All Forum Posts by: Olesya Richards

@Ryan Naylor 
@Shiloh Lundahl 
@Eric Gardiner
Sorry it didn't tag you in the previous comment so I tagged you here.

@Ryan Naylor thank you so much for your response! Why foreclosure? I hope that maybe it's going to be a better deal, hopefully not many people buy houses with cash these days. I'm going as a watcher next week to see what kind of margin is to expect. Why do I need to use hard money? It's because the move is going to be into a more expensive area and I think we might need more than the equity money to buy. I'll definitely message you with more specific info as I'd love to brainstorm it further. Thank you! 

@Shiloh Lundahl - Awesome tips! I didn't think about talking to wholesalers. I guess I need to get out there to go to local meetups and make introductions to be able to find those folks. About the hard money lenders, I understand the high interest, but if I refinance right after the transaction, do you think this still might be an issue with them not willing to give me cash?

@Eric Gardiner Thank you for the offer on the list! I just go to the main collectors websites to see their auction schedules.   But I'll check out your website as well! About the underwriting the deal, do you mean the lenders would want more detailed information about the property before handing me the cash? And it's not really possible as the property is sold as is. Unless you bribe the current owner with some cash to come in and do an inspection. But then what if you don't win the action? The bribing money is gone ha ha. The problem with refinancing is this. I feel like the market has been going up for quite a while now and basically can crash anytime. So it feels too risky for me to get another big mortgage like this. And what if I don't have a renter one month? It's a 2K out of pocket cost I'd need to come up with. I'd rather own my properties free and clear as soon as possible and when I do then I'd prefer to sell as a seller finance transaction. 

Hi,

I'm new to real estate investing and I just wanted to run a deal by you fellow Utah investors if that's a good idea to do. It seems like there is little to no information about Foreclosure Auctions in Utah. Are those deals to risky because you're buying as is? Are those deals overpriced because of a big completion in Utah? 

We currently own 2 properties, one of them is out of state. We desperately need to move closer to our kids charter school, here in Utah and we're looking to make the smartest move possible. So this is the plan: Sell our current house (65% equity), take that cash and add some borrowed money from hard money lenders, go to an auction and purchase with cash. And just refinance after the purchase is complete. Pay off the borrowed money. Will it fly?