All Forum Posts by: Andy Chu

Since it's been a couple of years, the state may take it back shortly with all the back taxes.

Yes, yes, yes, did I mention yes? You need to get insurance for a flip. People could fall off ladders while working on your house, property may burn down due to vandalism, there's so many possibilities. If you can stomach a total loss yourself, then go for it, but we always have insurance on our property. Because at the need of the day, I'd rather pay 1400 for peace of mind than get tagged for 150k.

If one discloses, there is no problem. Also when you buy an hoa lien, you get a deed to the property.

If your tenant is late paying (8% for us last month) , do you want your statement showing that zero amount has been collected? That's the main reason for the statements coming out on the 15th.

In reference to someone calling on Saturday they need a response within 24 hours at all times. Repairs usually cannot wait so why can showings?

Appraised value comes out after a sales contract has been placed together. Also appraised value is still a value of opinion. Using a higher # is no different than a bank can someones list 20% above or below market. The appraisal will be influenced by the sales contract. If you are within the subdivision/ certain mile radius of normal sales range + or - 10%. the appraisal will often go in your favor.

Therefore, ask for a little higher don't sell yourself short.

This is an ideal situation for you. They currently live in the house and do not want to move, therefore, the ball is in your court. They could move to another property, but who wants to move to another home to save a little bit of $$$. I've seen people pay upwards of $10K for not moving.

Here's what I recommend. First find the value of the home on the low and high end. Give them a price on the higher end of the spectrum. Also, since your PM is acting as an intermediary, get a second opinion Broker Price Opinion from another real estate company. Remember, the property manager's best interest is to get the sale done and may not be acting on your best interests.

You have a right to get a real estate agent represent you on this transaction. It is hard to represent the buyer and the seller at the same time.

Once you have the number, go a little higher on the number say add 5% on that number. One thing to take into consideration is that they will be requesting for closing costs (3-3.5% ) so be prepared.

Hope this helps.

In Nevada, these liens are "super priority liens". They wanted it to be special and add a super to the name of it. I can understand buying them for 3-5K but 20K for one is a little excessive, unless there is some laws preventing foreclosures at this time.

Thanks for the tip. I know we talked about it at lunch and was curious how that progressed.

I agree with Gary. Real estate is about the community that you live in. Our office donates time and effort to our local community at least once a year. I definitely suggest it for any team building for companies on the board.

It provides two things:

1. Morale building within the company
2. Giving back is so key especially since we are often buying from distressed homeowners.

Just so Im clear on this issue. This is a single family home so even if they could count the income, the LTV (loan to value) cannot exceed 80% of a refinance unless it is through non-conventional means. With that said, I don't believe you can get another loan even with 2 years of seasoned income unless you believe your home has appreciated greatly in the 3 months that you have held it.