All Forum Posts by: Arcinio Arauz

A lady I'm working with just lost one of her rentals in a fire. She decided not to fix the home and just take the insurance money to pay off her note. She asked if I would like to buy her lot with the fire damaged home. I said yes, but I'm not sure what or how to determine the price. Then she pulls out the tax bill where it says "land value" and it shows 30K. Really, 30K for a burnt house needing a full repair in the sum of around 75K-100K? She as well as I wasn't sure if that's where we would start the pricing to flip to a rehabber. Homes on the street ARV for 120K-140K.
So my question is... what's the best way to determine a price just for the lot with the burnt house?

J Scott

That sounds like a plan but those agents will start fighting over a commission. Am I subject to pay them anything? Also, can I list on MLS without being an agent?

I read that Hedge Funds and REITs are buying up lots real estate in bulk. Does anyone have any idea as to where to find fund managers in California? I have 17 homes under contract and an other possible 31. I would like to sell in bulk to HF or an REIT asap.

From what I understand the personal representative can become the executor or appoint someone else to be executor once letters of administration are issued from the court. A PR is generally in the starting stages when petitioning for probate. PRs are the go to person to make decisions until he/she becomes the executor at which many times are still referred to as the PR.

What I meant is that when the buy/sell transaction takes place the lender will get paid as with any other liens. (kinda a duh question)

Amount owed on the note : 125K

ARV: 310K (5bd/3 bath, 3300 sqft home with pool in highly desirable area, 1.5 acre lot)

Needs very little work if any

NOD issued march 2013

I think the deal may be worth it as the heir said she would sell to me for 140K knowing 125K is owed on the note.

What scares me is the Medi Cal nonsense.

@Rick Harmon

Just put it on my coffee tab. A will was written stating the house goes to her. Her parents passed over a year a go. I want to buy the house. She wants to sell.
Probate or no? What about the NOD?
I'm not a big fan on having to spend hundreds of dollars to get a few answers...I just keep asking and some nice guy will give it to me.

I want to purchase a house and found the owners are deceased. The daughter has a "hand written will" according to what she told me. I told her that I believe she would need to petition for probate in order to sell the property to me.
So my questions:

1. I assume the will won't work, hence a petition is a must.

2. Can she still go through the probate process even though parents died over a year ago?

3. If she files the petition, can she state that all she wants is power to sell to the house? This is only because her brothers already emptied the bank accounts and she is afraid that the brothers may think she'll come after the dough. She doesn't care about anything other than the right to sell the home.

4. Will the probate process have any pull on the NOD issued from the bank.
The NOD was issued a month ago so I think we may still have time.

5. Last Q... can I buy from her while it's in probate? Will the note be paid off at this point and end buyer get a deed?

Thanks

Yes indeed. The current owner bought the house back in 1973.
Would I be safe to compare it to the house next to it of same size and location? Is worth 93K last sold in 2011.

I found an old small house and asked the owner if he wanted to sell as is. He said yes! How much? 35K...I said ok give me a few day and we'll sign a contract and go to title. It needs a full rehab and has an ARV of 97K according to online comparisons and a few homes with same specs near by.
So I looked at the tax assessment and was a little confused because the assessor valued it at only $9,500. So how can I get a better idea of it's value with out having to hire an appraiser? What's the difference between the tax value and on online estimate value such as (Zillow, Eappraisal, Red Fin...ect)

Ok this thought just came to me; seriously don't laugh....

In 2003 I bought my very first home. I was a newlywed and only 22 years old. I knew nothing about owning a home. I don't even think I knew what the word Real Estate meant! I was clueless and far from ever thinking I would one day get into RE investing. I purchased my first home for 142K. One year later I found a better home in a better area and wanted to buy the second house contingent on the sale of my first home. So I got a realtor and she acted as my selling agent (for first home) as well as my buying agent (for second home). Without any issues, my first home sold for 188k. I was then able complete my second purchase for 225k. I was able to get a loan for 100%. So The home I bought for 225K...I had a mortgage of 225K. I paid closing cost out pocket. Simple. But here's where I get confused. I bought my first home for 142K then sold it for 188K. I didn't not have a second or any other liens. WHERE'S MY SPREAD? I don't ever remember getting a check from the title company. We're talking $46,000 I never saw. I didn't know anything back then being 23-24 years old and gullible as all get up. Now (9 years later) I just realized this. I don't ever remember seeing my spread anywhere. Any ideas? Any way for me to go back and find out...perhaps a title search on the transaction? Help.