All Forum Posts by: John Clark

Re

In Arizona for instance, in statute, a deed must be properly notarized in order to be recorded. 

An un-notarized deed can be litigated pretty easily.

But, an unrecorded deed does pass on title to the new owner, at time of signature for the reasons you stated. However, I'm unwilling to go into the implications by stating that. We'll, I just did. But there are exceptions. There needs to be someone, who can look at the paperwork and the facts, that he can work with to untangle this. By his lack of responding to if it was notarized, if it went through escrow etc I surmise it was a table top closing and he said there were other deals he has done. I don't think this is a "one off" occurrence. Either way, in my opinion, it can't be properly resolved on an exposed forum with people not willing to represent him. If he has a history of doing Subject To or foreclosures this way, it's a bigger issue. But yes, I believe if he has an unrecorded deed, it still transfers title with all the hair attached, legal and tax issues included.

Hi everyone, 

I am learning about CA laws and regulations. I read something about due on sale clause or reassessment of property value. If I transfer a property from my name to a land trust without me being beneficiary or a CA LLC, would it trigger due on sale clause and reassessment of property value? What is your experience?

Thank you,

Gin

From what I’ve seen, whether to record the deed right away or wait often depends on your strategy and how comfortable you are with potential risks. Recording it secures your interest publicly, but if the property is already in default, you’ll want to be mindful of how that might affect your next steps especially if you’re considering wholesaling or giving it back. The concerns you mentioned about title history and multiple transfers are definitely valid. This is one of those areas where talking with a local real estate attorney or title professional can save you a lot of headaches. Curious to hear how others here have handled similar situations.

Where are you finding 10,000 leads a day though?

I purchase a property recently subject-to, and got the deed to the property.  I'm planning to hold it long term. 

Though I have the deed, I'm wondering if I should go ahead and 'file it' with the county.  I haven't cured the default on the mortgage yet (it was 6 months behind, and in default).  

I have considered just wholesaling the property as well.  

Are there reasons I would NOT want to file the deed?  My thought is that having too many properties in my name could be a problem.  And/or that having the property change hands too rapidly (I file the deed in my name, then sell it soon after) could create various kinds of problems.

Also if I file the deed, then need to Quit Claim the property back to the seller, could that create weird title issues that creates a liability for myself and/or the original seller?

Thank you very much for your help!

Do you allow pet sitting, whether for a fee or no fee?  If you have a tenant that has an approved pet -- they've paid the typical $250 non-refundable fee and $20-$30/ month per pet -- and this tenant family or friends who occasionally visit or stay overnight with a dog pet, do you allow that? Or, do you require any animal, including ones that are visiting or staying one or 2 nights to go through the same approval process and pay the same fees?

When you’re single, the math is pretty easy. You can live in a duplex or fourplex. Keep your costs low and build equity. Even if you don’t house hack, renting a small one-bedroom or studio can be an obvious win because your living expenses stay low and you can throw more money into investments.

Once you have a family, kids, and a couple of pets, it’s not as simple. Most of the rentals that really save you money aren’t in areas you’d want to live with your family.

Here’s the situation I keep thinking about.

The kind of home most people would want for their family is in a safe neighborhood with good schools and a nice community. That could easily cost over $4,000 a month with a small down payment. Inflation is making it harder for people to save that down payment in the first place. You could rent something smaller or in a less “perfect” spot for around $2,400 and save about $1,600 a month. As a renter, you’re also not paying for big repairs or maintenance, which means even more savings. If it’s a condo or townhouse, you might get a gym or pool included. That could save money there too.

The question is: in today’s economy, is saving $1,600+ each month enough reason to hold off on buying your own place? Or does inflation wipe out the advantage so fast that you’re better off buying now?

And if we do see a market correction, would that change your answer?

I have 20k in a savings and really considering investing in real estate but is 20k enough? My wife and I  already have a primary home so we would have to invest as an investment property, Which would inquire a larger down payment I'm assuming. Will we be able to get bang for our buck with 20k? All options are considerable, townhouses, condos, or single family.