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All Forum Posts by: Silvio Brigliadoro

Silvio Brigliadoro has started 0 posts and replied 85 times.

Post: How to structure partnership flips?

Silvio BrigliadoroPosted
  • Riverside, CA
  • Posts 92
  • Votes 28

An attorney will probably recommend to use an LLC, I like Title Holding Trusts to hold title, is an entity that does not cost anything (or very little) to set up and it works very well with JV's. I would also make sure I was the trustee and I had a JV agreement.

There are options.. I would try to find a licensed contractor that would be willing to give you a written bid of the MANY EXTENSIVE repairs needed, hopefully making that bid substantial (more than 6K) and submit it to the seller along with a repair request credit to cover the difference needed to close and the copy of the appraisal.

You could also find potential mistakes in that appraisal and submit an "appraisal rebuttal" the appraiser could potentially be willing to revise that appraisal.

You could try a 3rd. lender.

Post: How Do I Start The Short Sale Process

Silvio BrigliadoroPosted
  • Riverside, CA
  • Posts 92
  • Votes 28

@Edward Powell, why is there an attorney involved? Some Attorneys have the tendency to complicate things, specially if this is a BK attorney. IMHO if the seller does not cooperate with you from the get go, this is not a deal worth pursuing. You could have the seller sign a "3rd. party authorization form" so that you may contact the lender(s) directly in behalf of the borrower and get the story straight. If this is a good short sale candidate and you have negotiated a short pay off, some lenders require many signatures from the borrower(s) at different times, you will also need them to sign the grant deed, if he left the country are you going to be able to get to the finish line ?

My take on this is that if I buy rentals in blue collar neighborhoods I am more likely to face these issues on a regular basis, and if I was going to do a lot of business in that area I would consider hiring a part time bi-lingual employee and train him/her to perform property management duties, which we all know are not just limited to screening and signing leases; I want to maintain good communication with my tenants to make sure the property is well maintained. In California the landlord must give the tenant a written translation of the proposed lease or rental agreement in the language used in the negotiation before the tenant signs it to be binding, I am not sure if this a requirement in other states.

@James Noll, specifically in OC or are you looking in other areas?

Post: Please help me with comps!

Silvio BrigliadoroPosted
  • Riverside, CA
  • Posts 92
  • Votes 28
Originally posted by Colin L.:
How much lower would you adjust your sales price for one less bathroom than comparable sales? For instance there are two 3/2's approx 1300 SF sold in past 6 months for $325K within a few blocks, and subject property is 3/1 and also 1300 SF. Assume all other variables are the same.
Thanks in advance!

I would try to find sales with that same room count as your subject, even if you have to go a bit beyond 90 days, and compare what those sold for versus 3/2's; then use the data to calculate the adjustment for that extra bathroom and any increases. I would also look at the actives and pendings, and may be call on a couple of pendings to try to find out info..

Post: Realtors Have to be able to help!!.....how....?

Silvio BrigliadoroPosted
  • Riverside, CA
  • Posts 92
  • Votes 28
Originally posted by Andrew Mazzenga:

I have found that my biggest roadblock thus far is finding motivated sellers, and frankly im having a hard time wrapping my brain around why they would be agreeing to sell their home to me for such a discount...30-40%+ under retail. with the exception of needing to move very quickly i don t really know what would posses my to make such an unprofitable move if i were them.

I'm under the believe that in order to be successful in what you do you have to TRULY believe in yourself and your ability to provide a BENEFIT to someone else. You have to clearly understand and explain the true benefit you can provide to that seller.

Originally posted by Andrew Mazzenga:

The one seasoned realtor that i was talking to told me that she know of no successful wholesalers in my area.

Realtors can provide great service and may be a great asset to your business model, but I would not have these types of conversations with Realtors about wholesaling, 40% under market, etc. IMHO that would be the wrong topic.

Wholesaling is not as simple as many think, it requires a set of many skills. Good luck.

Post: house location

Silvio BrigliadoroPosted
  • Riverside, CA
  • Posts 92
  • Votes 28
Originally posted by Shawn M.:
extremely close to supermarket/stores etc. What i did notice was the property lines touch a condominium complex (very nice condos). My question is would the fact this home is so close to condos have an effect on it selling?

I would look at the floor plan, make sure it has a good flow, also I will look for possible location problems and other inadequacies which may affect value... I would look at what properties with similar issues (near shopping & next to condos) sold for versus others without these issues to see if that has an impact in your market.

Post: Short Sale on the MLS

Silvio BrigliadoroPosted
  • Riverside, CA
  • Posts 92
  • Votes 28
Originally posted by Ty Wesley:
Are the banks usually flexible with the price on these short sales?? Like, do I have a chance of a lower offer getting accepted?? (I know 18k is already pretty low)

It would all depend on the agent and/or who is negotiating the lien(s). Knowing more about the process may give you an advance and develop a method to peruse them.

Post: Where did you get money to buy Foreclosures?

Silvio BrigliadoroPosted
  • Riverside, CA
  • Posts 92
  • Votes 28

You could, but you are way better off exploring all other money sources first. Transactional funding is typically more expensive than hard money and typically reserved for specific type transactions.