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All Forum Posts by: Scott Williams

Scott Williams has started 1 posts and replied 58 times.

Post: Huntington Beach CA - need STR clarification, other info

Scott WilliamsPosted
  • RE Investor & Broker
  • Huntington Beach, CA
  • Posts 60
  • Votes 22

There is a local HB STR group that might be of interest to you: hbstra.org

Post: Need Help With Purchasing a House that's in Probate

Scott WilliamsPosted
  • RE Investor & Broker
  • Huntington Beach, CA
  • Posts 60
  • Votes 22

Could they owner finance the house for a year (or however long you need to get it fixed and refinanced)?

I have paid for a roof before I owned the property (we couldn't close escrow otherwise) and it did ultimately work out, but I wouldn't choose to do business that way if it's avoidable.  If things do go sideways for whatever reason, it can leave you in an awkward position.

Post: Transferring property with many unknown heirs

Scott WilliamsPosted
  • RE Investor & Broker
  • Huntington Beach, CA
  • Posts 60
  • Votes 22

The first question in my mind is "how much equity is there?" 

Have you checked for mortgage liens on the property?  If there isn't much equity, it likely isn't worth getting involved.  If there is equity there, I would definitely pursue it further.  

Post: Want to purchase new property under Trust

Scott WilliamsPosted
  • RE Investor & Broker
  • Huntington Beach, CA
  • Posts 60
  • Votes 22

Some lenders won't lend to the trust directly, but you typically wouldn't be precluded from transferring to your trust after the loan funds.  

I have seen more lenders doing loans directly to the trust in the last few years, but it used to be fairly common not to do so.  For a refinance, you had to take a property out of your trust, refinance the loan, and then transfer the property back into your trust.  

Transfer into a Living Trust should not trigger Due On Sale either.

Have you asked the lender if there would be an issue if were to transfer to your Living Trust after the funding?

Post: My Business Partner died , probate and taxes question

Scott WilliamsPosted
  • RE Investor & Broker
  • Huntington Beach, CA
  • Posts 60
  • Votes 22

Sorry to hear about your friend and the situation that you are in.  Depending on how he was holding title, would dictate whether or not the wife will need to do a probate. It definitely sounds like you should be speaking with a CPA and Attorney.  Let me know if you would like a referral, I have some local contacts.

Post: $100k left on mortgage, help me save my sister?

Scott WilliamsPosted
  • RE Investor & Broker
  • Huntington Beach, CA
  • Posts 60
  • Votes 22
Originally posted by @Adam Grant:

My sister wants to outright sell the house in Huntington Beach and purchase the home in Phoenix to be "debt free". I feel this would be a bad investment as the HB house is a PERFECT house to rent out as an income property. Same floor plan in the same development rents for $3k-$4k/mo.

Help me convince her that selling the house in HB to be "debt free" is a mistake?

Prop 13 tax basis. No capital gain. Biggest no-brainer I've ever seen. 

Help me help her? 

Hi Adam,

It's tough to say whether or not keeping the house is a "no-brainer" for your sister without looking at the whole picture and her needs.  

Firstly, does she have any experience or interest in being a landlord? It's not for everyone!

I love living in Huntington Beach and the price appreciation has been amazing, but whether or not that continues in the short term is anyone's guess.  From a purely rental income standpoint, getting $3-4k per month on an asset that's worth ~$820k is NOT very appealing for most investors.  Using the "1% rule" that's touted on this site, many landlords would expect to be making $8200+ per month from the $820k.  She could likely increase her monthly cash flow 2+ times by buying in another area vs. keeping the house in HB.  Downside to going somewhere else is that she likely isn't going to get the long term appreciation that HB will hopefully have.

I have some local rentals that continue to appreciate nicely, but for pure rental income, I'm not buying in Orange County.  For my current needs, I prefer having some out of area rentals for cash flow and some nicer local properties that I intend to hold long term and continue to pull cash out of as they appreciate.

Depending on your sisters life stage and what she's trying to accomplish, keeping the property may or may not be a "no-brainer".   I would be curious to hear what she ends up deciding and please feel free to send me a PM if I can be of assistance.

Scott Williams
CalBRE# 01919848

Post: Using private money to fund rehab only

Scott WilliamsPosted
  • RE Investor & Broker
  • Huntington Beach, CA
  • Posts 60
  • Votes 22

@Norman Romero I just sent you a PM, would love to hear more about the opportunity and see if we can work together on this one.  Thanks.

Post: Ready to get going

Scott WilliamsPosted
  • RE Investor & Broker
  • Huntington Beach, CA
  • Posts 60
  • Votes 22

I'm in HB as well, reach out if I can be of help to you.

Post: Storage Condominium Developer

Scott WilliamsPosted
  • RE Investor & Broker
  • Huntington Beach, CA
  • Posts 60
  • Votes 22
Originally posted by @Jay Hinrichs:

@Ted Deits@Scott Williams  I will be down there not this weekend but next staying at the Hilton on the waterfront... we could have a BP meet up of sorts

 @Jay Hinrichs you are one of my favorite people on BP, it would be my privilege to meet up with the two of you.  Thanks for putting it out there and I look forward to getting together.  Will PM you my contact info.

Scott Williams

Post: Storage Condominium Developer

Scott WilliamsPosted
  • RE Investor & Broker
  • Huntington Beach, CA
  • Posts 60
  • Votes 22

Welcome and good to see a felllow HB investor!

Scott