All Forum Posts by: Steve L.

Ya don't do that. It is 6 months if they rent.

If you are buying at 60-65% of ARV, just wait it out. You'll still make lots of money.

FHA transactions are also going much quicker, I have my second one closing in under 30 days after opening escrow. So now it can be done in 4 months instead of 5.

I'd put in granite. It's not very expensive if you do basic granite and really show your prices.

Buy from a wholesaler. It is worth it for someone in your position! They give you a list of medium to good deals...

I wonder why it is okay on REO's? Because a bank and not a retail buyer is involved?

If you are a better marketer than the existing agent how does that make things illegal?

Hi Anthony,

Does a land trust have a yearly fee? When I've tried to wholesale properties via an LLC the buyers have had issues with the LLC fees etc.

We like Fontana too, buy a lot of properties there!

I heard the same thing.

Very scary territory as they have all your info and they can go back 5 yrs.

Rael, some REOs are cash only. It will typically say in the agent notes. If it is good condition it will go to financing just like a standard sale.

In the past I have structured deals giving an investor a percentage of the upside of a deal.

Here is my typical blanket terms:

These are not legally binding and you should consult a lawyer (which I am NOT) before structuring any agreement.

Some asset managers really like cash, but we can't come in 20-30% lower just because it's cash.

We used to hit 1 out 3 with agents we have had relationships with. From June until now we've made 300-400 offers and only bought 4 properties (2 over asking price). We are cash buyers.

According the REO agents I know the asset managers do not put a huge advantage on cash offers unless the property is un-financable.

I'd suggest you wait until the winter. I think California is going to see a lot more inventory (but it depends what end of the market you're dealing).