All Forum Posts by: Syman Scarpellino

Hey BP community, 

I found a off market triplex in my area of Northern California, Humboldt county to be exact. 

Seller is willing to sell for $475,000 fair/good condition. (Definitely lendable) 

Gross rents currently at $2750 but it’s under rented in my opinion by $150-250 per unit. 

I’ve bought three properties in the past six months that have left me a little cash poor between down payment and remodel costs. 

As of now, I haven’t found any solid investors but I don’t want to miss out on the opportunity.

(I just closed on an owner occupy conventional) 

How do I get into this thing with $40-70k down

seller doesn’t seem interesting in carrying the first. 

lenders help me out 

Hey Everyone, what is your process for finding the owner of distressed properties? My county accessor website is not the resource I hoped it would be. I’ve been driving for dollars picking out target leads in my home town since I know the neighborhoods. I have a list of about 100 really good options with pictures and notes, but I haven’t found a reliable source for finding who to contact. For now I’m doing it myself, trying to stay away from lead gen products until my feet are wet. 

Anyway, thanks for the read and opinions

- Syman 

Hey guys, wanted to update on the project. Went ahead and closed at the 230,000, cut some of the work out of the budget. No roof, second bath or 4th bedroom. Construction is about done we should be invested about $310,000 all in. Should hear by tomorrow what the ARV is from the appraiser. Guessing anywhere from 380-415

I have to say, for a first attempt I am quite happy with how it’s all working out, in fact I am in contract on a place in Arcata (5 miles north) to do it again. This time it will be less renovation but splitting into a duplex. 

Hey everyone, listening to the BP podcast and they mentioned that my area may potentially have a meet up. I am interested in joining. Do I need to do anything to get an invite ? 

@Edward Adams I will keep you posted with any solutions I come up with. I have no doubt there’s a workaround, just haven’t found it yet

Hey everyone, I dove headfirst into the game! Closing on two properties this month. One Friday the 16th and the other toward the end of the month. 

Here’s my Hangup. One of the houses was purchased as owner occupy (5% down). It’s in poor condition and will require most of it torn down and built up. For simplicity sake: 

Bought for $230,000

Contractor bid is $70,000 

ARV is 390,000

All is well right? 

Well, I just got off the phone with my lender and she informed me that you must hold title for six months prior to pulling cash out on a refinance. 

I am getting a unsecured line of credit from one of our local credit unions for the remodel. How do I cash out without waiting six months? I know people in here are doing tons of brrrrs per year, are they just coming to the table with more cash? 

I have my eye on an off market better deal but it’s sounding like I’m going to have my money tied up for too long to snag it. Anyone have any expertise on how to cash out sooner? 

As always, thanks guys! 

Help me get into more debt !!!! 

- Syman 

Interesting**** I don’t know how to edit 🙃

Hi everyone,

In contract on a interfering property in Northern California. (Humboldt county)

Address: 2432 Bainbridge St Eureka Ca 95503

Currently in contract at $230,000 and seller seems set on price.

Currently looking at around $120,000 in rehab:

Floors, roof, kitchen gut, bathroom gut, add bathroom, paint in/out, new electrical throughout, new furnace, new water tank, few other small items.

Give me your experienced opinion. Being a novice, I'm a little shaky on ARV and Rehab budget

https://www.zillow.com/homedetails/2432-Bainbridge-St-Eureka-CA-95503/18818843_zpid/

@Lana Johnson @Dylan Vargas

Do you have any experience with auction? I’m starting to think that might be the best route to go. I skimmed the local court inventory and there’s some decent options coming up, but it seems overly risky without guidance of some sort.

This is my first post, turned on to the forum from the podcast. Excited to be here. 

I am from Northern California in Humboldt County, just recently dipping into RE investment. Interested in the BRRRR method.

But my problem is: how do you find properties in high dollar and rural California. I feel it’s a unique problem. High dollar low inventory