All Forum Posts by: Orion Walker

Hi @Russ Green, sounds like you've been busy! Great post. Love the details and pics. I'd really like to do something similar with my next buy. But at the moment I'm plenty swamped. Two house renovation on the coast and just closed on a big old house in Ukiah that will need a few things. I'll reply to your PM as well. Cheers.

I invest in Mendocino and know the market pretty well. I'd be happy to offer an opinion Inge place. Pm me if you want. I'm not investing in ocean front yet, so no potential for competition or what not.

Cheers

As @Aaron Mazzrillo mentioned, The challenge tends to be in dealing with sewer electric and zoning etc. tiny houses generally fall under RV laws, and in most communities it isn't technically legal to have someone live in an RV in your back yard. 

But lots of folks are finding ways to do it, and tiny house communities are hot right now.  here's an article featuring 11 tiny house communities. http://www.shareable.net/blog/11-tiny-house-villag...

Cheers

Hi @Wayne Brooks, I know 90% is high, but I have talked to a few folks in the past that will do that.

The house is open via agents now, but auction is set to close in 4 days, so not much time to look things over/get financing lined up.

BP member since 2012 with 7k plus posts. Awesome, that's an average of 7 posts per day. Wow.

I'm looking to flip a bank owned SFR that is up for auction on Hubzu, closing in 4 days. Posting says financing will be considered, but I imagine they want the funds to come through pretty quickly after auction close. House is located a couple hours north of San Francisco near the coast.

I have 15k needed for earnest money, excellent credit, a few deals under my belt, and a partner who can fund the rehab if need be. Property will sell for about 190k. Needs 30-40k rehab (doing some quick due diligence to nail this down further). Sold in 06 for 439k. Current ARV estimated conservatively at 325k.

I'm looking for 90% of purchase price or ARV at reasonable rate with not to many points/fees.

Thanks!

Hi Folks,

I'm looking to flip a bank owned property up for auction on Hubzu. I've discussed deals with hard money folks but haven't actually gone that route yet. Seems like there might be some additional challenges given the time frame with an auction. The listing does say financing will be considered, so it seems they do allow for some time after close of auction, but either way you have to put 15k on the line as earnest money. 

Anyone have experience on this? Will a hard money lender typically lend for an auction property given that you won't be able to do an appraisal etc? I going to do as much due diligence as possible over the next few days before auction closes.

Hubzu wants 15k as earnest money, how does that factor into what the hard money lender will want me to put into the deal? I'd like to go with a lender that will do 90% of purchase price (about 190k). I have someone who will fund the rehab, so I don't need that to be part of the loan, but if including repair costs is an option we might go do that to keep our funds available. 

From talking to some hard money folks previously I'm expecting interest rate at 9+, maybe 3 points, and interest only payments on a 6-12 month loan. Does that sound about right?

Thanks!

Hey @Thor M., I'll jump in with some thoughts here to see if we get a conversation going. If you do some searches you'll see that the pros and cons of Lake County have been discussed a fair bit here by some knowledgeable folks. Access, jobs, and drugs are your main challenges. The local opinion around here is that it is very easy to buy in Lake County, but not so easy to sell, and not so easy to hold. On the positive side you have some beautiful areas, and prices are still fairly low. I've been watching Lake County pretty seriously for the last year. I've almost bought a couple deals but so far nothing has quite fallen into place. My general take on things right now is that prices seem to have gone up quite a bit in the last year. I'm not seeing a whole lot on the mls that gets me very excited. I was looking at a duplex a while back that had decent numbers, but standing on the back porch you could see pot gardens on both sides. That put me off a bit. I'd say there are deals to be had in Lake, but you might have to make a bunch of low offers, or find something off mls, to do very well. And as with anywhere, a lot can change from one street to the next. If you are planning to have a management company handle things that's a consideration as well. Not a lot of options, and can't say I've heard anything too great on that front. Anyhow, I could go on, but I'll leave it there for now. Maybe some other folks will jump in with perspectives. I'll also shoot you a PM.

Cheers.

hey @Branden Newman, A friend of mine who was in the military bought a house each place he was stationed in the U.S. And then rented each place as he moved on. Worked out well for him. The va loan will be a big asset for you. 

Cheers

@James Birdsall, about 12 miles west of Ukiah off Orr Springs road. Grew up here. Moved back about 12 years ago and built a house on the family plot. Great place to raise the kiddos. 

How long have you been gone? How do you like Boise?

Hey @James Birdsall, where were those houses in Mendo? That's where I'm from/live. Cool story. When it rains it pours as they say. And now that you mention it I feel like I'm a vaguely similar situation in that I'm mid remodel one place, somewhat unexpectedly in escrow on another place, and meanwhile my wife really really wants me to finish a bathroom remodel/repair so she can have her shower back. 

Cheers