All Forum Posts by: Jerry Murphy

I agree with Joe, above. If the guy has a history of fraud I would be wary. If he is a murderer or bank robber then you are probably fine. To be fair, people with criminal records have a terrible time finding work and housing. It makes it excruciatingly hard for them to turn their lives around.   If he is able to flip houses to turn his life around then I would be happy to buy from him. 

Harry Dent has been making wild predictions since the 90's. He predicts bubbles and busts all the time.  I read "roaring 2000s" a long time ago.  I doubt he has become more accurate over time.  He is good at selling books. 

Hi, 

Welcome. There are a few meet-ups around LA.  I go to the South LA group. You should go. They are very informative and friendly. 

Is it a legal short term rental.  I know Oahu is tolerant of quiet short term rentals but it is hard to make them legal. 

You wrote: she seems like a big "red flag" kind of lady and I'm not sure I want to work with her at all.

That would pretty much answer the question for me.  I have met buyers that seemed like they would become a pain in the butt.  You can see this coming a mile away.  So avoid it.  I imagine one of the reasons you are flipping is because you want to be independent, to not have a boss or have to deal with the BS that you get at a regular job. Just tell her no.  

BTW, talk to your real estate agent.  Depending on your contract he/she may be entitled to a commission if she brought you a willing buyer who will pay full price.   Most agents will not enforce this, especially if he/she showed the place without permission. But you will want to make sure your contract does not force you to pay commission when the agent brings a buyer. 

I live in Culver City and have been looking at places for about 6 months.  I have not found anything that would meet your criteria.  I saw a two brd condo that needed maybe $70,000 of work for $400,000 not too long ago.  But the condo fees were above $400 per month and they had a owner occupied rule for one year.  

Santa Monica, Westwood and Brentwood will be more expensive. Inglewood and South LA are less expensive. Inglewood and West Adams are more affordable and seem to be up and coming areas as people get priced out of Culver City. 

I would send them a letter via certified mail telling them not to do this.  Alternately, you could tell them they are permitted to do this now but that you may rescind permission later. 

You can talk to a lawyer too.  Your state might have some peculiar property laws.  However, you are on notice now that they are doing this.  Allowing it to continue for years with no response is going to make things really bad.  Worst case scenario is that they will gain a prescriptive easement to your property because you knew and neglected to do anything about it.  A certified letter saying "no" or "OK, but" will prevent this. 

Some agents care more about volume than maximizing each sale. If your lowball offer allows them to move on to the next commission really fast then they may support it.  If you do not have an agent and the seller's agent gets to keep the full commission they may be more supportive of your offer.  Some agents do not think this way but I suspect it is more common than they are willing to admit. 

Start thinking about becoming a landlord in your college town.  Look at house hacking.  You can begin now.  If you need funds talk to parents and banks about it. You can graduate with a rental in a college town and a leg up on your career.  Accounting, financing, marketing and other business classes can help you in real estate. 

Also, if your career does not require a college degree, you can take classes in things you are interested in.  Liberal arts classes are a lot better if you really like them and are not taking them because you need them.  

I am in Culver City and will attend.  Once a month is good. Most days are fine.