All Forum Posts by: Bryan Zuetel

@Han Oh, great story!  Way to keep going.  I'm just up the road in Mission Viejo.  In what city was your property?

Broad insurance should be a prong in every asset protection plan. So, obtain sufficient insurance if you don't have an LLC. The LLC is a steep price to pay here in California for asset protection.

I doubt that it will have much effect on California property values.  Demand is still high, supply is still very limited, and values are still projected to appreciate in California.

Welcome to Bigger Pockets.  If you feel called to Santa Barbara (and apparently being local), I would suggest that you house hack (the term should be in the UBG) a 2-4 unit property in Santa Barbara that you can work on, rehab, and improve.  I don't know that you will find anything in Santa Barbara city that will pay your portion of the mortgage, but maybe in some surrounding communities.

Welcome.  I am in the same boat as you.  I have chosen Atlanta, Philadelphia, and Las Vegas, so far, as out of state rental locations.  Check out the new book Long Distance Real Estate Investing by David Greene for some guidance on this topic.

@Mindy Jensen I pre-ordered this book on Amazon long before these special bonus features were offered.  Is there any way to receive those special bonuses now?

I'm a California real estate attorney, broker, and investor, interested in the Las Vegas market. I've studied and analyzed the back and forth between the Nevada Supreme Court and the Ninth Circuit and think that these HOA lien foreclosure properties might represent a great value for the right buyer willing to put in work, which might include a quiet title action. I also have a Nevada attorney contact and hope to make more attorney contacts.

@Daniel Beltran I'd be interested in seeing any HOA lien foreclosure properties you might have or come across.

@Robert Rayford Can you pass along the title companies that do special conditions title insurance?  I assume that there is an exclusion for any claims by the first trust deed and maybe the owner?

@Jon Lee After an investor files a quiet title action challenging the bank debt potentially wiped out by the HOA lien foreclosure, won't the bank accept pennies on the dollar for its loan, rather than paying attorney fees and potentially getting wiped out? It seems to me that any Nevada state court is bound to follow the Nevada Supreme Court, which upheld the Nevada statutes with HOA liens assuming super-lien status and wiping out mortgages. I would be interested in exploring what's possible with you in this unique realm.

@Guillaume D. Yes, I will send you a PM with the contact info for a great immigration attorney in San Diego.

@Greg H. The answer is yes and no.  A seller who inherited a property through probate or trust may be exempt from the California Real Estate Transfer Disclosure and CAR-required Seller Property Questionnaire.  However, such seller may still be required to complete the CAR Exempt Property Disclosure and regardless, will still be required to disclose known material issue.  There are other seller disclosures that are still required irrespective of the probate or trust.

On the current version of the CAR purchase agreement, you must be aware of the following paragraph:

"26. ASSIGNMENT: Buyer shall not assign all or any part of Buyer's interest in this Agreement without first having obtained the separate written consent of Seller to a specified assignee. Such consent shall not be unreasonably withheld. Any total or partial assignment shall not relieve Buyer of Buyer's obligations pursuant to this Agreement unless otherwise agreed in writing by Seller. (C.A.R. Form AOAA)."

The current version of the CAR purchase agreement requires Seller consent to an assignment.

Be aware that every California contract includes an implied covenant of good faith and fair dealing.  This can be interpreted as you having the good faith ability to purchase the property and close on the transaction.  If that's not the case, you really should speak with an attorney about your contracts and wholesaling.