All Forum Posts by: Account Closed

I saw this article in the WSJ this morning. 

https://www.wsj.com/articles/whats-a-house-worth-w...

The article might be behind a paywall, but the main point is that big investment groups like Blackstone are buying properties based on "drive-by" rather than appraisal. Some of these "drive-bys" aren't even physical drive-bys. Some companies in India will give a "broker price opinion" based on Google Earth and some real estate websites for $10 a property.

I'm all for investors eyeballing a market that they know. After all, we know that two official appraisals can come back very different. However, it seems like outsourcing that opinion of value to someone on the other side of the world seems risky.

Anyone seen the effects of this in their market? I don't have any hard evidence, but it seems like this kind of behavior has driven up prices here in the Houston area.

Well I bought my current property, that I plan to house hack, from someone who was an absentee landlord and the taxes were not homestead. I just called the revenue office in my county and they told me that if I planned on renting my house out - even while living in it- that I would not be able to claim homestead and I will have to keep on paying as if I didn't even live there...

Unless I completely missed something, this goes against everything I learned about this subject up to this point. Does this sound correct to y'all?

I was discussing houses with a coworker today. Turns out he owns a home that he just doesnt want anymore. He has rented it through a PM before and hasn't had a pleasant experience with tenant turnover and minor damages that erased the little profit he made.

Then he got to telling me he is thinking of trying to short sell it so I got curious if there might be a deal to be had.

From what I can tell he paid 87k for it....
He said he still owes around 72k and that houses near by have been selling in the 50s....although when I did a quick zillow search on my phone I saw similar houses listed in the 70s so I was a little confused why he thought he could short sell it. He did say however that he has spoken to a realtor who specializes in short sales but has not signed anything yet. So apparently that realtor thinks this property could go as a short sale I dunno.

Anywayyyyy....in talking to him he is just done with the property. He is in another house now with his family and does not have the $$$ nor the desire to handle both houses.

Are there any creative ways to work a deal that would prevent him from a short sale and at the same time get a deal on the property?
Or to make sure I'm on the A list when it short sells? lol

I believe it would rent for 750....but being he owes 72000 I dont see much of a deal but thought Id ask anyway.

Maybe, but the important thing is that she is on the deed right now.  So I'm wondering if what you are referring to would only be the case if she was not on the deed, but rather just a spouse that would receive partial assets like his children would.  So we must ask, in a normal situation had the wife still been living in the house, could his children suddenly claim half of it?  A lawyer will probably be met soon, but I just wanted to get any info on here first.

There is way too much info on Lease Options. I live in Florida and I believe there are many opportunities in Lease Options, but so much mis-information. Without spending thousands for Guru info, where can I find this knowledge.

If you say BP then you're correct, but there are hundreds of results and I want one place to go with contract examples.

Please help. Too much information out there.

@Account Closed, I understand what you are saying, and I was not really trying to push my home state. I was simply sharing the personal experience that we are seeing here to give an idea of what we have done in the past for clients and friends.  States with higher taxes usually mean that the residents are getting more (in some form). By no means is this an endorsement, but check at this article about K-12 rankings by state. I know this is just one aspect, but schooling is extremely important to a great portion of us. I don't have anything negative to say about any states, but I don't see AZ or TX on this list.

https://www.usatoday.com/story/money/business/2015/01/15/247-wall-st-states-best-schools/21388041/

Crime Rates by state in this article have TX and AZ at 12 and 17, which can be equally important to people as well

http://247wallst.com/special-report/2017/11/03/most-dangerous-states-in-america/9/

@Axel Meierhoefer, good luck with your quest! I can't share too much on out of state investing, as this is one thing I have no experience on (yet...) I hope to gain some more of this experience in the few years. If you ever find yourself thinking about CT or MA, reach out.

 Sorry, this just isn't a ringing endorsement for CT. I always look at the numbers and long term.

By RICK ROJAS and MARY WILLIAMS WALSHAUG. 15, 2017

HARTFORD — By many measures, Connecticut appears to be brimming with wealth. The state is known for its Gold Coast, populated with chief executives and hedge fund billionaires and specked with mansions on spacious estates. Then there are the suburbs that draw families with placid neighborhoods and high-achieving public schools.

But the state capital is teetering on the brink of bankruptcy, and the turbulence rocking Hartford has served as a stark reminder of the gulf between the affluent enclaves that drive Connecticut’s wealth and its larger cities that have long grappled with high crime, underperforming schools and unsure financial footing.

The problems in Hartford are similar to some other cities across the United States that have sought relief through bankruptcy: its tax base and population have shrunk and its pension obligations and debts have piled up.

@Axel Meierhoefer I reside in CT, invest here, and own a Real Estate Brokerage, as well as a Property Management company. I can't speak for any of the states @Account Closed mentioned except for MA and CT. I would like to respectfully disagree with Mike S on avoiding the "obvious." You can find opportunity in ANY market, depending on what your short and long term goals are.  Some might say that "cash flow" trumps "appreciation," and some might prefer the opposite. 

CT is a market that didn't get hit nearly as hard as the rest of the US in the 2008 RE correction, and it also has taken a much slower rise back to it's top. There are areas in CT that fetch 8-10 Cap for investors, which is astounding to most out of state investors (for example some NY areas are yielding next to 0).  Granted, they are getting harder to locate due to the supply of quality properties, but there are deals to be had. CT and MA are terrible for taxes (but rents should make up for that), and MA can be known for being very "tenant friendly." 

We are have helped our clients across the US not only FIND these deals, but also managing them with our sister PM company as well. We are a one-stop shop for the out of state investor, and have logged some nice success stories. Currently we represent investor buyers in properties ALL over CT, but only manage in Hartford, Tolland Counties.  If you want any more info on the CT (or MA) market, please reach out, I would be happy to help.

 Being an agent has nothing to do with buying subject to.