All Forum Posts by: Varinder Kumar

@Jay Hinrichs

I’m wondering what happens if the borrower defaults? And also what’s happening to the 80k the client paid to buy the note, does that get held as collateral in a holding account until the term of the contract between client and sierra is over and they get the 80k back? So the client doesn’t really own the note then. 

 A friend of mine has purchased a 1st lien position performing note from https://sierracrestcapital.com. Has anyone heard of this company? and also what is their incentive to service notes. Basically my friend said Sierra will find the asset for you and they collect 5% of the monthly as a fee. Sierra does a contract for a one year or a few years and after the term is over you get your initial investment back (principal) and that's it. I am trying to figure out what the angle here is. and what is Sierra Crest Capitals incentive. Any feedback I would appreciate thanks.

well I guess my friend got a real deal then!

@Jacob Beg

Yup it is pretty cheap but 4k may mean a lot to some people working for it. How ever I have not done an Adu yet, I’m planning to. But cost involved would be permitting, foundation, rough plumbing, electrical, framing all the way to finish. A studio or small 300sqft can cost, here in California $100k. Well worth it though. Better than buying a duplex - IMO. Rent out the front house and the back Adu. The mullet brother- Business in the front party in the back haha 

Had a friend who had it done for $4k here in California. But yeah I would get rid of if and use that space to build a Adu or something. Pools suck. Lol good luck 

@Kelly McJunkin

DONT SELL! the land value alone will go for what you owe, and their not making any more of that. I would rent out cash out refi if possible or heloc leverage it if you need to get cash for your next property but I would not sell a coastal california property. Let it pay it self off. I have a SFR in orange county and not near coast but good area and could cash out $250k but I too am not selling instead leveraging it. We are young and have a long way to go, we have the privilege of holding on.

I need help!! So my wife gave her apartment building. A 30 day notice. However she request if the rent can be prorated since she will be out before the 30 days. The manager of the building advised her to not pay the rent due for now and wait until her upper management gives an answer on whether she can prorate the rent or have to pay the full amount.

And so she waited and now they have sent her to debt collection because their stating that because she didn't pay the last 30 day rent it's considered a insufficient notice and she owes the rent amount and another amount same as rent for the penalty.

And the manager who habdled all this is on vacation until Monday. But the debt collection ants a answer this week. There is no documentation of what the manager advised my wife to do it was verbal. How can we resole this issue?? Thank you so much for anyone input.

So I have about $55k and another $18k in liquid cash. I have a decent job which pays my bills and living expenses. I have invested in notes in the past and also own a rental in orange county.

But I have not done much in the past year and haven't really read up in or researched any other niches within the real estate realm.

My goal is to obtain financial freedom. My monthly number looks alot like $4k a month in positive income. I don't want my money rotting away. I know the market is high right now but I'm open to out of state as well. I'm sure I'm not the only one feeling stuck. So all advice is appreciated. Thank you and I'm happy to answer any questions.

@Josh Deeden

Contended poverty is an honorable estate but if indeed it be contended it's not poverty at all. Its not the man that has too little but the man who craves more that is poor...

With that said I believe people do it to themselves. California has many benefits and higher wages. But unfortunately people get caught up in the hype and want all the lavish things, keeping up with the Joneses type of attitude. Quite frankly you can have a very nice living here. But people have their priorities out of wack. This is the true reality.

@Scott Lepore

Its like the 70% rule...almost unrealistic