All Forum Posts by: Mark D.

I meant to mention that you could refi for the new appraised value with 6 months seasoning or refi for 75% of original purchase price right away.

I agree that you will have a difficult time funding a condo right now.

If you have a deed of trust recorded on title for the amount you purchase the property for, you should be able to do a rate and term refi based on a new appraised value (assuming you rehabbed the property)at 75% LTV. If you are okay with leaving some of the $ back in equity, you could rate and term for 75% of purchase price. In other words, you could borrow private money from an entity that you control or a friend or relative in order to refi and get your $ back out. At least this is what has been working for me.

The PR or the Executor, once approved, is the only person that needs to sign over the deed. Based on the will, an initial court filing will propose this person as the PR or executor subject to a future court hearing. In California utilizing the IAEA, the PR or Executor (with Full Authority) applies for the Letters of Testamentary, which gives them the authority to sell the property. This authority is usually granted within 3-6 months of the initial Probate court filing. In the case that the PR or Executor has Limited Authority rather than Full Authority, the sale will need to get court confirmation and will be subject to the overbidding process which usually drives the price up. Here is a brief overview of the process in CA but the laws can vary per state so verify in your state.

I'm an agent working for a residential REO Broker. I feel that I have missed the boat for listing residential REO's but my Broker has mentioned that there is upcoming opportunity in the Commercial REO business. I have no prior experience on the commercial side but am interested in learning and getting involved. Any advice or suggestions on what opportunities are ahead, and what actions I should take to get involved in Commercial REO?

"The Success Principles" by Jack Canfield

"Awaken the Giant Within" by Anthony Robbins

"Cashflow Quadrant" by Robert Kiyosaki

Thanks for all the input and suggestions.

Chris,
Why do you feel that re-negotiating the price is out of the question? If your due diligence turned up this pool issue, then you should ask the bank for a price reduction. Investors do this all the time. The bank may or may not reduce but if not you should move on to the next deal. FYI- Many investors I know have been putting in 30 offers per month to get 1 accepted so 15 offers in 5 months is really not much.

I like Memphis, TN as well. My last SFR deal was $70k after rehab and rents for $1100. A couple other recent deals cost roughly $50k each after rehab and both rent for $895.

"You must take personal responsibility. You cannot change the circumstances, the seasons, or the wind, but you can change yourself" -Jim Rohn

Any recommendations for a solid property management company in the Memphis area for SFR's? We have used a couple of companies so far and still don't feel completely satisfied. The communication is sub-par and the monthly repairs seem to be too frequent lately. Any advice would be appreciated.