BiggerPockets.com

Posted: Thu Jul 24, 2008 11:37 pm (GMT -7)
So we get 5 more years of this awesome buying market? Sweet! I was looking at my next target market this week and properties were running about 40 fmv. I told my partner I didn't think it was time to buy there yet. I think we had about 6 months to a year to wait for them to drop further. It's looking like that way with this news....

Posted: Thu Jul 24, 2008 11:33 pm (GMT -7)
1. Realtor. And yes - he's a tool but I know his idiosyncracies so I'll keep using him.

Subject: Misled Home Owner Association fee
Posted: Thu Jul 24, 2008 10:59 pm (GMT -7)
Am in the process of purchasing a SFH that my agent had never once informed me any HOA fee involved, though he’d checked those boxes that said seller shall pay for HOA transfer fee and seller pay HOA document preparation fees on page 2 0f 8 from purchase contract; item 4 E.3) & 4) (which I later found out from my friend who‘s an agent also); where I’d let it slipped; just went by his verbalization when he’d went over the contract with me; he did told me none of those fees on page 2 concerned me and they’re all paid by seller with the exception of 50/50 escrow fee; without further scoping into the itemizations which he should’ve had; so should I. In addition to I’d always asked if there’s HOA upfront before I’ll consider checked out any properties which answer he gave me was no; took his words for granted again…

Comes the escrow acceptance letter needed ...

Posted: Thu Jul 24, 2008 10:14 pm (GMT -7)
Hi LadyMarshall
I wish I had done some deals in areas near San Diego, but no. I myself am starting out so there isnt much I have done... Actually, NONE. :-). However, I used to go to an investment club meeting - Marshall Reddick and I used to get emails from them about Foreclosures in Ventura County (if I remember right), places near La Jolla maybe. I cant recollect exactly. Also, I remember seeing in the news or on the internet places like Thousand Oaks, Oxnard were hit bad due to the subprime downturn. I stayed in Oxnard for a week's vacation and I am quite certain some of them are vacation homes which you might find a deal.

Those are the pointers I can give you. Sorry that I am not of much help.

Good Luck, again!

Cheers
Ram

Subject: Borrowers...After the Auction
Posted: Thu Jul 24, 2008 10:10 pm (GMT -7)
I've heard differing opinions on this.

What happens when the property doesn't pull enough at auction? Do banks put deficency judgments on all the borrowers who's properties fail to bring in enough at auction? If it's a Foreclosure Judgment, doesn't that mean the ruling has already been made and the property is the item being sold to fulfill it.

Posted: Thu Jul 24, 2008 10:07 pm (GMT -7)
Here in Florida it is usually some para-legal attending the auction for the attorney handling the foreclosure. If it's a institutional lender foreclosuring I would be willing to bet the person holding the file at the courthouse does not have permission to sell the property.

Now if the foreclosing party is a private lender, that might be the case.

Posted: Thu Jul 24, 2008 10:06 pm (GMT -7)
I've not bought his material, but I've seen and listened to his pitch a couple of times. I've also read one of his books. He seems pretty reasonable. He actually does recommend using 50% of rent as the minimum expenses, and recommends purchasing at 10X annual NOI. That amounts to 5X gross rent, if expenses really are only 50%, or 60X monthly rent. A little higher than the
"2% rule of thumb", but far closer than any other guru I've heard actually address this level of detail.

Posted: Thu Jul 24, 2008 10:00 pm (GMT -7)
Wachovia exited the wholesale business this week and is no longer doing broker loans. If you had planned on using them you should check with your broker, if using one.


There are several other lenders that allow more than 4 financed properties. Some that done have any restrictions to how many are owned/financed.

Subject: Intellibiz?
Posted: Thu Jul 24, 2008 9:50 pm (GMT -7)
Has anyone invested in Intellibiz? It's a web based real estate mentoring program. They only have online mentoring and no phone number to call.
I read on another site that even though they give a money back guarantee it's basically bogus. You have to stay with them for a year and use the mentoring service at least once a month. Aside from the price of the program they also charge you $10.00 a month. On the web site it indicates that you could opt out of the $10.00 monthly fee, and you still have mentoring privileges, but once you opt out they make it clear that it's not guaranteed that the mentor will answer your e-mail since he
answers paying clients first. So much for a money back guarantee.
The information given in the course leaves out a lot of detail.

The web site makes it seem really enticing but after reading this, I'm not so sure. Any comments ...

Posted: Thu Jul 24, 2008 9:49 pm (GMT -7)
I have a beach condo (not on the water) but we rent it out for 2000 per week at peak season and drop it down to 1300 during the offseason. This is our first summer doing it and it is more work than our other properties that have 12 month leases but i think after working the kinks out we will cashflow on a property that we were about to take a serious hit on. hope that helps!