All Forum Posts by: Chris G.

Will the current bank re-finance it for a new owner?

I am entertaining the idea of moving to Vegas and surrounding areas; so if anyone has any house deals with the owner looking to do creative financing (some % down, plus owner carry) - please hit me up.

Must be a upper mid-class or higher end home. Must have a pool. Acceptable to need upgrades or reno/rehab, as long as the area itself is a upper middle class or higher hood.
Must have minimum 2 car garage, though 3 car is highly preferred. A nice drive way to fit 1 or 2 more cars would be nice - some space to store/park ATVs/trailer would be nice too.. I have 4 cars and a bike.
HOA homes are OK too as long as the HOA is in good health.

Completely agree with every thing @Mark Reynolds said above.

Just pick one of the strategies he posted and go for it. Looks like a good starter deal for someone local.

There are plenty of duplex, triplex available in the central LA area (east/west/south of downtown LA) that have good numbers -- especially with an owner occupant for buy and hold - you could also get them rehab'ed & put tenants in them for a value appreciation play and flip them to another investor - though this may take some time to find the buyer if you don't have connects to investor buyers in that market.

In regards to the West Valley area (Sherman Oaks, etc) ... that area is full of competition and they are doing stupid, stupid things.

First they show up like sharks in their Land Rovers, Merc S Class, etc... thats all fine and dandy, I'm showing up in my M5 or Ferrari anyways too... but then they do stupid things like grossly over-offer and over pay for the properties and either 1) make small margins or 2) do crappy rehabs and make a little bigger small margin.

I've decided to let them play with each other, and found better opportunities with bigger margins in the same general area (just not the higher end west valley area).

West Valley has higher buy-in costs ($400-$500K purchase for a fixer needing $60K) and resale around $600K.... I'm getting properties at $300-$350K + $25K - $60K rehab) and selling for $450-$480K in the area I'm currently focusing in.
I'm about 2 weeks away from selling a house I bought for $311K and put in less than $40K in rehab for $460K and had NO competition in buying, even with it being listed on the MLS.

BUMP. Hit me up with your wholesale finds or deals.

What site can I pay to get ALL THREE *FICO* scores and reports?

Why not a line of credit? that way you have access to the full amount approved for, but only pay interest on the amount you have pulled out at any one time. 

Its $250K per ACCOUNT. Just open multiple accounts, even under the same name.

You can't 1031 the houses as you will be classified as a business, not an investment... Active RE business is taxed like any other non-RE business. Multiple homes purchased for rentals won't be classified as "investment" to the USA IRS.

I would also buy houses in the $50k~ area. I would not go lower as then you are dealing with way to low class of tenants, city areas (and all the associated costs of dealing within this group), and repair costs.

Looking for wholesale / probate / short sale / distressed properties ( SFR / SFH, but will consider other deals too).

Will accept offers in mostly all of Los Angeles county and Orange county.
I have my own contractor team ready to go. I am a CASH BUYER / Direct Funder. 15 day closes doable. AS-IS deals doable.

Reach me at chris <!<@>!> gotzflor.com or 310-494-6626 - email highly preferred

Also, if anyone is looking for a partner on a deal -- I am also open. All contractor labor must be done via my employees though.