All Forum Posts by: Travis Moe

Good lord.... it says "Bank Owned" right in the title of your post. I pulled title report for nothing. LOL. Sorry!

Next time I'll just read. 

I'd still very much like the CMA, any terms/details, etc.

Thanks!

I'm interested. May I have your CMA and any other terms/details? Title shows this is a foreclosure. Did you get this under contract as a foreclosure/REO? Or are you the lender itself?

I am interested. Are these being sold as a a ingle portfolio? Or individually? I'd appreciate your additional info. Thanks

This one just came across my feed from RLA. Are you on their buyer's list?

SORRY!... corrected link to pictures and comps. 

https://drive.google.com/drive/folders/11M_xR6usN6a91bdG-NxOHTD5XjdsJCXP?usp=sharing

Hi, BP!

I am not selling this property. I am not invested in this property. It belongs to an acquaintance. 

She just moved into a new house and is preparing to sell her condo. She began the process of getting a designer to help her update the place so it would fetch top dollar. However, she just sold another house of hers months ago and is just sorta meh about the idea of handling all the facets of an update and sale process. She mentioned she just wants to sell the place and be done with it. 

I offered to post the property to BP in case any of you fine folk want to take a look at it. It's probably best as a property for your own use. Or, for you agents out there, a property for a client who isn't necessarily a hard-core investor but is still looking for a deal. 

She's owned it since 2005 and has done some updates - including travertine tile in the bathrooms and brand new redwood decking on the two balconies. She's also updated the front courtyard with private spa/hot tub and both full bathrooms. 

She says if she can get $253,000 for it she'll be happy. I'd buy it and move my family in just for the school district, but I need 3 beds minimum for my tribe.

I estimate it's value at $290,000 - $310,000. Average of similar sales in the area is $335,000 - but this one needs an updated kitchen to command those valuations.

• Ironwood Country Club (high end community in South Palm Desert, CA up in the foot hills)
• End unit. Nobody above or below.
• Move-in ready. Probably needs a new stove/oven, microwave, and dishwasher.
• Owner can be 100% moved out in 2 weeks max. 
• 2 car garage. W/D hookups are in the garage. 
• Up-mountain views from upstairs windows and both balconies
• A/C is 3-4 years old
• Nearest community pool is across the drive way. 
• Steps to the tennis courts and recreation center
• HOA is $570/m and includes internet, cable TV with HBO, pool service on the private spa (!), water, and trash.

She has kept it very clean and well serviced. She has excellent taste, and always planned to update it but now just sorta wants to put that energy into her new house (which is only about 2 miles away). 

She's not likely to entertain low-ball offers. There's not a lot, if any, rehab to be done - so this isn't a great candidate for flip, BRRRR, or wholesale. However, it would make a good seasonal rental (31 day leases or greater), winter home, or primary residence at this price.

Rents are probably in the area of $2,200/m on LT leases. It's tricky because the seasonal rentals skew the rents up. This might fetch $3,000 - $3,500/m on the seasonal side. STRs are not an option in this community.

Again, I don't represent the seller and I'm not making anything on the deal. I'm just offering a conduit here. If you're interested, let me know and I can provide the seller's contact info.

Pictures and comps here:

Or paste to your URL:

https://drive.google.com/file/d/1veo4aXnrwLyMSCaIbs9_0NljKzHSNq64/view?usp=sharing

Probate, maybe? As in, its value goes up after it clears probate and gets "relisted." Just guessing.

@Rubik H. Rented Capital (rented.com) has a system that can offer guaranteed STR income- which includes full Service management. Essentially, you rent to the property manager. The PM is your tenant and you grant license for the PM to sublet the property as a STR. You get a stable, guaranteed income, usually much higher than the same amount for a LTR. The PM does all the marketing, linens, cleaning, etc. you’re still responsible for capex, some utilities, etc. You do have less control over the property. You wouldn’t be able to just go use it anytime you wanted. But if you had a good relationship with the PM, you could probably work something out. I would expect higher wear and tear as STR guests are usually harder on properties. But you wouldn’t be getting the 3am phone call when the hot tub won’t light in winter.

Palm Springs area is indeed up - but the attitude towards Short Term Rentals (STR) is a mixed bag. Palm Springs put a moratorium on them a while back, then suspended it, then (I believe) restricted/banned them again.

Palm Desert passed an ordinance and no longer issues business licenses to STR owners. Existing STR licenses sunset and expire 12/31/2019. There are exceptions for certain neighborhoods and for owners that actually live on the property full time.

Indio seems to be okay with them for the moment - especially considering the boon that Coachella and Stagecoach bring in.

The point is, lawmakers and NIMBYs are fickle. A flick of the legislative pen can wipe out your income engine. While this is true anywhere, some areas are a little more predictable. In the case of Big Bear and Arrowhead - they've had vacation rentals as a major economic resource since looooong before AirBNB and VRBO existed. The climate is more patient and friendly towards STRs.

@Tyler Hungerford knows Big Bear well. You could reach out to him. 

@John D. knows the Desert well. You could reach out to him.

@Mary Mitchell No. In fact, it was kind of odd. There was no mention of it being occupied at all in the listing. After I submitted an offer, the list agent said they wouldn’t counter until I’d seen the place. I figured that was just a tactic to weed out buyers who weren’t serious. That’s when I learned of the tenants. I asked for rent roll and they sent me something from July. I asked for updates and I learned of the very low rent and leases. So I guess best plan is to wait and see. Thanks. In general though, you ask list agents for occupancy data before making any offer?