All Forum Posts by: Account Closed

@Edward Perkins

Thank you for giving your honest opinion.  Based on your opinion and how Chris reacted to the your honest review I would not work with his company.  It seems he's afraid of an honest review and has to mobilize a team to attack you and anyone who dares to disagree with him.  I personally think some of the positive reviews are fake.  And the fact they are trying intimidate people like @Bill F.   No thanks no need to work with this company.  

Good luck in your real estate investing career.

I hate filthy places.  Nasty carpet dog smells etc.  I hate them so much that when I see a place that fits this description I don't even put in a rental application.  I certainly don't move my stuff in and then complain about the living conditions of the place that I witnessed was filthy from the get go.  Here's what I do and it works every time:  I thank the person for showing me the place, I get in my car and keep looking for a rental that fits my criteria.  Problem solved.

Under the mattress.  That way you can sleep better at night and have access to the cash 24/7.

I stopped all contributions to my 401k and will never contribute again.  Lack of control coupled with lack of access to the money makes it a poor investment choice for me.

@Manolo D.

A hard money lender can finance this.  Depending on the purchase price the $200k should cover the down payment.

Good luck

@Manolo D.

Asbestos is not a big deal.  However the bank views the property as "uninhabitable" and will not loan against it.  Therefore if you want to purchase the property you need accept a cash offer.  Your pool of buyers will be lower because less people have $600k cash or whatever to spend on a house.  Otherwise you need to fix the problem, and in order to do that you need to have the capital to do so.  The op says her family has limited resources and may have a problem coming up with the money to remediate.  

@Ashley Benning

A word of caution.  The house probably has foundation issues due to the earthquake.  Foundation issues can be very expensive to fix.  I would get a very solid scope of work and costs prior to making any decision.  Also be aware if the house has foundation issues no bank will lend on it and should your family want to sell it via mls it will need a cash offer- for a much lower price.  Think 100k lower.  if this is the case, start your negotiations from the true value of the house I.e what it would sell for in the open market.  

Good luck

@Ashley Benning

If I were you I would try to find an investor who's flipping homes successfully in the area you're targeting and try to team up with them.  It's very difficult to go it alone but it can be done.  Without knowing your purchase price perhaps starting with homes that appeal to first time buyers would be a good start.  Be sure to read plenty of books on the subject.

Here's our formula:  we target homes on the west side of Los Angeles.  We only bid on properties that absolutely must have a cash offer and cannot qualify for conventional financing.  Therefore asbestos, mold, leaking roof, etc are all welcome.  Our average purchase price is 1MM and above.  Gut rehab, adding square footage and building from the ground up are our comfort zones.  

Good luck

@Brianna H.

If I had to do it over again I would never invest in a 401k.  I can't touch the money until I'm 60 I have no control and in 2008 half of the value was gone.  I would save money a 401k and invest it in vehicles you have control over.  Whether that's real estate a business etc.  I have $500k in my retirement account.  Here are my options:  quite my job, take a distribution and pay all taxes plus 10% penalty, leave it alone and wait until I become a senior citizen.  

As you can see I'm stuck similar @Ian Tudor friend.  

@Account Closed

Nope no self promotion nor am I looking for partners nor am I looking for money.  I provide the money and have a team I work with and am not looking to work with anyone else.  Sorry wrong girl.  I am however looking for deals in the Los Angeles area-my financing is in place but thanks for asking.