All Forum Posts by: Varinder Kumar

I would like to sell my house on my own to save on commission fees. I live in CA so it is legal for me to sell my own home. I need some guidance however as to what paper work is involved and how i go about getting that paperwork. Just need a guideline as to what to expect when dealing with the buyers agent. I dont want to pay closing costs either. What costs and duties are required by me "the seller" during this transaction, what do i need to provide title report, inspection report when needed who pays for that? etc. Thank you for yall's help.

well it's considered owner occupied, I never claimed it as a rental. So I won't have the tax on the gains. I think I'm going to sell it. I know I can double my money by investing right.and buy back in when market goes down.

@karthick 

Non performing notes are notes that owners defaulted on which banks did not want to spend the time and money to foreclose on so they sell them off to hedge funds at steep discounts and what ever hedge funds don't want they sell off to private investors. You are basically investing in debt. What ever they unpaid balance on that note is you are purchasing at a fraction of that amount. You can read more about the non performing notes in the fourms. But know that to get connected with note sellers and trade desks that sell notes it's not easy. You can always go online to Fci exchange and view notes for sale there. Learn it first though as there are a lot of laws you need to to know about..good luck

@Bob B.

Thanks Bob the other thing that on my mind is, since the tenants have only been there for a year and they have made it their home, would there be any retaliation towards me? Breaking stuff out of anger etc? How best to break the news to them? Maybe I'm over thinking it. They have been good tenants. But I got to do what I got to do, I understand that also.

@Kai Kopsch

Hi Kai,

Thanks! Well the story i told is what it is, just need to know if i should hold onto it or sell it? Is there a any benefit from holding on to it vs selling it? Thanks

So I purchased my first SFR 2015 and has been rented out for a year now. It is located in good area of Orange County, CA. My mortgage is $2k and some change and rented out for $2700. The tenants are great and always on time. The home was completely remodeled down to studs even new framing in alot of places. I purchased it for $406k and did a 5% down conventional loan on it. The balance now is $372k and the current market value is anywhere between $525-$550k. I purchased this home with the intention of someday living there should I have a family. I have a place to live however either way. Im leaving my emotions aside and strictly looking at this from a numbers point of view. Now I did spend total of about $105K on the entire rehab including a years mortgage, reason it took almost a year is because i paid for rehab as i got paid from work, live and learn, non the less it all panned out and im here now. So, also I am not investing in Non-Performing notes and would like to grow more in this market.

My thought process is if i were to sell the property I would get about $140K in profit. Also this is as owner occupied not a rental. So the two year mark is approaching this may, so i would avoid capital gains tax. Since the market is high right now and ill get top dollar. I assume market is going down next year and I can buy back in then. I want to use the profit i make to invest in notes, and double my money. Just dont want to hold on to this if the time is now for me to sell and make a good profit. I need some input as to what would be the best investment strategy for me to go with. Thank you in advance and taking the time to read all this.

@Bob Malecki 

Thanks for the input. As i receive tapes every month i am trying to cut down on time spent and filtering out good and the bad notes. Can you elaborate on what you mean by 50% remaining on term?? do you mean length of term on the current mortgage is down by 50% of the time? or are you referring to the UPB being 50% of original balance? Any other tips that may help filtering out good notes from bad ones without doing to much DD? Thanks in advance!

Just wait until next year the market will go down. If your really itching to spend your money then become a hard money lender to a flipper and collect interest on your money for now, you will get a better return than your bank account will give you. 

Real life note scenario (that I am seeing now):

Let's say you see a note on a tape and after doing DD you find out that the county has already FC'ed on the property years ago. The note is no longer secured to the property. But you also find out that when it was sold at the tax sale there was an overage. All you would have to do to get the unpaid balance on the note would be to buy the note correct (and of course apply to the county)? Would you even have to board? No lawyers, no foreclosure, no contacting the owner, right?

Thanks for the reply. I got a call from the licensing place in Nevada and they said to visit mld.nv.gov and get approval for the name through them. Turns out the name is not available anyway and already exist in Nevada so I'm just going to leave it. But basically if you use investments in your llc name it's representing mortgage lending, which I'm not doing. Thanks for yall's response 👍