All Forum Posts by: Matt Burr

@Vinessa Eisele Unfortunately we did not end up buying a property at the tax default auction.  Sorry I could not be of any help here.  Good luck!

@Jared Rine.  Thank you for also recommending Normandy, I will have to reach out to them.  It seemes like most lenders required a contractors license, however there are some that don't.  As an Architect I see the dark side of construction and nothing is easy but like others I have a passion to pursue the design and construction of my own home.  

I will be seeking out subcontractor bids first to see how much money I will need.  Thanks!

@Tim Johnson Thanks!  I'll check them out.

Hi all, I am looking for recommendations for owner/ builder lenders in the San Diego Area.  I am going to be purchasing vacant land with the intention of building my own house.  I am an architect with plenty of construction administration experience so I will not be using a general contractor.  I do not have a GC license but can get one if need be.

I would need a loan first for purchasing land, then hopefully that loan would be integrated into a construction to permanent loan.  Thanks in advance for your help.

Thanks Max!  In this particular auction you have to pay within 5 days so that gives people a little more flexibility in where the funds come from.  I will have to look into a few different local hard money lenders to see if they can lend on auction properties.  

Thanks Tarik for your suggestion to look into sight unseen loans!  

Thanks Jo-Ann!  Anyone else, have input on this process?  This would help me and anyone else trying to go through this process.  Thanks,

I am interested in purchasing a house at a tax defaulted property auction and had a few questions.  

1)  In California the previous owner has up to a year to protest the auction.  It seems like from my research that this rarely happens and rarely gets the property back in court.   However I'm wondering if others purchasing properties at a tax defaulted auction worry about this?

2)  Do you guys purchase these properties with hard money?

3)  Do you wait a year to renovate the property (considering question #1)

4)  If you do wait a year and you use hard money to purchase the house, do you take out a traditional rehab loan at the end of year one or continue the hard money loan till the end of rehab (16-18 months total)?

5) Considering the risks of buying at an auction and not knowing the condition of the house do you guys set a max bid at 50% ARV? or some other benchmark?

Thanks!

@Karthigan Srinivasan did you ever purchase a property from RWA, and if so how was your experience.  I am considering purchasing a property from them.  Thanks!