All Forum Posts by: Account Closed
Account Closed has started 75 posts and replied 5714 times.
Post: Possible to take control via mechanic's lien on pre-foreclosure?
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Just to clarify: you are talking about a mechanic's lien only? Not a judgement in favor of the contractor, correct?
If so, what are the timelines in your state to perfect a mechanic's lien? Like Wayne said, a mechanic's lien is only an accusation. Only a court can turn it into a judgment. There is a required time line to do so. Sometimes mechanic's liens are used to make the property appear falsely encumbered.
When was this mechanic's lien filed and what's the timeline in your state to perfect it?
Post: Everyone shutting me down?
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Originally posted by @Jay Hinrichs:
However in my opinion its just small business owner and there are many other small business one can buy that will do as well if not far better than buying rentals.
This point isn't brought up here a lot, since the spin on BP is that real estate will save you from a life in a cubby. But, there really are many small business opportunities that can provide way more cash at a faster rate than rentals. And many of them can be pretty passive if set up right....not really different than hiring the right PM and bookkeeper. I know someone who owns a vending biz at several nearby state parks. She's been doing it for years. She doesn't visit the parks or service the machines. She has a buyer who orders and manages the few part time college kids. I have a friend that owns a food cart business, with locations at the university and a business park. He makes phone calls. These are business that profit $100K+ a year while these people do other things (one's a lawyer, one's a contractor).
I love RE, but I sure do meet a lot of people who don't......but still think that's where their financial freedom is.
Post: Everyone shutting me down?
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Originally posted by @Joe Bertolino:
I don't talk about real estate with "civilians". It's a waste of time. After you start having some success they will start asking you questions and their attitude will be different.
No kidding. I usually can't get past the confusion when I say I'm not an agent. The "flipping" shows have added the new assumption that everyone in REI is flipping. Just not worth explaining. It's the rare "civilian" that is actually interested enough to ask good questions. A few years back I was at a homeschooling campout in NorCal. There was a 12-year-old girl at the campfire that asked me more questions than most of my friends and family: Why don't people fix up their own properties instead of selling them at a discount? Why do sellers spend 6% on an agent? Where does everyone get their cash for a down payment? How much money can you make as a landlord if you buy a house in her town (Fresno)? What happens if your tenants don't pay? One of the few good conversations about REI I've had with "civilians".
Post: 2016 California - Feasible rentals at home or look out-of-state?
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Originally posted by @Jeff B.:
@Jeff B. Agreed in the real world that is turnkey. I can assume you would not buy sfr out of state retail priced turnkeys normally. This new definition of turnkey I speak of is almost entirely sfrs and retail priced. No mls, no value add opportunities like you did. That is the big difference. So what you did is not what most others on bp call turnkey today for the most part.
And that bothers me that terms get created from a whim and don't apply to the real world. I'm sure that it's not misrepresentation nor intended to be, but I assume it became in vogue by consistent reference to it, beginning in a vacuum from limited experience.
Guess I've too many years in engineering where term are intended to convey accurate information.
Oh Well.
Oh I think it was intentional and not a whim that "turn key" means what it does today. Turn key is now used to sell properties at or above market value with accompanying services. It's totally inexact. Turn key could be where the property is truly ready to go and already rented. Or it could be where you pay for the repairs, and a PM places tenants after you buy. Turn key can mean anything at this point. It's being used to sell ease and comfort to new buyers.
Regardless, I've never heard turnkey used to describe your scenario. At least not in my 15 years in the biz. Buying properties with tenants in place can be so far from turnkey, as is evidenced by the years needed to bring your property up to full speed. The phrase means all you have to do is unlock the door. Hardly the case in a scenario where the units need work and/or the tenants are not paying market.
Post: 20% down Foreign National Loan ?
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- Central Valley, CA
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Originally posted by @Account Closed:
Boyd,
Apparently, manufactured housing is not appropriate collateral...must be a house or a condo or a townhome.
