All Forum Posts by: Trenton Miller

There are more than enough resources here on BiggerPockets to help you.  To answer your question you have multiple options.  Hard money may be the most common.  BP even has a list of hard money lenders!  Next would be private money.

In the future, try exploring the option of a 203k loan.  That is where you finance your rehab costs directly into your mortgage.

Regardless, do your homework for yourself and for your deal!  No one option is the golden option...

I'm sure your wife's birth certificate with her maiden name on it could be an option.  However, to correct errors or update deeds/titles all you need to do is a quit claim deed.  Be sure to update your wife's last name on all other accounts associated with the home as well.  IE Lender, Insurance ect.

Ouch an encroachment!  I wouldn't get involved unless you can take possession of the house for a price that makes sense.  Based on my knowledge, the 2 foot encroachment House A has on House B's lot would need to be demolished and any new construction would need to be performed to current building code.  Meaning now you would have to follow set back distances ect.

Im assuming an actual survey has been performed on the property?  

I would not work with the brokers that are working with the developers you received intent to buy from.  That brings you into a dual agency situation which may not result in the best representation.  Depending on your states regulations regarding dual agency, it may or may not be possible.  Either way I would highly suggest working with your own Realtor, representing only you.

I would purchase the bed now.  Reasoning behind my answer, you will be able to accommodate more guests, possibly earning more income on a per guest basis & a washer and dryer in a bedroom will be out of place.  How long have your guests booked for?  Depending on the duration of the stay a washer and dryer may not even be necessary.

The GC's price seems low to me at first glance.  Most of the work needing to be done is fairly simple, however some line items can be quite time consuming ie laying flooring and full interior/exterior painting.  Good news is you have done business with him in the past.  

It comes down to personal preference.  Get a quote for both to see which option is cheaper.  Keep in mind, if you decide to replace the original flooring chances are the installer will use the cheapest material they can, unless you specify what material to use, and they will install the new floor directly on top of the original hardwood...  

As stated above, people love original hardwood floors.  Bring new life into the original home!

Most important tip in my opinion.. Focus on positive cash flowing properties at the time of purchase.  Avoid speculation at all cost.  What I'm referring to is natural appreciation.

What part of Southern California are you looking?

Thanks for the feedback everyone.  I am meeting with my web developer tomorrow and creating a content calendar that will be followed.  I greatly appreciate the feedback. 

I would want to retain my oil, gas and mineral rights.  However, if your main goal is to own cash flowing properties this may not be a potential deal breaker for you.  Think in advance as well;  will this affect the future sell ability of the home?  Remember, if this is a deal breaker for you now, other buyers will look at this the same way.  Just food for thought.