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All Forum Posts by: Arcinio Arauz

Arcinio Arauz has started 51 posts and replied 155 times.

Post: Living trust question

Arcinio ArauzPosted
  • Wholesaler
  • Atwater, CA
  • Posts 161
  • Votes 27

My friend's grandmother wants to protect her assets. She owns two homes with small mortgages. I was told that transferring the properties into a living trust is the best way to go. I think she applied for medi cal and does't want to show that she owns these properties as thus she may not get approved. Would having the homes in a trust help her? Also...

1. How do we transfer title into a trust?

2. What are all the docs needed other than the trust document itself?

3. Do we need to open a bank account for that trust?

4. What is the turn around time and cost or can we do it ourselves?

5. Does the grantor and all trustees need signatures notarized?

Thanks for your help

Post: County Conservatorship

Arcinio ArauzPosted
  • Wholesaler
  • Atwater, CA
  • Posts 161
  • Votes 27

So what happens when the person dies? The county keeps the property and any proceeds from it?

@Dennis Lanni

It is clear the County Conservator holds title.

Post: County Conservatorship

Arcinio ArauzPosted
  • Wholesaler
  • Atwater, CA
  • Posts 161
  • Votes 27

I found a house free and clear then found something of which I need some help understanding. After looking up records and other information it looks as if the owner passed away in 2007. He paid the house off before he passed. It is now showing the Merced County Conservatorship as the owner. It has had renters through the years as well. I thought that when someone dies, the family must go through probate or at least prove a will if one was created. If no family members are present then I was under the impression that the county public administrator comes in to liquidate all assets and then diligently locate any heirs. On the house I found the County Conservatorship now owes the home and has so since 2007, collecting rents too! Please help me understand this because aren't they superposed to sell the house then the proceeds go to the state if no heirs are found?

Post: finding motivated sellers

Arcinio ArauzPosted
  • Wholesaler
  • Atwater, CA
  • Posts 161
  • Votes 27

Thanks for the response on this...I guess I'll just wait and see what kind of results come out. I did notice in a Google search there is also "find cash buyers " and "find private lenders" also by Chris and Kent. So is that yet another $995 to get a list of cash buyers and financiers respectfully? Please send me a PM if you don't mind once results are posted.

Post: finding motivated sellers

Arcinio ArauzPosted
  • Wholesaler
  • Atwater, CA
  • Posts 161
  • Votes 27

Just want to see if anyone has heard of hiddenmotivatedsellers.com

by Chris Richter in Seattle

I spend a lot of driving around and filtering through records to find motived sellers of free and clear homes. Even with birddogs, its a lot of work. So I figured to give this call one hour of time. This program/system has a 30 day money back guarantee and is a software program that allows you to find vacant homes, free and clear, with owner address, phone numbers and many other things in any county or state without ever needing to hire a bird dog or leave your home. You can even send letters out right then and there without stuffing envelopes! At the end of the call the (of course) "all for $995 this time only, and never again" line comes out. So has anyone heard of this?

Post: asignments

Arcinio ArauzPosted
  • Wholesaler
  • Atwater, CA
  • Posts 161
  • Votes 27

What works best when we tie up a house:

1. a double escrow if title company will allow it

or
2. an assignment to assign the deal to an end buyer

One lady at one title company told me that assignment fees are paid only to brokers. That's why I generally do a double escrow.
Someone else tells me that if I can assign the deal to an end buyer, I stay further away from chain of title. Please explain and where can I find a document for this (assignment)?
thanks

Post: owner will carry on five homes...

Arcinio ArauzPosted
  • Wholesaler
  • Atwater, CA
  • Posts 161
  • Votes 27

I offered my help with things she needed done around her ranch.
She and her daughter call me when they need something beyond their capabilities. They always offer to pay me but I decline. It's small stuff. I wholesaled one of their burnt homes for 18k. As a result we became friends. So I guess she just changed her mind on selling me two of her home for only 75k versus 120K. I also remember her telling me she would not carry. Then she says she'll carry only for me. Go figure. Either way, If I do a deal with them, I think it would be in my best interest to get her daughter to sign off on everything as well with their attorney. As I have heard stories of people doing deals with the elderly only to be accused of taking advantage of them. Also, she just increased rents on the two homes. They were renting for $850. She upped the rents due the remodels. As far as her other homes...they all don't produce much of cash flow. One house she rents for $400 per month when she should be collecting at least $700. i asked her why she rented it so low...she said because the tenant was 100 years old! To be honest I most likely won't move forward on this deal. There are too many "unseen" things. HVAC, pluming, tenant leases, and so. Also.... I may end up moving out of the area and may not have anyone to help manage them.

Post: owner will carry on five homes...

Arcinio ArauzPosted
  • Wholesaler
  • Atwater, CA
  • Posts 161
  • Votes 27

Thanks to all for your admonition. I am not offended in any way. I take it as friends just trying to look out for a friend. Be honest though.. Is not my last negotiation a better one with her? She'll sell two for 150K, 0 down 6% on a 30 year note. After all expenses, I'm left with about $500 in cash per month.

Troy Fisher:
I must have forgot to mention that the homes need NO repairs. She just completed a new roof, carpet, stucco, paint, floors and kitchens in the two I may buy from her. Also, both have long term tenants (7 and 13 years) that eventually would like to buy the homes. Thanks again.

Post: owner will carry on five homes...

Arcinio ArauzPosted
  • Wholesaler
  • Atwater, CA
  • Posts 161
  • Votes 27
Originally posted by Paul Sorgi:

After some consideration and another revisit I came up with something that worked. What about buying two of her homes for now? I picked out her two best homes and agreed to a 150K price tag. 6% on a 30 year note, nothing down whatsoever, no balloons, I cover all of closing and help her plow a field she owns. My payments are $899.33, expenses are about $400 per month (taxes, insur &other).
Rents are $1850, and after I pay her and pay expenses, I'm left with $550.

Solution: I offered to buy two homes versus all five telling her I could not afford the five on terms at that price. I just kept and being a friend to her and she eventually agreed to the terms and price. A major difference in the 600K price tag for all five.
I think she felt sorry for me , I don't know. Bingo anyways.
The point I want to stress if that many of you were advising me to run and get out of dodge "no deal" I don't believe in running from deals unless there is absolutely no other option. If I would have ran away then what? Nothing. Persistence and rethinking pays off. I often tell myself.....think, think, think, think hard. Like the old saying goes, "where's there'a will, there is way"! Not to mention that on some deals I over thought and tried to make something out of nothing. Thus, we must be cognizant to evaluate which deals to rethink and which to walk form. I've walked on some but I'm glad I didn't walk on this one.

Post: Realitor in the way?

Arcinio ArauzPosted
  • Wholesaler
  • Atwater, CA
  • Posts 161
  • Votes 27

Thanks for your replies on this. I found that there are both great agents and lousy ones. Some of them only know things like "counteroffer" and nothing else.