All Forum Posts by: Yia Her

@Daniel Phillips - you said that the "data is way outdated" and then say the features are now excellent.  A couple of questions for you. 

1) Were the features not that great when you had the program?  

2) How long ago did you use REIPro and how many months?  

I would get a bid and just negotiate that cost into your buy price.  If you must have central install and the current price doesn't work, then you may need to reconsider the deal.  I have a duplex with window AC and wall unit heat, surrounding comps are mixed with central and wall units.  Sacramento rental market is hot right now and people are renting regardless but I could imagine down the line would be good.  

@Account Closed - Seems like this lifestyle of living in a shipping container has already been explore not only in other countries but also here in the US.  This reminds me of the movie with Matt Damon (Downsizing).  I think this is an ambitious idea and is great concept idea.  I mean, you did mention that your 22 years of age.  Therefore - you are and think like millennial and guess what, millennial do and will accept this kind of creative lifestyle.  Personally, I think this is where the next phase of living option is headed.  More on the lifestyle.  I think your biggest challenge would be two things - one is working with city and permitting and the other is getting someone who's pack with money to see your idea through.  You're really building a city is what you're talking about.  Although I do think the time frame of 3 years might be too soon, nonetheless you'll gain an enormous amount of positives from this learning experience.  I think a resort style might be another alternative to have this come to life in the grand scheme of things.  I recently went "Glamping".  Short for Glamorous Camping.  We stayed in these "Yurt Tents" that had most options like a hotel but in tent that is built with power and water.  Its kinda of cool but the guy who owns it rents it out as an experience.  In the site, there was about 26 Yurts and contains common area with restaurant, little store and much more.  In short - continue to pursue your dream and make it a reality because most people only dream.  They don't execute.  I'd be curious to know what your background in college was since you mention you have no experience.  

The squeaky wheel gets the grease!  Sounds like you have been looking for and found the deal. So like many first investors do, they start to question the deal.  Your mental state is stronger than you think.  The minute you question yourself, you may have already scared yourself away from the deal.  Take the approach like a pro.  If this is what you have been looking for and you have talked to the seller and found out his story of retiring from the game, looked at the numbers and it makes sense for your "WHY", then all that is left is to execute on the deal and stay on course with your due diligence on the asset itself.  You'll find that if you follow the rules - you'll be on top.  Anyway enough about mental game.  If you're passively cash flowing $2000 a month, that's not even a questions.  However, without going into details, I would recommend breaking down the expenses to make sure you have allocated all the expense needed such as management fees (even if you do the management yourself), cap ex, vacancy factors, etc... 

Michael - looks like you're in my neck of the woods.  Nice to hear your excited to deploy buy and hold strategy in RE.  Welcome to BP.  

Hi Bradford,

There are many lenders out there that specializes in the FHA 203K loan for folks like yourself whose looking to buy a property that requires some work. Normally these homes aren't qualify for FHA financing due to condition of property and a FHA 203K streamline would be useful. The key here is finding the lender who specializes in this loan. They will fill you in on the ins and out of the loan process, contractor bids and rehab constructions of the deal. To find these types of deal, surprisingly you'll find them on the MLS all the time however, they probably are priced out once it hits the MLS. You'll probably get better deals when they are listed for a long period of time and the seller is looking to exit. What I'm not too clear on is whether you're looking to refi out and take your initial capital investment back out or refi to a better rate and term. Most of the time a FHA 203K streamline loan is already low in rates and so if you're looking to cash out refi and get your initial investment out, you'll definitely need to buy at a nice discount to achieve that. Hope this helps and good luck. Duplexes or multi-fam will allow you to reap the benefits quickly...

The bank will be the decision maker in the short sale process. They will determine the price and if they will approve it. Most banks will also require the short sale home to be listed on MLS and process throw their online platform so doing this under the radar is most unlikely. You can buy it at $160K if you can justify why the home is worth that much rather than market value of $220K. Banks will have their own BPO to determine a value of the property base on condition of home. In most cases, their short sale approval process also require a lot of effort from the seller to provide documents, income and reason for supporting why the seller cannot pay for the mortgage anymore. So it may be possible that's going to be an assessment you'll have to make upfront to determine if this will work because there is a lot of work behind the scenes.

@Amanda M Laird - Sorry, I was on my mobile earlier and the largest I can see was the half the size of an iphone X so everything was pretty much blurry.  I think you'll just need to forget about the P&L sheets that you have right there as there's expenses on there that shouldn't be.  You'll need to run your own analysis of the units itself, income generated, typical expenses such as, taxes, vacancy factor, insurances, utilities etc...  It appears to me that the landlord is not running this property efficiently and is looking to exit.  Which is a good thing as it may be a great investment opportunity.  Couple of things to look for are value add opportunity, is there room to increase rents, decrease expenses and so forth.  So if the numbers work, there's definitely opportunity.  

I know wholesaler's use their own contracts that are drawn by attorney's, themselves and so forth.  But the bottom line is as a investor dealing with a seller without brokerage involve, the best thing you can do is disclose that you are a lic agent and that you are looking to assign the contract your end buyer, investor for a fee.  You may want to research wholesaling and tons of info will come up

Joe, of course if there was an opportunity to buy the home that would be the reason for doing the research and finding out the information.