All Forum Posts by: Account Closed

Hello BP,

    SO as I am searching for property, I am wondering how this will affect prices, and the overall state of real estate. 

Should I move forward and purchase or hold off for potentially better deals?   

Thanks for any advice! 

I noticed a small leak in the ceiling of my condo on January 26th. Contacted the property manager because bylaws state damage from a common element (the roof in this case) makes the HOA responsible for repair. Loooong story short, my HOA:

• Can't afford to make the repair
• Are getting bids to fix the roof
• Haven't fixed it or done anything about it yet (it's now March 11th)
• Will probably ask for a special assessment in the near future and/or raise our dues

They have no real timeline for the repair and "thank me for my patience." They've shown they don't care and aren't transparent about the issue and have blown me off and avoided giving me a clear answer for any of my questions. This is the first time I've ever asked them to repair anything. 

So I'm thinking of renting an apartment nearby  and trying to sell the place. Lots of questions. 

The leak has since dried up and I suspect has moved on. Of course I will disclose the material fact if I sell. 

I'm concerned my place won't "pass" an inspection even if the leak doesn't come back because there are streaks on the outside of my unit with evidence of the leaking roof. 

The HOA says they're going to repair it, and just got a new property management company - so I believe they will. They are just dragging butt on it.

Will anyone want to buy my place? I will of course make a concession and/or offer to repair the ceiling if it's damaged at any point during the sale or shortly after, even though it's a temporary fix until the roof is fixed. 

Will a bank give a conventional loan on the place? The HOA's financials have been rocky but are improving. When the bank orders their own inspection, I'm concerned this could be a dealbreaker.

Finally, with the stock market and coronavirus and all, is now even a good time to sell? 

Place is worth about $220K. My mortgage is paid down to $142K. I will take $200K at the low end, would love to get at least $210K. Anything more and I'd be over the moon. 

I'm sick of the board, neighbors, location, etc etc and ready for a single family home in a more quiet place. Basically, I outgrew this unit. It's been a lovely home for me for the past five years and I have no doubt someone else will love it, especially once the roof is taken care of. 

Do I have a shot of selling it before the roof repair and in this current market? If not, what are my options to offload this place? Do I have a distressed property? 

Thank you for ANY advice and insight. 

Photos below. 

I invested with my traditional IRA account as two different promissory notes for the same borrower on two different flips. One promissory note for one property and one for the other. Unfortunately about 1.5-2 years ago they have not been paid (way past the maturity date) and the borrower says "they will pay" and nothing has happened so far. The plan is to foreclose and regain them as assets into my IRA then up to me to do what I want with both properties (in a picture perfect world)

Title company sold the property too while the liens were not paid. How does that even work??? Aren't liens intact so the borrowers can't sell a house until the liens have been paid off?

Long story, short can I foreclose on both properties after 1.5-2 years after they were sold with a pre-existing unpaid lien (with a recorded deed of trust) when there's already new owners living in them???

Your help is GREATLY APPRECIATED!

Looking for some friendly advise on how you would invest 100K. I currently own 5 doors in Southern California (2 duplexes and 1 single family) and I have 100K sitting in my bank account and I need to put it to work...

Some of the ideas I’d had are to either leave my comfort zone (California) and buy something out of state... but where??? Or just stick to my comfort zone and buy a property in California 400K or less... I’ve also contemplated on building onto one of my duplex, which has a big empty lot, this option I was quoted 130K for a new 2/1 1000 SF home.

I would appreciate any ideas or suggestions...

Ivan,

I only read the first 2 pages then skipped to the last page... But I feel like there are 2 categories of people that describe 90% of the population:

Those that are freaking out too much. Probably 10% right now.

Those that are not taking it seriously enough. Probably 80% right now.

Then there are maybe 10% being realistic about how bad it may be, but without freaking out about it. I'm in this category myself. Maybe it helps that I have many months worth of food, a very good water filtration system, and a ton of medical supplies and other kit handy :) I could not leave my house for months and be fine even if it does go full apocalyptic! But it won't anyway. 

