All Forum Posts by: Steve K.

What makes the property unique and why can't you find a different property that meets your needs? The reason I ask is that specific performance is rarely granted as a remedy in my experience (not a lawyer, just do some transactions) unless a monetary reward isn't enough to make the buyer whole because the buyer truly can't find a different property to meet their needs. From what I have seen, the typical remedy is termination of the contract, refund of the EM deposit and all expenses incurred by the buyer during the failed transaction. Could be an uphill battle but good luck.

2 Votes

About a year after this thread, the plot approaches it's denouement: https://www.biggerpockets.com/forums/50/topics/1225630-due-o...

0 Votes

Quote from @Bruce Woodruff:

Quote from @Steve K.:

A) I had to fact check this after your last statement about the CA population declining ended up being false due to only accounting for our-migration and not including immigration,

B) The actual estimate is that less than 25% of the nations homeless people live in California, not 51%.

A) Immigration by foreign individuals is not counted (generally) because it is not a definitive marker. As you probably know, California includes all foreign immigration - both legal and illegal to boost the numbers. What does counting hordes of illegals tell us? Other than that we're all F'ed. Even legal immigrants are not reliable numbers because they will/may be short-term residents and also do not have the same benefits or detriments of US citizens. Using state-to-state numbers is much more accurate as far as telling us what is going on with our country and states.We need to know where US CITIZENS want to live and why. It's just common sense. (BTW - The NET loss was about 700 people per day.)

Newsweek - More Americans left California between 2023 and 2024 than any other state across the country, according to new data released by the Census Bureau.

The Golden State lost a total of 239,575 residents to other states, the largest net domestic migration loss in the country over the past year.

B) So you're going to combine unsheltered people and basic homeless? They are different according to the homeless community. https://invisiblepeople.tv/homeless-houseless-unhoused-or-un...
"Unsheltered is a more general term that is only sometimes meant as a synonym for homeless. In everyday use, it could just mean “exposed to the elements” like an unsheltered bus stop. When it comes to homelessness, it usually refers to someone who is living in an area that is not meant for human habitation, like a car, sidewalk, or park. In that sense, it would exclude homeless people who are living in shelters or other temporary housing."

So when you add up the 'homeless' and the 'unsheltered' you actually do get 51%....

The population of CA grew by 233,000 people in 2024: https://www.mercurynews.com/2024/12/19/californias-sees-larg...

https://ktla.com/news/california/californias-population-is-n...

https://www.latimes.com/california/story/2024-12-23/californ....

CA gained more than twice as many people as AZ did last year (109,000): https://www.orionprop.com/topfive/censu

s-arizonas-population...

Just the raw numbers, no spin.

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Los Angeles County, California

When we had the Marshall Fire here on December 30th, 2021 which burned about 1,000 homes, no amount of water would have helped. Firefighters I know had to cut their hoses with their rescue knives and drive away as fast as they could to get away, no time to roll up their hoses. They told me they never trained for that, just reacted to save their own skin.

When the wind is blowing 100mph the fire moves very, very fast. Try flying a helicopter or a tanker, or even spraying a fire hose in winds that strong, it’s like pissing up a rope.

2 Votes

Quote from @Bruce Woodruff:

Quote from @Steve K.:

Newsweek - More Americans left California between 2023 and 2024 than any other state across the country, according to new data released by the Census Bureau.

The Golden State lost a total of 239,575 residents to other states, the largest net domestic migration loss in the country over the past year.

So when you add up the 'homeless' and the 'unsheltered' you actually do get 51%....

Incorrect, look at my previous post again. Less than 25% of the nations homeless which includes all homeless: those that sleep outside and those that sleep in shelters but are “experiencing homelessness”, are in CA. What you wrote is that 51% of homeless and unsheltered live in CA. That is incorrect. The number is less than 25%. You are still a gentleman and a scholar and I still respect you, but think about it, how could 51% of the nations homeless people live in CA? That can’t be right and it’s not. It’s less than 25% (which is still a lot, I’ll give you that, but 25% is less than half of what you wrote). The only thing the “45% of unsheltered homeless in the USA are in CA” statistic tells us is that more homeless people sleep outside in CA than other states, which makes sense because the weather is warmer there than a lot of other places where homeless people sleep in shelters. For example in Colorado the shelters all fill up when the temps dip below freezing, so we have a lot less homeless people sleeping outside “unsheltered” than in CA.

0 Votes

Los Angeles County, California

Quote from @Steve K.:

Quote from @Adam Michael Andrews:

Too bad this guy deleted his account. If we bite off people’s heads when they admit disaster, it suppresses legitimate issues with these techniques.

Just for context there is a lot of history with the OP and some of us on here going back years (like the thread I linked to above from about a year ago and several others if you use the search function with his name) with him minimizing the risks of how he was structuring these transactions and some of us being cautionary, warning him that exactly what happened here could happen, which made him defensive and dismissive. So that’s the full context just fyi.

Like this thread: https://www.biggerpockets.com/forums/921/topics/1139443-due-...

0 Votes

Phoenix, Arizona

Quote from @V.G Jason:

Quote from @Account Closed:

You must not read the news. That’s not how you get clicks. The headline that gets clicks goes something like “Banks get greedy. Force foreclosure on homeowner who paid on time, kick out tenants.”

Guess how worried you get when it’s your bank that’s named and that headline pops up? Imagine you’d share that article with your wife?

We live in a world where PR matters to EVERY business out there. Like it or not.

Ok, are you going to call out the bank now that you got it called on you? You're going to single handedly take down a stock?

It’s already getting so many clicks on Instagram that all the mega banks are going under.

1 Vote

Quote from @Adam Michael Andrews:

Too bad this guy deleted his account. If we bite off people’s heads when they admit disaster, it suppresses legitimate issues with these techniques.

1 Vote

Phoenix, Arizona

Quote from @V.G Jason:

Quote from @Steve K.:

I would never give the party on the opposite end of the transaction POA over the property, or my social, DOB etc. Who would do that?

People doing crazy stuff lately.

I hate to say it but it's starting to feel a bit like 2007, with sub2 being the new subprime mortgage...

It's too small of a percentage of loans for that to be where the bottom falls out. And yes that poster has a trail of his own. @Russell Brazil He closed his account, cause he needs to eat a lot of crow.

Yeah good point. It's not like we're bundling sub2 deals into tranches and selling them as mortgage-backed securities like they were with subprime mortgages, yet.

0 Votes

Phoenix, Arizona

I would never give the party on the opposite end of the transaction POA over the property, or my social, DOB etc. Who would do that?

People doing crazy stuff lately.

I hate to say it but it's starting to feel a bit like 2007, with sub2 being the new subprime mortgage...

6 Votes

Phoenix, Arizona

All Forum Posts by: Steve K.

Steve K. has started 29 posts and replied 2798 times.

Post: Advice on Specific Performance for Breach of Real Estate Contract

Post: Due On Sale Clause About to Become More Common?

Post: Why do people Buy Property in California

Post: Failed Leadership is why California is on fire.

Post: Why do people Buy Property in California

Post: Due On Sale Being Called!!

Post: Due On Sale Clause About to Become More Common?

Post: Due On Sale Being Called!!

Post: Due On Sale Being Called!!

Post: Due On Sale Being Called!!