All Forum Posts by: Mason V.

Edward, the last few things that need to be finished shouldn't take any more than maybe $10,000.

Thank you all very much.

A house I am looking into started being remodel about five years ago. The home is nearly finished with just the bathroom and attic needing additional work. The bathroom needs a new closet door, shower head installed over the working tub, new tile and the drywall that needs to be painted. The attic needs new insulation and the hole used to access it closed.

I live in a rural area so using a hard money lender is out of the question.

The Dalles Oregon-foreclosure-money still needed.

Next week Wasco County will be auctioning off a two story 3 bed 1 bath 1564 sq ft home that has an unattached garage and a chain link fence going all the way around. Judging the recent properties sold I estimate the property should fetch a price of around $115,000 and up after rehab.

This sounds like a good deal to me. However, there are some known downsides. The landscaping is a disaster and needs to be entirely replaced. the exterior looks like it will mainly need mostly cosmetic work like new paint and some shingles replaced.

From observation the most troubling part is that the current owner is still living on the property. I recently sent them a letter about doing a Subject To deal but I have not gotten a reply. As for walking up to the front door, I didn’t feel like seeing if their dog was inclined to bite me. Thus I also don’t know what the interior looks like and hope it is not too hideous. I will keep trying to get hold of them though.

My basic strategy is to move in, fix the house up and sell it. Most of the work will be done by me sense I have carpentry and landscaping experience.

In addition to a typical flip I am also considering buy & hold, if possible separating the levels for the creation of a duplex, Leasing, rent to own and renting with intent to sell it as a turnkey property. The ideal situation though it to sell it. As my first property I would rather have the more immediate funds.

The terms that I have in mind are a $80,000 loan with the house as collateral. Term length would be 20 years with an interest rate of 9%. That would have me paying you about $720 a month. Beyond your $80,000 I also have a $11,000 of my own funds to utilize.

The reason I am interested in a personal loan instead of hard money is due to my location. With The Dalles being such a rural location, 80 miles east of Portland OR with a population of 14,000, none of the Hard Money Lenders I have contacted will service the area.

"subject to the mortgage"

Fantastic, a term I can start researching on. Thank you.

I have an idea to acquire houses for a primarily fix/flip strategy and I want to know if it is Viable.

I go in search of a homeowner who is at risk of foreclosure or just behind on their payments. I tell them that I will pay the overdue amount, all future mortgage payments and a few thousand extra for a place to rent in exchange for them signing over the title to me. I will then fix the property up with the intent to sell it. 

I will of course have to explain to them that the mortgage will still be in their name until it gets paid off by me or the bank has cause to demand full payment early. I also assume that if I don’t pay the bank can still take the property from me.

Now, will this work sense I am assuming the title and not the mortgage? I want to know the viability before I get too far in the planning process.

Well, we talked last night and apparently he has been waiting for me to kick him out. I He had figured that I would act when I got tired with him. This made for a very peaceful discussion. 

During the discussion i told him the three ties i came up with. knowing that i am interested in real estate he asked what would be the effects of an eviction. I explained that to my knowledge it could give landlords a reason to either not rent to him or charge him-up-the-back-side. Sense he has so much stuff we agreed upon a modified version of option 3 where he can store his stuff here if he can not get me the money. Basically I will keep his stuff until he pays me a storage fee of $50 a month.  Today were going to have the lady across the street sign the contract i wrote up as a witness.

In February I decided to try housing hacking as a way of gaining additional founds for my first property. The verbal agreement was that my roommate would pay half of rent and utilities. Initially it worked until he lost his job in June. Sense then I received partial payments in July and august only. I have decided that he has been here far too long without paying me and he needs to go.

Beyond the verbal agreement, the only lease is between the land lord and me. That lease states that only 1-2 residents may reside on the premises with my name being the only one actually on the lease. I have informed my landlord about my roommate but there is no agreement between them. The lease that I have is yearly, but out verbal agreement was month to month.

Thus far I have come up with a few ideas. First is to go through the eviction process, with a lawyer, and deplete most of my savings.

Second I can see if he will leave via cash for keys.

Third I can see if he will agree to sign a contract that states he has 30 days to pay me or he will have to vacate the property.

Sense evictions do not look good on someone’s record; I should be able to get him to agree on one of the latter options. Living in Oregon i know the eviction process is stacked against me.

Does anyone have some advice for me?

I am interest in 2 very cheap 3bd/1ba properties in my home town. One is $20K and the other is $30k. 

According to the rent calculator, the former, at $750 a month low end rent, should yield a profit of $190. 

The latter, at $800 a month low end rent, should yield $140 a month.

Having not done a home inspect yet I am projecting a rehab price of under $15k for each. This is based solely by looking through the windows. Both appear to be in great condition with the $20k home seeming to have mold in the kitchen.

Both homes have been vacant for nearly a year and reside on a main street with about 1 car passing by every 2 minutes for most of the day with significant increase when people head to/return from work.  Both are within walking distance of an elementary school and have off street parking. If I wasn’t in a one year lease I would not mind moving into the $30k one. Place has a huge back yard, about twice the size of the other.

say a home is going through foreclosure and I strike a deal to save it. I pay back payments, give the owner 5k+ to move out and have them put me on the title. after having my name put on the titlle, do i still have to wait 6 months to  refinance the home and pay off the previous owner's mortgage?