The truth is this has a high probability of killing a couple million people just in the USA, and many, many more globally. They'll mostly be old and sickly, but that's an awful lot of grandmas dying and upper level (read middle aged and older) management at big companies going the way of the dodo in a short span of time. It WILL NOT be the end of the world, but it could be a major disruption. Even if it stays more mild and kills only a couple hundred thousand, it's still going to freak people out, and cause a lot of problems. 

Bottom line is it's too late to contain it. Everybody in the world needed to blacklist all travel out of China in late December/early January to do that. It's too late. Trying to contain it now is straight up whack a mole. You can stop one cluster, but another three will just pop up elsewhere. 

So that means it's probably going to sweep most of the population globally. The real death rate is likely far lower than reported since mostly only serious cases are getting tested and used to do the math on the death rates. It's DEFINITELY not 3.4% in 1st world countries, or probably even 3rd world ones. Maybe it's 1%, maybe even lower. I doubt it's 2% for the same reason 3.4% is bunk. But 1% is still 3.4 million in the USA if everybody gets it. If 50% get it it's 1.7 million, and you can do the math on different scenarios. For every person that dies though there are several that require heavy duty care in the hospital. Our medical system could get VERY strained. 

I think it's going to get bad, and then chill out when warm weather comes. Then everybody who is dumb will think it's over... When in reality it will probably come roaring back next fall 10x worse. Same thing Spanish Flu and most things tend to do, especially if they hit late in the season like this did for their first year. After next winter it'll probably become a non issue, or at least a manageable one people don't freak out about anymore.

The real question is are we going to try to do hardcore stuff that wrecks the economy to try to keep the infected rate lower (maybe 25% or 30%!), or are we going to throw in the towel and only have modest measures like "Avoid big events, but still go to work, and it's cool to visit your sister half way across the country," and risk 50-70%+ of the population catching it. Time will tell. I think the containment measures are useless at this point as it's just too late.

Anyway, moral of the story: It's not the end of the world as we know it... But make sure you call grandma before she dies... Because she very well may die by next winter from this stuff. It could be pretty hairy, and the financial markets may be a total mess, but we'll bounce back fairly quickly once we've really ascertained how bad things are after next fall/winter. All things considered, this is highly likely to at least kick off the long overdue (hopefully) modest recession that we've all been waiting for. I'm just hoping my personal situation isn't impacted much (it shouldn't be) that that I can take advantage of the chaos.

Any recommendations what cities/states to look at?

@Mike S.

It's not surprising that you're posting links to FOX News articles written by medically untrained editors instead of, oh I dont know, maybe someone who works at a health organization - (an epidemiologist perhaps?)

Got it, you get your information from unqualified sources and are happy to leave it at that. Thanks for letting everyone know that there's no reason to take you seriously.

I was going to waste a bunch of my time posting links to statistical projections by credible sources, but I'll go ahead and leave you to it. Just in case you get a flare up of intellectual curiosity, please feel free to check out some projections from the CDC, NIH and the WHO.

Best o

@Mike S.

Sir the reason to be afraid is this. The numbers you posted equal a 6% mortality rate. Correct 19,000 people died wait for it.... out of 42 million from the flu. Want to guess what 6% of 42 million is? 2,520,000. That not enough people to worry about? Even a 3% for the global rate, over a million of our most vulnerable people WILL die EVERY year. YOUR parents. YOUR grandparents. YOUR children. Our country is just now rolling out independent testing because our government refuses to acknowledge this. China is shutting down whole cities. Italy is having a crisis. Ignorance is bliss I guess.

I have an individual who wants to do owner financing rent to own on a property in Cleveland. Im interested, but have a few concerns. He says he has the property under contract, its not in his name. And I know its behind 7k in taxes, which we discussed. What is the best way to move forward with this deal while covering all my bases?? Any help appreciated. Thank you

It's a commercial loan, so I am not sure if that matters or not.