All Forum Posts by: Andy Chu

There's been a huge push to slow down foreclosures to prevent robo-signing. In Las Vegas, they have completely stopped Notice of Defaults from filing, which means that owners can live in their houses for free.

Here is a little twist, some jurisdications like Nevada have HOAs (Home Owners Associations) be super priority liens, in which they can take the deed, if they foreclose, subject to any liens, 1st DOT/2nd DOT/ HELOC/ ETC.

Now since lenders cannot foreclose and HOAs still can foreclose, doesn't this make the HOA trustee sale a lot more valuable? You can virtually buy an HOA deed for $1500-3,000 and rent it out until the lenders decide to foreclose which wont happen for almost a year.

Just an interesting thought...

I don't think those numbers are even retail. I think that may be a little higher. Either way, I am always down for lunch and grabbing food. Pm me to set a time up.

Here is a link to how the IRS explains it. http://www.irs.gov/publications/p523/ar02.html

It use to be a principal residence is exempt from gains if you lived in it for 2 out of the last 5 years for a maximum exemption for 250,000 per person and 500,000 per couple.

I believe they made it not as favorable recently as you now get a percentage of gains exempt. For instance If you live in it. For 2 years and rent for two years then 50% of gains is exempt.

I'm all about making a quick buck but I also believe in a fair system. Some agents have been listing a property on the mls and immediately placing it under "T" status or temporarily off the market. Usually they get away with it but homepath.com is now making all offers be submitted through their website. Start looking for the t status properties and if they are tied to HUD, homepath, gohoming, or any website that you submit offers to ( just as long as the l/a doesn't control that site).

Hope that gets some extra deals for buyers on here while punishing those bad apples.

It's been really a blast in the last 4 months. Consider getting a real estate license because we are on the mls at least 4 hours a day manipulating our search criterion to find something that potentially could be a good deal. It works out for me 35 hours of research for about one house. If you asked your realtor to do that on your behalf, they are either really hungry or do not know howbto calculator how much their time is worth. Sorry, just being brutally honest.

Even better is that if your agent stumbles upon a deal, the chances of you getting it really are slim.

Solution: get a real estate license and figure out where your niche lies.

I've always hated paper, so scanning is poison of choice. Get a good scanner that sits at your table and make a property folder for each property. I keep a quick and dirty net sheet for every property so when tax time comes, gross income is already taken care of.

Absorption rate is a key factor but ultimately all numbers can be manipulated to tell a story. First figure out which area you want to work in, and what types of properties. Then simply plot days on market or inventory levels or whatever you wish in a spreadsheet. Do it every day and a trend begins to form.

Oftentimes people get lazy and rely on other people's data but if you focus on single family residences that are built after 1950, who cares what penthouse high rise absorption rate does. It only skews your numbers.

Thanks for the great responses. I kept considering the note because everything made sense except for the current value of the property. Thanks for saving my tail on this one.

No one will work harder for you than yourself. I am on the mls at least 2 hours everyday replaying with my critera between keywords, lp/sq ft, DOM, expired listings, temporary off the market, and etc. Even though i have a team to be on the lookout and let them keep 100% of what they find for me, even on the mls, I find that I get about 5-6 deals a month and they bring 1 every other month.