All Forum Posts by: Say Teoh

@Dennis Joule welcome to BP! Very wonderful place to learn about RE and learn from the experts here with lots and lots of experience. I am a licensed RE agent, let me know how I can help or even just have coffee and chat about RE. There is a gathering coming up 4/19 organized by @Robert Laird which I am excited to attend to network with folks.

@Jay Hinrichs Thanks for the information, I guess I need to find a chance to sit down with you to dig your brain a little. I do have 2 hard money lenders lined up for flip, but I have not discussed with them on new home construction, not sure if they willing to loan for that.

@Nicole S. I have 2 investments in Austin, TX with my friends which I am just the equity partner, while they do the hard work. We buy houses in desirable area and tear them down and build nano-condos on the lot (basically just 2 unit condo). I looked at the cost for construction is about 366k for a 3100 sqft (1300 and 1800 sqft units), so about $118 per sqf. So it is possible, to get the cost down even we are not big developer... talking about it, I should just talk with my friends on how they do it over there. :)

@Derrick Aragon when you say I need to be in 100-150 sqft build cost, are you talking about big development project of 20-30 homes or is that doable for single home? Yes, good lots are hard to find now, there are some around 150k, but are undesirable sloppy lot.

Welcome to BP! Lots to learn here and the experience and willingness to share is unbelievable. I am also new to REI and also a new agent, but do let me know how I can help!

Enjoy!

@Scott Radetich Yes, I am starting to think I am crazy thinking I can get a good deal in that area... When you are that different from other, maybe you are the crazy one... :)

@Derrick Aragon You are right, I am working on that, I have now looked at enough houses ( about 30 )to get a good feel on it. I try not to depend on too much hard money, so to drive my cost down. I try to understand the market and competition, but hard to understand crazy people :P

@Jessica S. thanks for the comfort read... if I am that listing agent, I would be so happy... but being the buyer agent, i go crazy... Somehow I feel there is some truth as the article said, maybe LA playing games with a lower than market listing, trying to start a bidding war.

@Jay Hinrichs I am jealous of your new construction. I looked into them a bit, but getting the land ready to build takes like 2 years, not sure if the market still hot in 2 years time. I am thinking maybe starting with a small land with a single home on it, but not sure if it is feasible. 

Hmmm... pop top, as in adding a 2nd storey or tearing down to the foundation? With this market, 450k might still worth it, :) I have seen several REO near hawthorne goes for around 425k to 430k.

@Robert Laird I did think about doing some marketing, sending out letters to my area of interest. I am a licensed real estate agent, so I am not sure if I am allowed to do that. Have not looked into it closely, but somehow I have the impression of we are not allowed to do that.

@Robert Bowles do you mind sharing more details of your property? I am always interested to learn more about other's project, so I can have a better understand of my project estimate and also the market.

Hi All:

Have not checked in the BP for a few weeks, as I have been busy running around Portland Metro area looking for myself a property to flip, I have looked at atleast 20 houses, but have not been successful yet... either my ARV is too low or other people are crazy... :) Just want to rant/share a deal I was in...

Saw a nice sfh for sale at slightly below market price at the uber hot westmoreland neighborhood. List for 350k on rmls, immediately there was a frenzy, like throwing a peace of wagyu beef into a tank of hungry piranhas. Appointment to see the house was impossible to get, the LA got so many requests, in the end she gave up and just have a 2 hour open house. The house is in a great condition, I thought I can value add by finishing up the basement with a family room and a master suite with a bathroom, and then flip for some nice profit. Thinking "Say, you are a genius!" Now comes the offer... thinking long and hard and re-do my estimates 100 times like in GMAT, I place an offer $40k above the asking, yes, you read it right, $40 grand above listing!..... Then I had nightmare of being a fool for over paying. Next day, I saw the LA's email in my mail box, so excited, finally got myself a flip.... nope.... she was just kind enough to inform me that I got rejected and there were 25 offers, 2 of them cash, and the highest is $115k above listing, and I am one of the lowest! @_@  wow, just wow..

ok, thats my rant... back to the market to get myself a flip.. :)

Good luck all!

Say

@Steve Gunasingh, welcome to BP! Lots of things to learn here, I have been referring friends to the site when they asked me some investment questions and want to learn now... and the networking here with people is amazing. Have fun!

Let me know if you need any help in PDX.

Hi there, anyone in Portland Metro area (Oregon) has experience with buying a lot and building a SFH for resale? I would like to speak with you on your experience, cost calculations etc.

I do see some spec homes available on a few custom home websites, based on the cost they quote, might be profitable to build a new home in the right area. Or going the hiring an architect and GC is the way to go?

Thanks

Say

@Robert Laird, I am in for sure, just let me know when and where. If you need help organizing, let me know also. 

Thanks for bringing this up, I saw there was one last year, and was wondering if we will ever get another meetup!

@Peter Hanaway who do you use for title search, and how much does it cost? I asked about it once with a title company, and they are asking for $350, which is way more than I expect.

With the redemption rights, how about contacting the owner and buy the rights from them and try to get it recorded ASAP. All it matters is who gets it recorded first right? This redemption issue is what scares me from Sheriff sale.

Thanks

Say