All Forum Posts by: Rey Orinion

Just waiting for one offer to be accepted, hopefully.  Another under contract but will extend the closing date today.  Otherwise, my main focus is to win the SB..GO HAWKS! 

Nice going Scott.  Welcome to BP, where like-minded people get together to share ideas in real estate investing.  Welcome!

Hi @Jerry Lucker any other recommendation? Bear creek construction no longer in business.  Do you know any in Auburn WA area?  Thanks in advance. 

--rey

Thanks for the post, I needed a GC too for minor repairs.  

Hi Sheila, Welcome to BP! The best RE community.  I am a newbie myself and have one rental so far.  Have another one under contract.  BP has wealth of info for starters, and it has been serving me quite well.  You should listen to their podcast and find your niche.  Good luck! 

Sincerely,
--rey

Many thanks to you guys who took the time to respond: @Elizabeth Colegrove @Larry Turowski @Wayne Brooks @Bryan R. 

Your input is very helpful to my decision.

@Simon Campbell I failed to mention that I still have my RE license active here in Seattle --so I could list the property myself and make additional profit--so your advice is quite tempting.

Again, thanks everyone.  I am so grateful to have found this BP community where like-minded people are willing to help fellow newbie investors like myself.  

Best regards,

--rey

Hi BP investors,

I have this townhouse(short sale) under contract since August of this year. I got it under contract for $163,000, plus I have to pay the following out of my pocket:

$2,251.89 = sewer capacity
$ 651.27 = HOA
$3,000.00 = Negotiation fee


Before making an offer, I asked the HOA if there is a rental cap under their CC&R's. According to the HOA manager, there is but was NOT maxed out yet at the time.

Here's the dilemma, we are closing in 10 days and found out that the "Rental Cap" has maxed out. What should I do? I am a buy-and-hold investor for cashflow only. By the way, they told me that I could only rent it out to family and relatives related by blood. Rent in that area is about $1,500 to $1,600.

So, I am deciding to flip this after closing but I found another problem from the short-sale Lender's limitations and contracts. See below:

"Grantee herein is prohibited from conveying captioned for any sales price for a period of 30 days from 12/17/2014. After this 30 days period, Grantee is further prohibited from conveying the property for a sales price greater than $195,600 until 90 days from 12/17/2014. These restrictions shall run with the land are not personal to the Grantee."

If I understand it correctly, it looks like I can sell in 30 days from Dec 17, 2014 for $190,000. If I wait 90 days I can sell for more. Anybody has a better interpretation? If I back out, I lose my 1K Earnest Money. Btw, I have run a CMA and the property could probably sell from $190-210 range.

Any help is greatly appreciated! Thank you in advance.

Sincerely,
--rey

Kevin S. I happen to have a RE license in WA, do you want me to run you a CMA? I usually buy properties in the south--auburn, kent...where properties are a little cheaper compared to Seattle and still able to rent them out for 2K or more for a 4-bdrm house. --rey

Will be my first time to meet up fellow investors...see you there from Renton!

I just recently joined BP as well.  I have one rental property in Auburn Washington, in Lea Hill that I just bought last year and now cash flowing. Very good rental market in King county, especially Auburn.  I am also a part-time real estate agent so I buy and use my license to get more money on the deal.  Good luck and keep in touch.  --rey