All Forum Posts by: Brian Garlington

A family member wanted to change the title of ownership on a home in CA without penalties in order to sell the home and move. As far as I know there are penalties that come with this, any advice? for context, the person whose name is on the home is deteriorating in terms of mental health and originally bought the home for my family member to take primary residence in. The home is in a trust and has accrued quite a bit of equity, but a transition now would be ideal. I am quite new to this asset class and would appreciate any help or education, thank you.

There is also the possibility of a due on sale clause and there will certainly be fees to change title.

0 Votes

Oakland, California

Oh they are here and we’ve helped countless people buy them….. news flash…. They are primarily concentrated in East Oakland.

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Are you tryimg to cater the house sale to other investors to sell too? Are you trying to sell to a family who will move in and call it their home? Generally you also get what you pay for.....4.5% and you want staging? Many Realtor's will balk at that.

5-5.5% is standard.

1 Vote

If you or your spouse are military veteran's then you can use a VA Loan and it is ZERO down. That's what I did.

If not, then go FHA where you can put as little as 3.5% Down. If you are trying to go 100% Zero Down using OPM then let us all know if you find out anything. In the early 2000's if you had good (I didn't even say great) credit and a pulse, I know of banks that were giving 100% mortgages left and right. If you had really good credit, had been working at your job for at least 2 years and could spell your name (mostly) correct on the mortgage application then I even saw 103% mortgages. NONE of those banks or lenders are even in business anymore and it is (partially) what led to the mortgage crisis of the mid 2000's.

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San Francisco, California

At that rate sounds like he does 250 wholesale deals a year.........

If you think about it, maybe the other poster is potentially trying to prevent more people to get into wholesaling. Utilizing a clickbait type of title is a great way to get attention, which is exactly what he did.

Here on BP I tend to give very little credence to anyone who is not readily transparent with their picture. Just like on LinkedIn, this is a Social Media Website but catered towards real estate investors and when someone is vague about their appearance it is a red flag. Pictures of your kids are cute as are, pictures of dogs and cats,...but when you don't have a clear picture of yourself here on BP it makes you wonder what else they may be hiding.

Just my two cents.

2 Votes

Oakland, California

Quote from @Joe S.:

Quote from @Account Closed:

The truth about wholesaling real estate needs to be finally told from a real estate pro like myself with almost 40yrs in the real estate business with buying and selling properties all over Northern & Southern California. It's so much bad and borderline illegal information being taught by these Fake gurus that's just all lies!!!!....The facts are real estate so called wholesaling is extremely hard to do consistently and when you don't have no money, no nothing and you are flat broke an getting into real estate purchase contracts with sellers and lying to them about buying their property when you don't have any money is straight up FRAUD!!!! When you are living in your Momma's basement is the most stupidest thing you can get yourself into you are just asking for trouble because you don't know what you are doing!!!....Why this is being taught is absurd because you are falling in an area where you are brokering deals without a license and selling contracts which are selling securities without a license. That's what they don't tell the SUCKERS because it will never I mean never hold up in court when you get seud for fraud. What these so called wholesalers don't understand is that an real investor like myself needs to buy a fixer upper property at least 65%- 70% below market to make a profit on any deal because I have my own crews. That means a so called wholesaler needs to find a property at 50%- 60% below market to make any money if they know what they are doing it's impossible to do that consistently nobody is giving away properties these days. That's why 99.9% of them fail not lasting it's not an sustainable business model you can't buy at 75% -80% below market and make a profit with labor & products an supplies at all time highs just ask "Zillow Buys " that's why they got out the fix n flip business and they had Billions of wall street money!!!....It's about time an experienced pro like myself tells the public the truth because nobody is doing it be ME!!!!...I am sick and tired of these so called wholesalers calling me everyday about complete Trash deals wasting my time I block all of them Now!!!!

A pro with only one one post And no pro account??

You know I’m just kidding now. Lol

0 Votes

Oakland, California

Sounds like YOU got sold, and not the "seller". If you are not able to sell a property you own in this market then you obviously have it priced wrong.

0 Votes

San Francisco, California

Quote from @Anne W.:

**This is cross posted since more foot traffic here**

Hello BP,

I am here to soliciting your input and thank you! Looking for a 2nd rental. Inspection done today. I am on the fence.

- Location: Old neighborhood, up and coming. 6 houses to an elementary school ( 7/10 per Greatschool.org). Within a mile, there's a high school (6/10), sports field, community rec center, swimming pool, police station and fire station. Also with in a mile to major turnpikes.

- House: 50's brick ranch, builder grade everything. 3 bedroom, 3 bath but only one shower. There's a space for adding a shower.

- Inspection issues: 1) the cement on the side of the house and back patio. big crack, 3 inches lower than its original place. The settling force tilted the basement window well. to repour the cement and fix the grading, about $20K

2) original insulation(disgusting), original electrical (need various repair), original plumbing, sewer line needs work (clay and cast iron). New roof.

3) Finished basement. Lead paint is one basement bedroom. About 400 sqft basement ceiling has asbestos. The entire 1200 sqft basement floor has asbestos but encapsulated. Faux wood paneling in the entire basement and one room at the main level. Not sure what's behind the faux wood.

4) no dishwasher in the kitchen, no hook-up.

My concern: the market is crazy, we paid the market price for this one, not a deal. This is "as is", so can't negotiate price for inspection results. I don't think I have a deal, but I don't think I can get a deal in this market, either. The inspector is very familiar with the neighborhood and he said the overall condition of this one is 3.5/5.

What should I fix before I can rent it out? Is this property too high-maintenance for a rental?

You're trying to make a house have positive cashflow here in the Bay Area? It will not work. If you have a duplex deep in the hood it possibly could work, but most people are not willing to try that here in the Bay Area like I did.

2 Votes

You're a private lender and conventionla mortgage person, but you are using cap rate and 4 unit complex in the same sentence?

0 Votes

Oakland, California

I second what Allan said..................Keep the TH. Find a 4plex, triplex or duplex...........Don't be "mad" when I say this but if you are able to convice your spouse or significant other to "sacrifice" where you would like to live, in order to live the way you want to really live, then the world will open up much faster for you.

0 Votes

San Jose, California

All Forum Posts by: Brian Garlington

Brian Garlington has started 31 posts and replied 2239 times.

Post: Can you change the name on the title of a home without penalties?

Post: New to Real Estate and wanting to buy a Duplex in/near SF

Post: How to choose real estate agent ??

Post: Advice for first steps to purchasing my FIRST rental

Post: Why So Called Wholesaling is not an sustainable business model

Post: Why So Called Wholesaling is not an sustainable business model

Post: Having difficulty finding buyers! Yes, really!

Post: Inspection Done - Look for advices on this house

Post: Can a 3.8% Cap rate (before financing) work?

Post: Bay Area new investor