All Forum Posts by: Mel Rosario

I have seen a few of these lately. They are multiunits that are located in the same community run by a management company. Depends on area, expenses are HOA, water, trash, and your mortgage. I may be missing a few. The management company will find and place the tenant for you. Don't know if commissions are involved. Property will be taken care of by HOA and mangagement. Anything else?

so my question is, are these good investments?  my math works out where I can get a positive cash flow.

Condos arre ok.  Hoas usually pay for many things.  I have a friend who sold his mcmansion and bought almost 10 fully payid condos and luve off passive income.

has anyone bought a condo in a community of condos where they have hoa and their own management?  I have read that yout property may not be priority when it is vscant to find tenants.  They make nickel and dime you on maintenace etc.  Any input?  Some places, math works out

i know i posted this really late so it may have been overlooked. one more time

This strategy I'm sure has been discussed in  some form or another.

I just lost another bid (probably my 13th in over a year, none of the properties I placed a bid was in market for more than 2 weeks) to an all cash buyer despite full offer on my part.  Why do sellers accept all cash buyers even at lower offers?  When a deal closes, even if it was set at 15,30,45 day escrow, the sellers will still get my money.  I have great credit.  Are these sellers naive or is cash really king?

anyways, my questions to BP; is this a good way of raising capital? 

1.  refinancing my properties and get the cash out so I can buy a property all cash.  Refinance new acquired property 6months to a year later and pay down some loans again.

or

2. take HELOCs on properties, when a desired property is identified, use the HELOC money to by all cash, refinance 6months to 1yr later and pay off the HELOCs?

3.  take 4-5yrs to save  a sizable downpayment and hopefully someone will accept an offer

I'm just frustrated and trying to come up with funds without a partner or hard money loans.  I think I can come up with cash to offer on a property.  If I'm lucky, because it is cash, I can get the property lower than asking price and when refinancing, hopefully can take out more cash.

I don't know, please advise BP

arcadia a hot market, haha, i wish i was a builder

thanks for all the advice. I have tried almost all of them except for the earnest money increase, but I normally give 10k, someone was suggesting more? Otherwise, it seems like cash is king, and 600k plus is difficult for me, can't really use leverage once i buy something or can I or is that another topic.

I may have placed 10 offers in the past year and a half on quality rental properties, and lost them all.  Am I doing something wrong?  Any better strategies?  I must have looked at a few hundred to get these, all in southern california.  Most of these properties break even or little monthly cash flow, which is fine with me.  I do my calculations and based on what the current rents are I make an offer.  None really low ball, maybe $25k below asking at most.  Most were close to asking price.  What I have noticed that in the 400-600k range, there seems to be multiple offers.  I have lost to all cash buyers, renters who live at the property, and slightly higher bids or overbids.  I will not go into a bidding war because there is already little margin of cash flow with these properties.  By the way, all of the properties that I placed a bid on were on the market and sold within 2 weeks.

I try to offer close to selling if the house looks and it needs some work, or offer full price if I like it even if it needed tlc.  I put a minimum of 30% down and have a credit score of 750 or greater.  would like to know how to approach these deals without having to put in an all cash offer to get them.  

I also noticed a lot of these prices are based on a proforma data.  How does BP members deal with that

1.Do I offer for full price, go in and if it requires a lot of tlc, do I renegotiate and ask owner to lower price?

2. Do i ask for a lower price with a higher down than 30%?

3.  Do I offer full or whatever price and say "as is"

need help here, not buyer's remorse, but loser's remorse on a quality property that I could have probably got it I went a little further.

thanks for the replies. I know I get a good return. I purchased at the bottom of the market.

if I sold now, I don't think the new buyer will be as fortunate for the NOI.