All Forum Posts by: Edgar B.

A few thigs to look into, make corp. name totally neutral as possible, then if things haven't changed, have corp obtain DBA you can put pu to 3 names on each, you can do one for buyers, sellers, or what you may want to try and what name works better, and call banks up and ask how many DBA's you can have on 1 account. Look up name search CA Secre.State site, and DBA's names on L.A. county recorders web. Talk to someone that understand about these things and also find out about SIC codes. this way one cost and many name options, don't stop asking.

Education is the main thing, as long as you are informed, after all it's only money just keep in mind that it's YOUR MONEY, and since it is in starting out, lets say you want to buy and resale or later refinance and you are able to find a very cheap deal, as-is paying cash on this condo. And you were told and signed that your buying as is, no contingencies. So this is were Education will keep you out of untold problems. And you signed papers advicing you to do your own due diligence. These steps you would be wise to find out. As they will come up on the sale or refi. You may be able to get a loan but any of these red flags will limit the lending avaliability. Fannie Mae and FHA, now declare mortgage loans products on condos involved in any type of litigation, other than minor litigation (i.e. disputes over rights of quiet enjoyment) are ineligible. Or if more 51% are rented, or if 15% are delinquent. These are simple things you can do to find out were you are and what you will do, with that info ain pull the triger. And the biggest red flag will come up with comps if nothing has sold in the past months, unless it is a small project, you better get info. So any deal can be good as long as you are EDUCATED. and also ask if ther any special assessments, there more things to know, but with these you can make an educated guess.

Title will contact IRS, obtain a CONDITIONAL DISCHARGE LETTER, title will close and send proof that this person is not a part of the transaction, seller will not pay and it will not affect you in any way, if you are flipping get a copy of discharge letter for new resale title, the letter will take a few days and they will ask for papers from closing agent.

Give it shot www.sco.ca.gov & www.unclaimed.org let me know if you had luck.

On the expences you can figure it out, with the rents you should get, and don't ask the seller, you do a tenant estoppel certificate, then you will know verified by the renters as to rent and any deposits that they may claim later.

I wanted to jump in, but dicieded to have a bottle of wine, i will put my thoughts & memory together. from what i've read all of you are right, minus a few.

The replies are good and to the point, on a deal that closed 2 months ago 1st person applied with B/A he was charged 435 for credit & appraisal, deal did not go well, he was returned 400 new buyer comes in with W/F he paid 450 for same things, he did buy & with FHA appraisal & appraiser got 185, if someone knows who keeps what, it will be nice to just be informed. And financexaminer is right.I have no idea on your state requirements, i will keep myself only to what i know CALI, here you wont get to touch anything commercial for a while. Let's see if someone comes up with the $ allocation.

try to go with one or two appraisers for a week at their office and ride along with them, it will give you what you are asking for, before cuomo put the AMC in place here in california the appraiser was receiving an average of 350 per assigment now the AMC will ask that bid on that assigment, the lowest bidder gets it, in the past months 3 appraisers that i talked to 1 had done 5 appra. the other 7 and the last one 22 in that month, they were getting from 175 to 210 per assigment, these are SFR in average it will take 8 hours to complete with very fast turnaround time, 1 hour for comps, 1 hour drive, 1 hour for inspection, 1 comps photos, 1hour drive back, 2 to 3 hours to type and finish, so if get the bid at 200 and you are able to get 5 a week = 1000 take 200 for expences thats 800 per week, you can multiply any way you want, it was good at the 350 to 400 pay. Drive with and get the real # for your area, and ask how much they pay for their data sources, i did not accept the bidding process with AMC's and did not renew my Lic as of 3 years ago, not many will tell you or here what they make, but if you ask in person you will figure it out, let me know what happend and good luck.

and also, depending on your intension are in the future with this property, consult regarding taxes, if you go on title now it may take you back to their original tax base, if or when you sell, find out so you get a steped up assessment, if and when the time comes, consult with a CPA, depending when property was bought, this can cost you a lot of $.

Also keep in mind tax reassessment issues, find out all infomation Q.C. will, T. D. wont.