All Forum Posts by: Sam Teachenor

A possible usable piece of info from my Arriganto Monelongo seminar would be that in some cases you may be able to get the owner to assign the insurance pay out to you. If you can get the work done below the insurance companies assessed cost you can pocket that money as well.

Does a primary residence count? I coached my girlfriend (now wife) to buy a 1800 square foot house in Redondo Beach for $599,000 with 10% down in 2003. We sold it 25 months later for $799,000 with about $10,000 in upgrades. We rented for about 18 months, then purchased an REO in Palos Verdes that was about $200,000 below market value. We've lost most of that equity with the value decline but are not upside down yet. I'm looking for my first strictly business deal now.

A leaking underground tank is the property owners liability and will be cleaned up (that's the case in Ca. anyway. My father worked in th Underground tank inspection unit of the LAFD for a couple of years). That could cost enough to ruin almost any "deal".

I'm looking for my first deal and came across a property that looked good but has some obstacles I don't want to deal with. It is an 1100 square foot 2 story in Avalon, Ca (thats on Catalina Island) It was built in 1920ish. It is an REO I found through the FDIC web site. The asking price is $470,000. The recent comps are the same age, smaller (600 square feet), and sold for $500,000. based on price per square foot this place should be worth about $670,000.

I've been told that there are a few contractors who kind of run a monopoly on repairs on the island and you need to bring in your own materials, but the repair work looked minimal. Rental rates are seasonal and there is a management Co that could take care of renting it but I don't know if they gouge. I don't have the resources to make this deal work now, but maybe it could be a winner for someone.

You should find it if you do an MLS search but I would not expect it to last.

I am a newbie to this arena, but I have a friend that made a similar deal work with a short sale. The previous owner new tenant did eventually manage to buy back the property. I have also seen many business dealings ruin friendships and lead to poor family relationships, I would proceed with extreme caution.

I was suckered into his seminar $3,000 and the wonderful opportunity to spend another $24,000 to which I said NO. They called me today to offer me a mentor for "$19,000, no $14,000 no $5000 .....wait, I'll make you a special deal because we really want your testimony. How about $3,000?....... I'll prorate you $1,000 from the class you already took, so that's only $2,000!" Can you believe I said "no" again? I offered to give my testimonial for free if they gave me mentoring worth endorsing for free.

http://www.biggerpockets.com/forums/55-new-member-introductions/topics/new#
Icon_wink New to real estate investing but have just enough knowledge to be very dangerous. Hopefully good times and good money are in my future. I'm looking for re-habber flipper deals in the L.A. area. If anyone wants to wholesale something my way I'm interested. I did see some stuff at another site that had some very optimistic after repair values. I'm not interested in a 1+1 condo in Van Nuys that could be worth $200,000 because I already know it won't. But if you'd like to sell me something that makes you money and there's still money in it for me, let's do it!