Maybe I missed something. Why do you say it is apparent that mfg housing isn't appropriate collateral? Permitted and properly installed mfg housing on land is treated the same as stick built, I've not encounter lender limitations on such housing.
Post: Point Of Sale Ordinances Affecting Flips/Renovations
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I get where the munis are coming from. But I'd like to see the actual regs/ordinance. Saying "title won't transfer" is likely inaccurate. Maybe a title company won't insure a transfer without adhering to a local inspection ordinance. But if I buy without the benefit of title insurance....then what? The property transfers and ..... I get fined? the recorder refuses to record my deed? What? If I have a properly executed deed, recorded or not, I have ownership rights, regardless of local regs or title insurance.
Sorry, not trying to argue with you. But I'm suspicious of vague statements like "title won't transfer".
Post: Point Of Sale Ordinances Affecting Flips/Renovations
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Originally posted by @Account Closed:
Anyone else coming across these? Some cities are now forcing sellers to have a city inspection before listing their homes on the market. Anything not up to code needs to be fixed prior to listing the home - in some cities, even if the homeowner decides not to sell, they still need to make all required repairs! I'm wondering if anyone has had to deal with this firsthand from the buyer/investor end and if there are any loopholes so you can buy a home as-is. I'm happy to fix issues myself if it means a better price, but now sellers want premium if they've had to do extensive work, even if the house is outdated cosmetically.
Thank you,
M
Can you tell us which cities are forcing sellers to submit to a city inspection before listing? I'd like to see what laws/regs are actually on the books for such requirements.
Post: Point Of Sale Ordinances Affecting Flips/Renovations
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I haven't encountered general inspection requirements at time of transfer in any of my farms. I have encountered required sewer line inspection and repair (to the street) by the City of Berkeley. I think it's total overreach to make the transfer of property a mandatory inspection point. If the muni wants to make sure the lines won't fail, they should inspect them and not wait for a transfer, IMO. Of course, they didn't ask my opinion.
Post: Hampton Roads Anyone???
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ToOriginally posted by @Mark Caiazza:
@Account Closed you have an interesting perspective on military economies that I have not heard before. I'm curious about some of the specific reasons you think military base communities are undesirable to millennials. My impression is that military bases attract small businesses, large corporations (restaurant/hotel/shopping), retirement population, and even tourism. My view has always been that a closure would devastate a local military community. Are you saying Vandenberg closing would be beneficial to Lompoc?
Totally my own opinion, of course. The flavor/complexion of Lompoc is not in sync with Santa Barbara County coastal communities. And yes, I think the base closing (or shrinking so as to be a tiny employer) would make a huge difference. The real estate in Lompoc is relatively cheap for such a desirable location. The base and the nearby prisons make for a population that lacks certain "cultural " preferences. That lack is a turn off to those that would otherwise grab the opportunity to live and make community in coastal CA.
Post: Hampton Roads Anyone???
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Originally posted by @Joel Owens:
What I have heard is a winding down of military workforce from our current administration in office.
That means some bases experience a reduction or an outright closure.
I focus on commercial real estate but I do look at this metric. I stay away from what I call (one economy towns) meaning if a main employer or a base for example closes down or has a reduction in jobs it can severely impact an area. With little to no jobs there will be a net migration away from the area. Those that do remain will depend more on government assistance to get by. Businesses will close and county and cities will need to up taxes for remaining businesses to try and keep the government solvent.
I watch similar markets here in CA. I feel it's just a matter of time before Vandenburg, Edwards and a few other base communities take a real population/migration hit based on partial closings. IMO, a slow decline is the problem. It will take a complete closing to turn those communities around. Some of these communities are VERY nice places to live (Lompoc is amazing coastal California real estate). No offense to military members, but Lompoc would be a paradise in waiting without the base. It's the combo of the base and prison support staff community that make one of the most beautiful areas undesirable to the millennials. It's the millennials who will make new economies happen, or will take their income from elsewhere and move to places with no income opportunities.