All Forum Posts by: Tim Jones

Welcome aboard @Clark Scroggin

Sounds like you have some great resources at your disposal. My suggestion (after following Alina's) is to focus on saving as much as possible to put yourself in a position to invest and in the meantime it's education, education, education! You're in a strong position being in lending. Just yesterday on the latest podcast it was stated that it's easier to do this if you understand the money and business side of things and hire out the labor vs the opposite of that situation. And who better to understand ARV than your dad!

You definitely want to set up keyword alerts in your profile; that's how I came across this thread. I have family in the RGV and visit annually. 

Happy investing!

TJ

@Sal Souza

Yes it can be done. I'm happy to report that I just put my place under contract this weekend. It's near GVHS. A friend of mine will be listing hers in Winton very soon. Another friend of mine is in the counter-offer stage with his project in Merced.  Send me a colleague request and I'll add you to our meetup list. We haven't been too active lately (or even on this site) because we've been busy...good problem to have!

Happy investing!

TJ

K.I.S. Buy low, sell high. As another poster suggested you could put a large down payment on your next primary residence. You could then slap a HELOC on it for access to your money... Best of luck to you, TJ

@Kevin Moules

Welcome aboard and happy investing! We do meetups from time to time here in Merced. We're actually overdue for a meeting! Two of the group are working on flips and I'm closing on a property next week. Things have been a little crazy but I'll have to set up a time we can all meet.

Best of luck to you!

TJ

The best investment you can make is in yourself! Focus on the task at hand (school) & do whatever you can to graduate debt free...it's a great feeling and will be very empowering. Good luck!

@Michael Brockway

My understanding is that you must be a Mexican citizen to own property within 7 miles of the coastline. Otherwise you can do a 99 year lease as a non-citizen. Also, check into squatter's rights...I believe it's 7 years. This might come into play if you're buying ahead of the curve (future development). Hope this is helpful (and accurate). It goes without saying that we all must do double-duty when it comes to due diligence in foreign lands.

TJ

I agree with many of the sentiments here and thanks to all for chiming in. I agree wholeheartedly with @JD Martin, @Jenna Estefan and others that it's best to negotiate down to price only. Unfortunately the seller wanted the higher SP, but was willing to concede to repairs. I believe it's just a case of psychology here...not every seller thinks in terms of net proceeds. 

The repairs in question stem from a pest report and were essentially termites, sub floor, and a new roof. I negotiated these repairs for a good price and wanted to close the property with all the structural things completed. I backed this up with a seller-paid re-inspection of the property prior to closing. Although I generally do my own work, I was comfortable with MY agent's pest company doing the termites and having their contractor do the roof since our inspector would do the re-inspection and it would be subject to the city's permit process.

We are pursuing with the breach of contract (cause I've got nothin' better to do....read: no deals on the immediate horizon). 

Thanks everyone. Your comments are very appreciated!!

TJ

Hey @Araceli Gomez, check this thread out...

@Nathan G. Thanks for your reply. I agree with you with respect to the contract. My question is to it's validity now that the agent doesn't have a brokerage to hang his license. I plan on holding the seller to the terms of the contract. I want to proceed, even though the seller has been a PITA.

Hi everyone! So I have a signed PA and have been waiting for negotiated repairs to be made. It's been a lengthy escrow as the seller didn't read the repair list well (speculating here) & finds himself spending more than anticipated. There's been some back and forth and meetings between agents and the contractor to clarify the scope of repairs. My agent just served an escrow extention to give them some more time to perform. The other side has yet to sign... The escrow date just passed. Our response back was this: The listing agent's broker passed away recently (after signed contract & addendums) and the agent is saying that he must re-sign with the seller and that our contract may be voided. It appears that the seller (and agent) are using this to get out of the contract. This property is in California. I'm curious if anyone has been in a similar situation and what course of action you'd recommend. Any and all input is appreciated. Thank you BP community! TJ

Submit offers subject to viewing the property, don't wait to physically walk the property. The market is too hot to wait several days to get in. You can always walk away from the offer if you didn't like what you saw... Good luck! TJ