All Forum Posts by: Julia Shevchenko

Hi BP, just ran across a strategy to help owners that are underwater in their mortgages. I know this was a hot market several years ago and still might be in some states. Does anyone know the stats for these underwater loans in So Cal? Where can I find these stats? And if this market is part of your business, what strategy do you use? Thanks in advance.

We bought our first home on VA loan. I believe this would be fine as long as you don't rent it out while you're on assignments in the first year.

So is he interested in buying the property and cashing you out in a couple of years? Sounds like a good Lease Option strategy with sweat equity. Except the part where the workers will be fixing it up for him, what will they get in return?

I'm getting ready to do cold calling for LOs and wholesales, but would still love to have a local mentor figure that wants to JV with me on my first few deals.

Cheers!

Both strategies sound like a good fit. Triggering a "due on sale" clause while making all payments is about a 2% chance. But in both cases, the "interest" would be recorded by a notary and with the county. Look up purchase option vs right of first refusal. One might be better for you than the other, and I would definitely ask an attorney and a REI mentor for details. Good luck, and give us an update on how you closed it.

Hi Mauricio, welcome to the community! The BP Podcasts are my favorite. Start going to REIA meetups, you can find them on BP and on meetup.com. You will learn a lot from the monthly topics and just networking. Hope to see you around, good luck!

What day is the meeting at Scottish Rite Center?

I just learned about this practice from Corey Goldstein, CEO of Fixmyreport.com, he was a speaker at my REI group. This is completely legal, and as mentioned above does not give any personal or credit information to the person with "bad" credit. @Jessica Parker, you don't need to use a company to do this. Simply advertising that you will temporary boost someones credit to help them qualify or get a better rate should suffice. Then you add them on to your credit card. I think the hardest part is explaining and convincing people this is legal, but a link to some relevant stature should do the trick.

If you're not planning on coming back to LA in the next few years, selling is a good option given your large amount of equity. If you want to hold on to it for a bit longer, consider Lease optioning. This will take care of your monthly expenses and landlording hassle while still holding onto the property and tax benefits. Best of luck in your world travels!!

What an amazing transformation, your team did a fabulous job! Del Cerro is a great neighborhood for these types of deals, and you can charge extra for the view! Looking forward to your next deal.