All Forum Posts by: Andrew O.

I think Robert was more asking what function are you looking for an agent to fulfil with regards to your wholesaling, a buyers agent so you can try and wholesale mls listed properties, or a listing agent to get the properties you have under contract listed?

I don't wholesale, but from what I have gathered generally wholesalers are working separately form realtors, they find their own deals, and shop them to buyers; no realtor needed.

Andrew

I don't know about getting the extension, but unless the bank was willing to take a significant haircut, no deal in my eyes.

If the bank is foreclosing on a loan where there is equity, they will possibly recoup their money in the event of a trustee auction, why would they postpone that to negotiate a short sale for less than they could potentially get at auction?

You would have to get the property for less than $240,000 to begin making any money on a $310,000 ARV, a $30,000 (plus costs and fees) haircut for the lender.

Andrew

Just remember Neil, you may find a nice deal in SoCal, but there inherent difficulties with being a landlord in CA, tenants are generally treated as endangered species by the courts, one of the reasons I haven't been excited about buying more SFR's in CA.

Andrew

I'd agree with that Joe, I'm planning to get into notes come January. You seem to be a fairly active note investor, and it appears to be working for you. I just wish I had your finance background.

Andrew

I try and make the numbers make sense down here, doesn't happen. We look in the IE and the desert, but so is everyone else. I don't want to buy when everyone else is, so I am turning my attention to different ventures, I will still look, but will have the freedom to stick to certain parameters without worrying.

I can't justify owning over renting down here, which my wife isn't exactly thrilled about, the numbers for OO (owner occupied) or NOO (non owner occupied) just don't make sense.

Andrew

With regards to risk, research, due diligence and analysis up front obviously vets an opportunity, but once that has been done, it comes down to gut feeling for me. I know what the numbers say, what the research says, do I feel good about it? About the people who are involved?

Be prepared to walk away if not, don't let green cloud your judgment. Especially if you have the money, be in the drivers seat. Know what your money and time is worth to you, set a goal for ROI % (active or passive), and stay on top of your different income avenues, if a source of income is underperforming, know why, fix it if you can, if not, plan an exit strategy.

Interesting thread,

Andrew

For now I like to aim for 2% on SFR's (not finding much these days in CA).

It looks as though this year we will make 13% funding flips, I'd like to see that above 15% and closer to 18%; partly my fault, the flipper we work with slowed down due to hedge funds earlier this year, I should have diverted some money to another avenue, rectifying that for the new year.

Management deal starting in February will have me happy over 18% (actuals show 22%).

ForEx I expect 60% per annum, I prefer 5% compounding monthly. This is a small slice of my funds as it is risky.

Overall I would like to see 15%, then use that as the benchmark to improve from next year.

Andrew

Edit: I am looking to sign up with Dave Van Horn's PPR note co. start of the new year, I would like to see 15% from the notes. However it would be nice to structure some to hit some higher numbers.

A bit further north east of where I was thinking, figures, there is not much land in the downtown left.

The North Beach redevelopment, and the Marble Head development should help that area. It would be cool to add a garage for an NEV (Neighborhood Electric Vehicle...golf cart), that would make the downtown much more accessible etc.

I'm excited to see how the project progresses, you chose a great town.

What street in SC? (I'm assuming downtown near Del Mar) We love this town, everytime we come back from a trip somewhere we always ask ourselves "Why would we leave?" In the right location it should sell quickly here.

Same thing happened to us on one of our previous rentals. My wife picked up on it, called the police, eventually the FBI took over. I'm guessing it was probably the volume of scams the our case was a part of that had the FBI interested.

We had people knocking on our tenants door asking for keys! I think the scammers ended up with a few thousand dollars, they were Nigerian.