All Forum Posts by: Mark Mynhier

It would be nice to know, wouldn't it? Christina Suter (www.GroundLevel-Consulting.com) as well as Bruce Norton study the markets and they can offer a lot more insight. It is math geek stuff to try and explain. Just knowing the ups and downs is good for the short term, but learning what they look for to predict trends is much better. If you show up at the Pasadena FIBI (For Investors By Investors) next month, Christina will be there. This month she spoke on this exact issue...would have been great to have seen you there. BUT, timing is everything.

This is why I love BP...the people on here come from such diverse backgrounds, but all with a central theme and all are looking to help each other succeed and avoid problems. Thank you all (and future contributors) for you input, you really are an invaluable resource.

Great idea! Permit laws are weird, though, so you should check with the City to find out. If you use Legal Shield (or something like it), give them a call and ask an attorney about the pertinent laws and permits required to get it done. 

A partner and I are working on a deal and have a question about creatively financing an owner financing. The gentleman is 87, but is in no way impaired, and is willing to do owner financing on the property. One possible pitch to him is that instead of his children inheriting the financing (and the death taxes on everything) that we put the house into a trust, which would do the owner financing with the children having rights of survivorship so that there aren't the death taxes on the property and/or income. Other than having an attorney write up the paperwork, are there any issues with this or has anyone done something like this before? I know with a lot of the elderly, the taxes on their estate is a big concern and we think that by presenting the deal to him this way he will be much more agreeable to the terms.

Any suggestions or warnings?

Do you have a contract that was signed prior to you giving them the $25,000? If so, read the contract and see what it says. The Agent handling the buy/sell has to have a copy of the contract and you need to make sure that it says exactly what you told us. This could turn into an ugly court fight if they have "sold" it to more than one person. I would talk to the Agent and see what is going on. They may have been your friend previously, but they have certain fiduciary responsibilities in the sale of a home and their license is what can be at stake.

Keep us posted.

Mohammed, also hit up a couple of the REI groups in town...there are a couple of great ones (and some not so great)...network with some people who are doing it and learn from them. This market, from what I've been told, is different than others. Personally, it's the only market I've ever flipped in.

Hi, Karri...welcome to LA and BP. I'm a local investor, as well. There are several good REI groups in town. Try the Club in Action in Burbank or the InvestClub for Women. If you want to learn/play CashFlow, the Club in Action has a free on on the second Wednesday of the month in Burbank. Come on out and meet some fellow investors.

Your network = Your net worth...build both here in LA.

Someone in the management end of a Senior Living Facility (not dealing with dementia patients) contacted me concerning helping some of their clients. She wanted to know if I could possibly purchase some of their homes in order to provide them with the funds to live in the care facility. Some have reverse mortgages and others just own the houses out-right.

I have no problem with the purchases, since the patients are have their full facilities (I wouldn't work with any of the Alzheimer's patients or dementia patients), but what land mines are there in this? Anything unusual about the reverse mortgages that I need to know in order to deal with them?

Thanks,

Mark

Find some good local REI clubs in the area. I'm from a bit further north in Pasadena, so I don't know the ones down there. I believe that there is a FIBI in your area. Get out and network like crazy...your network is your net worth!

Welcome to BP...you've taken a great step towards that network and towards succeeding in business.

InvestClub for Women is very good...the Club in Action in Burbank is great (they have a free Cashflow game tomorrow night). I've been to the MasterMegaMind, but I'm not going any more. Sam's RE Club in Beverly Hills is good, but that is probably too far to drive.

Come out to the free Cashflow tomorrow night and introduce yourself to Julie Falen and other investors. It is a great group of people