All Forum Posts by: Bruce May

There are several and you can find all of them on Meetup. Look for SDCIA, NSDREI, SDIC and SDCFI.

My understanding is that all contract are assignable unless the state they aren't. Give David Stallone a call. He's a local RE attorney. I can't post his number, but you should be able to find him with an Internet search.

@Daniel Koenig A friend of mine from Palm Springs makes his living with "wobbly boxes," as he calls them. He buys them cheap, renovates, then sells with owner financing and carries the paper. It's given him a good income and has helped him grow his IRA.

He's been teaching a 1-day class about this for a few years. I went to it last year and got a lot out of it, just don't have the time to market and find the deals. He and I have talked about holding a class her in San Diego sometime in the near future. If we do, it would be small, about 20-25 students and I'll post it here on BP. Send me a message if you think you would like to attend.

@De Van Do my company has a low qualifying rental loan at 75% of appraised value. It might be the ideal way to get into your first multi-family property. Connect with me when you are ready for your loan.

There's a few good clubs. North San Diego Real Estate Investors Association in Oceanside (I'm on the board). San Diego Creative Investors at the Scottish Rite Center. San Diego Cash Flow Investors in Vista. The Outback in Mission Bay. All are on Meetup.com

@Doug Ceresia Congratulations. many investors think this is complicated and not possible. Can you tell us how you found and funded the purchase and any learning points you picked up along the way?

@Cody McGuffie when I was flipping I used a flat fee agent for about $400 to get the home on the MLS and offered a 2.5% commission to the buyer's agent. I did this several times and it worked out well. The key is to have it on the MLS so it get pushed out to all the services that feed from it and that usually means you have to pay a buyer's agent to bring the buyer. However, with all the new apps and technology in the past few years you might be able to attract buyers from the MLS who are not using an agent. The main issue then would be the paperwork, but I'm confident that you know how to create a sales contract.

I'll be there.

@Tim G. glad that I was part of the success for this deal by doing a quick loan for your buyer. (Sorry, had to get a plug in, right?) It was good talking to you recently and I think you still owe me a beer at Bagby's.

Nice work @Drew Chance and thanks for sharing. Even though I'm a HML I also have a low qualifying rental loan and can get one done in a short amount of time. Look me up for your next one.