All Forum Posts by: Andy Chu

well SB321 passed on Monday... 21 Yeas to 0 Nays

The first rule to lending money or renting out property is never lender or rent to people you know. Set the expectation of what will happen if they are late and/or stop paying. In this case, get a property manager and have them collect rents.

I'll mark it in the calendar.

There's not too much money in this deal. I would get it under contract as an and/or assignee and sell off your equitable interest.

James Bell auction.com never visits the property. They are a liquidation strategy for the seller. You are getting a good deal, but need to do your homework. I've purchase a number of propertis through their platform and sold some stuff on there as well.

Realtors have a tough time understanding the premise of wholesalers. You are performing their jobs and looking for deals that is below market value. Real estate agents will sell at market. The wholesaler is locking in a property below market and selling those rights to an investor to make money. this is an has an uphill battle. What makes one think a person without formal real estate training will have the ability to purchase enough below market and then flip it to an investor for them to make $$$.

The truth of the matter is that wholesalers have a very tough job. As a real estate broker, we will come across deals, but this is a combination of combing through auction houses, government auctions, fsbos, tax sales, hoa sales, and etc to find deals that make sense. Even then, the number of properties we can do this with is only a fraction of our business. If we only worked with investors, most of us would starve to death.

I hear this AB 284 come up over and over. First off let's not blame the person from the opposite party. AB 284 was written by Conklin, Horne, and Kirkpatrick. This is an assembly bill and not a senate bill. In my opinion, AB 284 may have some effect on the market, but how does that explain Ariziona, Florida, California, and other Western states with huge price appreciation. This has more to do with hedge funds such as Colony Homes, Blackstone, and etc entering our communities. They borrow close at just under 3% and anything over that is considered a great spread.

Cash Flow in Las Vegas has been lower from 2013 on. It looks like Cap Rates are dropping to about 7% and continuing to drop. The fundementals may not all be there. Las Vegas unemployment is still above 10% and the tourism industry is just starting to recover. With all this said, is this a bubble, I think that's a little tougher to call.

Mortgage contingencies are typically okay with Short Sales if you are doing financing. However, with "And/or assigned" that is the kiss of death. Have you thought of creating a trust and changing the beneficiary? What about holding it in an LLC and selling the LLC as a whole?

Being a licensed agent I may be bias. However, when I am selling properties in other locations (where my license does not apply), I still use a local realtor. You can run comparables all day long and be absolutely certain that you have the right pricing. However, you may still not get it right.

The MLS is a secondary checks and balances that will price adjust a listing to market pricing. For instance, if the market has gone up $10,000 and you listed it for market, then people will come in and send multiple offers.

On FSBO.com, there is less traffic and the listings are years old. As a buyer, I will sift through FSBO.com , oodle.com, zillow.com and etc to find people trying to save a couple of dollars. I can assure you that there are price discrepancies in my favor. Furthermore, when I start negotiating, I will start by removing that agent fees because ultimately the buyer pays for the commissions from the purchase price.

I would take the money now and find another property...