All Forum Posts by: Jason S.
Jason S. has started 11 posts and replied 399 times.
Post: How accurate is Foreclosure Radar?
- Investor
- Diamond Bar, CA
- Posts 446
- Votes 233
Originally posted by Michelle Lenahan:
Obviously accuracy is very important to us. Since we were designed by an auction investor and many auction investors use our data to purchase properties at Trustee Sale we make sure that we have all data and post it as quickly as possible.
Wow, our own FR Rep :) . I really prefer that less people knew about FR or better yet FR had an affiliate program so at least I could earn while increasing my competition..... Michelle?
Post: Need to spice up your selling power? Try Photoshop...
- Investor
- Diamond Bar, CA
- Posts 446
- Votes 233
Originally posted by Tim Wieneke:
lol'd
Post: Anyone has any experience with Forensic loan audits?
- Investor
- Diamond Bar, CA
- Posts 446
- Votes 233
^^^^ Ditto ^^^^^
What were the end results?
Post: Getting serious about trustee sales.
- Investor
- Diamond Bar, CA
- Posts 446
- Votes 233
Originally posted by Edgardo Cruz:
Hi Judy,
Just wanted to give you details on one that I was following to purchase
Property address: 15218 Cobalt Street Sylmar Ca 91342
6/4/99 $260,000 Grant Deed XXXX to XXX
4/2/02 Lis Pendens
1/16/03 Lis Pendens
12/9/03 Award
6/7/05 Grant Deed XXXs to XXX
6/30/05 $250,000 MIT Lending(Foreclosing Trust Deed)
3/8/07 $310,000 First Magnus (Trust Deed)
4/9/09 $125,000 (Private Trust Deed)
4/9/09 $125,000 (Private Trust Deed) Recorded twice
10/9/09 NOD
1/21/10 NTS
5/27/10 $325,200 SOLD TO THIRD PARTY
Just thought it might be interesting to share this.
Please verify and let me know how accurate my(I mean C-Note Advantage, LLC's) research is.
Edgar
Broker 01312077, acting as Principal-Only
By the way, The comparables on this property is somewhere around $515,000-$525,000 range...so easy math would let you know if this is a good buy or not. considering also some of the liens on the property that you have to deal with.
Edgardo E. Cruz
Broker 01312077, acting as Principal-Only
Managing Member of C-Note Advantage, LLC
I went ahead and took out the names of the owners - would hate to have Google pick up there names and add grief to their already complicated situation. Please do not take offense Edgardo, its just that anything posted on this forum has a way of eventually ending up on page 1 of google.
I am looking at the comps for this property and, granted I do not know the area, but the most recent sold looks like it is around the corner, same neighborhood, and its a 4/3 2368 sqft for $300K MLS sold 3/19/10. And the subject prop above is 2616 sqft. Is the subject really worth the $515K? I will defer to you Edgardo because I do not know the area and was interested to see the numbers.
Post: Getting serious about trustee sales.
- Investor
- Diamond Bar, CA
- Posts 446
- Votes 233
Originally posted by JCC:
Originally posted by Rich Weese:
I think most investors are buying less expensive flips and making a higher % return, even in CA. Rich
^^^^ Truth.
It would amaze me if you are a small investor and survive long with the numbers quoted in the original post. These are properties that are more often than not - occupied - and you are buying without inspection.
What happens when you inspect the house and find no carpet, dry rot, mold, leaks, etc?
I know several people at the auctions in OC, LA etc and I just do not know how they do it with such tight margins. Must be because the market has been stable - what happens if it slips again or as I believe makes a major move down again and you are in the middle of an eviction on a home you bought at 85%LTV?
Scary stuff.
With math skills like mine it is amazing I ever get anything to work out ......
The #'s in the original post Buy at $300K, $20K rehab, 10% Cost of Sale, sell at $400K - those numbers are not bad. I apologize.
The problem is that I do not know anyone at these sales getting props at that low a price. Every time I talk to someone who buys at the Courthouse Steps they are in a property for 85%ARV.
You are seeing numbers in LA and OC that are better than this? Care to share any addresses, not yours of course, just ones that we can analyze that other have purchased. I would be interested to see some - I randomly pulled some from Trustees Deeds recently (pulled ones that were 'sold to third party' and then did a value analysis and the prices were way too high for me.
Post: Selling Rehabs to FHA Buyers
- Investor
- Diamond Bar, CA
- Posts 446
- Votes 233
Originally posted by wheelhouse:
Vikram said it best. Anything you are doing besides picking the lender?
Wish I could be more help..... all I can say is:
1. Do not fix it so fast.
2. Do not buy it so cheaply.
3. List it for "conventional only" until day 90 and then "all offers".
4. I do have a lender that allows you to lease to the prospective buyer until day 90 and then sell it to them - though I have never tried it.
Sorry that I cannot help more - it seems every fixer I get we take 90 days...... does not say much for me.
Post: Selling Rehabs to FHA Buyers
- Investor
- Diamond Bar, CA
- Posts 446
- Votes 233
With the right lender it has not been too bad for us. But FHA is always a little more hassle than conventional.
What specific issues are you encountering?
Post: Getting serious about trustee sales.
- Investor
- Diamond Bar, CA
- Posts 446
- Votes 233
Originally posted by Rich Weese:
I think most investors are buying less expensive flips and making a higher % return, even in CA. Rich
^^^^ Truth.
It would amaze me if you are a small investor and survive long with the numbers quoted in the original post. These are properties that are more often than not - occupied - and you are buying without inspection.
What happens when you inspect the house and find no carpet, dry rot, mold, leaks, etc?
I know several people at the auctions in OC, LA etc and I just do not know how they do it with such tight margins. Must be because the market has been stable - what happens if it slips again or as I believe makes a major move down again and you are in the middle of an eviction on a home you bought at 85%LTV?
Scary stuff.
Post: Indiv into Corporation - 90 day seasoning
- Investor
- Diamond Bar, CA
- Posts 446
- Votes 233
I hope some of you tax experts and/or experienced ones can assist me in how to properly fix this problem.
This is a California Property so it also involves the CA Withholding issues...
A friend bought a fixer SFR in his personal name but want to sell it under his newly formed corporation. He said he feels he will be taxed too much given his current personal income bracket.
Purchase Price - $80,000
Re-hab - $20,000 raw cost billable at $40,000 to his licensed contractor company
Re-sale - $145,000.
Owned for 90 days as of today.
Buyer will likely be FHA buyer.
What's the best way to transfer into the corporation?
Is there a way to do it and maintain seasoning in order to not have to justify to FHA the over 20% profit?
Should he transfer it to the corp at the $120K value (80K acquisition + billable re-hab) and then re sell it as the corp for less than the 20% increase per FHA rules?
Please advise - the rule of thumb is that whatever is done must be 100% above board - no pushing the line at all - just a legitimate and reasonable strategy.
Thanks for your input - its needed.
Post: Man defies foreclosure, locks self in house
- Investor
- Diamond Bar, CA
- Posts 446
- Votes 233
Originally posted by Jon Holdman:
The mentality of Atlas Shrugged is on the news everyday.
And Jon, listening to it is the only way to go - I read it 1 time but listened to it several. Reading it was laborious.