which is free. Call SRCAR and they can inform you of all the fees associated with joining their board and they can let you know about the MLS as well. With the MLS you should be able to access most of the Southern CA markets reciprocally and they can explain to you how to do so. Furthermore, call or go online to the BRE (Bureau of Real Estate) and the CAR (CA Association of Realtors) to find out their fees. That should be a good start. One deal a year should cover all your fees and leave a little money in your pocket. Best of luck.