All Forum Posts by: David Petikyan

I bought a fixer upper almost a year ago and gained over $150,000 in equity. I'm going to refinance regardless to drop the PMI, but I was thinking I can also utilize the equity and keep around the same mortgage payment that I currently have after borrowing. (I'm comfortable with the current mortgage amount)

Anyways, there’s 3 options.

1. Refinance and keep a lower mortgage. 

2. Pull about $20,000 to fix up my home more. (Tear down a wall renovate the kitchen and bathroom) AND STILL HAVE A LOWER MORTGAGE

3. Take $30-$40,000 of equity and purchase another multi family. (Keep around the same mortgage that I currently have) 

it’s important to note that I’m a realtor and business has been very good. I can just take more time to save the money and pay for the additional doors, or home renovations without borrowing on my home. My real estate coach is advising to not use debt to buy more debt, but I know there are different views on that. I want to hear your thoughts. 

I’ve had a good amount of transactions based off of only doing expired prospecting daily for a hour a day. Lately, homes have been flying off the market and there aren’t as many new expired leads. Im thinking to switch to circle prospecting off “just sold” listings.

I only like to focus on seller prospecting.

1. What would you say the conversion ratio is between the two? (Which gets more leads)

2. I’m assuming it’ll be seller leads I get off of circle prospecting. Your thoughts?

3. Anything you’d like to add?

@Alan Matthyssen Glad I can help!

@Ned Carey I’ve been investing in CA tax deeds for 4 years and acquired 20+ properties throughout that time. For CA, title companies won’t cover the property 1 year after it’s bought. They’re fine to do it after that time frame. I typically do all cash or owner finance and just let the buyers know that the county wipes all the past liens when they auction it, so title and escrow isn’t really needed. (I write deed, agreement, etc.. all myself)

This is what my mentor taught me and we’ve never had any issues.

Now that I’m expanding to other states, I’m just trying to figure out how long it takes after a tax deed, or lien foreclosure takes place for title insurance to be covered. States have different time periods and I’m not so sure where to find that info.

@Ned Carey thanks for your response Ned. I understand that title insurance doesn’t cover the properties due to the cloud on title. From what I’ve heard is that owner financing is fine since you can move forward without title insurance.

@Alan Matthyssen I got it directly from the county website. Try searching OTC tax liens to learn more about them. It’s definitely worth it

@Alan Matthyssen My tip to you is to go to the county website for where you’re trying to purchase tax liens, and search for their OTC list. Mohave County AZ currently has around 16,000 liens that can be purchased anytime. This list is updated daily and you get the full interest amount. You just have to be patient going down a list of some bad properties, but there are definitely some great investments that just slipped through the cracks.

@Alan Matthyssen I found the property from the county’s OTC (Over The Counter) List.

You get the property with the full interest amount at 16%

I’m fine with either redeeming or getting the interest. It’s a win either way. Yes I pulled the trigger, I’m mailing the money order and registration forms in a bit.

@Alan Matthyssen I just got off the phone with a lawyer who said it would cost about $2,500. I heard people can do it themselves for about $500 so I’d like someone’s insight on that who’s done it before.

Either way, I’m about to pull the trigger on this $280 lien on a $7,500 valued lot. It’ll be a decent return regardless and a good learning experience.

I’m ready to take the step of purchasing a tax lien in Mohave County AZ. I’ve done all of my due diligence other than knowing the foreclosure costs of someone is to not pay the lien within the 2 year term. It’s is for a vacant land that is valued at about $7,000 with a $280 lien.

Does it cost cheaper since it’s not a homestead?

Does anyone know around how much it’ll cost based off experience?