All Forum Posts by: James Peters

So this discussion is not about investing in tax liens, but I thought the community here might be able to help.  I have been spending the last 3 years cleaning up a mess that was made of my grandmother's estate and this is the latest development.

I have a property in Long Beach, California that was my grandmother's.  I am trying to tap some of the equity so I can turn the property into a rental that will produce some income for my father (he is currently living there, but in the process of moving him) who is not physically well.

The property has a mortgage with 195k still owed, the property taxes are up to date, and is valued in the high 500 to low 600k range.  

In the process of trying to tap some of the equity I discovered that there is a federal and state tax lien totaling about 70k.  Apparently this was filed in the middle of 2014.  My father states that he never saw anything.  He also did not file taxes for my bedridden grandmother the last 5 years of her life.  

I am currently in contact with the fed and the state and getting them the paperwork they need to see that I am the executor of the estate.

I am looking for any advice from anyone who has dealt with this?  This is the latest in a long line of things I have been cleaning up and looking forward to hearing from the BP community for any guidance or advice.

Thanks!

James

@Steve Allen  Thanks. I will reach out to Navy Fed as well.  Spoke with Fremont and they are Prime + 2.  Way too much.  Not doing a refi yet because I need some money to fix the property and not sure on the time table.  Don't want to be paying interest on money I am not using. 

Also Pentagon Federal has good rates but the reviews are scaring me and it is taking them 60 days to get funding.

@Brad S. I also called California Coastal credit union and they will loan 250k at Prime plus 1 with a 70% LTV. America First is Utah based and only loans in Utah, Idaho, Nevada.

I am going to check out America First Credit Union, Pentagon Federal Credit Union, Fremont Bank, Golden 1 Credit Union, and First Tech Fed and see what I find out. 

Thanks for the help!

@Brad S.  Thanks.  I will add them to the list.  I have some others I am looking at.  I figured I should be able to make something work with 4 to 5 different banks.

@Kelly O'Quinn This is great!  Thanks so much for the referrals.  I plan to have this done by the end of the year, so this should give all the good contractors some time to work me into their schedule.  

@Manolo D. Luckily Long Beach does not have rent control and the property is less than 2 miles from Cal State Long Beach.  As a result I have a couple of strategies for renting it out.  Since Anaheim has banned STRs, I could also do that as well and get some more revenue.  

Any good contractor suggestions for Southern Los Angeles County or Northern Orange County?

Hi all,

I have been dealing with a family property that I am now managing on behalf of my father, that was my grandmother's before she passed away.  We are only paying 1k a year for property tax due to prop 13, so I want to keep the property.

The house is in Long Beach and there is $195k owed on it at a 4.75% 30 year.  A recently remodeled home 3 doors down just got put on the market for $700k.  

I will need 80-100k to upgrade the house and 50-60k to get a mobile home and relocate my father.  

I am looking for a referral to a bank that will allow me to pull out some money. I have spoken to several credit unions and since it is not my home, I could not do a HELOC.

Does anyone have a lender they could get me in touch with? 

Thanks!

James

Hi all,

I am still a couple of months out from starting a remodel on my grandmother's home in Long Beach.  The plan is to initially turn it into a long-term rental due to the fact that it is close to Long Beach State.  

Good contractors a generally busy, so I want to connect with some good ones and get on their calendar for when they are free.  

I am going to do pretty much a complete job.  The roof is rather new, but could use some attention.

So send me your referrals for:

-HVAC installation

-hardwood floor resurfacing and flooring

-plumbing

-electrical

-painting

-bathroom and kitchen remodeling

Thanks and I appreciate the help in advance.

James