All Forum Posts by: Mirko Lopez

Yes, California.

I would be willing to to that.  The only problem is that I have only looked at the property through the windows and I need to look inside.  I'm willing to give them whatever info they want in order to do that.  Property was vacant for around three years because it was in litigation.  Lis pendes was set aside and then B of A proceeded with the sale.  Their loan is around three years senior to the lis pendens.  Actually, I need to wait for the deed to record and see the new owner.  I am assuming it was B of A, since they had the senior, big loan on the property.  There was also a much smaller 2nd which I assume was wiped out.  I keep checking the county site to see if a deed has recorded but do not find one yet.  I'll ask a title rep to help me tomorrow.

I want to buy an REO, which went back to B of A by way of foreclosure about three weeks ago. I want to buy it for my own residence as I am close to retirement and I like the Central Coast of CA. I could pay cash for it. It went back to B of A for their opening bid of $420,000. What is the best way to contact B of A REO? I am a RE broker (30+ years) but that is just a coincidence. I really want to live in this house (you guys have to believe that). We could pay cash, just having a hard time getting ahold of B of A REO department. Any suggestions?

I have a good understanding of all that.  I guess I'm just pissed.  It's seems unnecessary to get a loan on my existing property just for the sakes of having less net at closing and only reinvesting that portion.  As it is now, I'll put down the full $200k or so into the new porperty and hope rates stay low long enough that I can refi.  If I wait long enough to refi, the new property should have been converted to my residence.  We'll rent it and move there in 1-2 years.  I get pissy but I'm lucky to have all these options.  We have $400k+ equity in our home as well and less than $500k gain so that will be tax free as well.  Onwards.

I want to do a 1031, selling an investment condo and buying an investment house.  Eventually I will live in the house but that is down the road.  My problem is with the concept of "boot".  I have been a broker for a long time, so I understand the basics.  Problem is that the condo is free and clear so I will clear around $200k but the gain part of that is only around $100.  I would like to re-invest my gain but not the whole proceeds.  Any suggestions?

I am a RE broker but not practicing at the present time. Retired around 10 years ago before the mortgage market got weird. I want to buy a house to occupy at retirement. For now it would be a rental. I own another rental which I bought at foreclosure.

How can I obtain a standard CAR purchase contracts to keep CA Realtors happy? I want to submit with a commission and then reduce the price for the amount of my comission or just submit for a lower price without my selling comission. I do not need the comission money to purchase a house and I don't want to pay income taxes on it. Any ideas as to where I can find such a form? Do you think I would have a problem submitting such offer for a house in the Central Coast even though I am not a member of their MLS or Realtor Board? I live in Orange County and do not belong to any RE organizations there either. The area we are interested in is small and I really don't need a Realtor.

I am interested in lending some money. Only have about 500K left. I prefer buying existing, performing junior notes. Orange County CA only, as I want to see the property. I don't want to be the broker originating the loan but I will look at existing or newly created notes.

I would be a very happy camper indeed if I could do that. I have an old friend in the mortgage business and I will try to apply with her. She's the one that told me about my (amd my wife's...she pays the bills :-)) fico scores. When we talked a couple of months ago it was about purchase money, not c/o refi. Funny, I was in the mortgage business 30 years, before it got weird, but I am so out of touch now and don't have the time to re-educate myself just to do my own loans.

On a similar matter, it took a lot of labor and time, which I don't have now, to buy the foreclosure at the courthouse steps. The area that I want to buy in is limited and I want condos on bread and butter yet nice complexes. They are there, they just take a long time to come up. A lot of time is wasted attending foreclosure sales only to have cancellations or postponements on the few properties I am interested in. Fun at first, but it eventually gets old. Now I am not able to go to foreclosure sales at all since I am a school teacher as a second career. I would like to find a "runner" that can bid for me with a power of attorney to endorse my cashier's checks but have not found anybody I feel confortable with. I had a guy that was working for another investor and willing to put in my bids (we have different interests, so no overlap) but his investor now has him attending sales in a different area.

In any event, I'm thinking of putting in a few offers on short sales even it they take a long time. I'm thinking all cash will help me get the deals. It will be nice to buy something without having to call a locksmith to go in and see what I really bought.

If I don't have any luck with my broker friend (I trained her), I'll leave a message here.

Thanks for the input, I really appreciate it.

Mirko

I bought a property at foreclosure sale for all cash. I would like to do some more but I run out of money after 4 or 5 of these. I paid 113,800 at the sale and spent around 8k rehabing it. It rents for $1,350 per month. Association dues are 305, taxes 120 or so. My total investment is around $120,000, all documented. I have excellent credit (813 middle fico) and no debt other than my house payment. My income is not great so my rations would be kind of high. I'm guessing around 40% based on my house payment. The property would show cash flow even with the new loan. Right now lots of cash flow since it is free and clear. I won't get my first rent check until December 15th. I just got done rehabbing and that's when the tenants move in. I would like to get around 70% of my 120K back. MY interest is in holding it for around five years...but who knows?

Any suggestions?

Thanks in advance.

Mirkee

Any suggestions?

I bought a condo at foreclosure last week. I'm in the process of rehabing it now. No surprises, it needs about the amount of work I had figured. I've been a broker over thirty years and bought eight condos during the last recession. Made a million dollars +, banked it and paid my taxes. I sold early and missed part of the increase but still made a lot fo money. I want to do the same thing now. Not interested in flipping. Looking at the cashflow, which is what I need. I'll sell when the market comes to me. I paid $113,400 for the condo (this is So. Cal.) and was happy with the deal.

Thanks for the advice on the pitfalls of buying at foreclosure. I'll probably buy REO's or short sales next, since I need to finance some of my pruchases or I run out of money too soon. I want to buy at least 10 and I feel time is of the essense.