All Forum Posts by: Carl Handy

hey All I heard that purchasing as an LLC is the way to go...any references on how-to ??? I know how to create an LLC but not to purchase real estate. RSVP

@Richard Blakesley hey good question, I'm thinking of the same kind of thing, so I'm interested in the responses you get on this post.  Do you want the tenants out of the property? what's your intentions on purchasing the property?

In San Diego, CA I would be glad to assist.  858.255.1438 or [email protected]

@Jonathan Studdard ...I sat down with a lender (private) and they wanted you to have your own funds...amount specific...before they start working with you to help fund a deal.  But check around with the ones who'll meet with you. They're all different.  And it depends on the deal too.  I recently had a lender said he'd fund the deal if I can keep the rehab at a specific amount.  So keep at it and good luck, you can do this!

Do you do investor loans w/o down payment?  What about creative financing?

I want to buy foreclosure property and rent here in San Diego to senior military members with families.  Rental property here is in high demand and I'd like to acquire a few to eventually fund my retirement.

@Erik H. can I please have a spot for your beta testing? RSVP

@Kevin Fox Hey Kevin, many thanks for the welcome message.  And can you provide any listings for 2-4 unit properties that come up on your database?  Trying to close a deal before the current year ends.  Maybe flip or buy & hold. 

Thanks again.

Carl H

@Joe ColasuonnoWhy don't you talk to banks see if you can negotiate before the auction?  Come up with a strategy to short sale all three loans or at least two junior loans, and then a separate strategy for the one in 1st position.  First make sure the owner deeds the property (temp) to you.  If the banks surrender, you're success. The owner's credit is saved, you keep the property.  Win - win.  I know it isn't that easy but it's a strategy that you can try before auction.

@Joe Colasuonno to answer your question, I've never heard of banks showing up at auction to secure their position.  What type of loans are the 1st and 2nd?  I believe typically one bank takes the house and the others lose out on the property and hit the previous owner in the area of income tax.  You should check with bank(s) to see what they are willing to take and make an offer to purchase the property.  Good luck!

@Matt Motil thanks and no need to feel sorry, I didn't suffer - only by the grace of God.  The tax laws had changed through the Obama administration so the foreclosure didn't hit me on the income tax returns.