All Forum Posts by: Dennis Lanni

I have had good success getting approvals with probate / shortsale properties (less paperwork because the borrower is deceased) but the discounts have been @20% of FMV (which if the house needs a lot of repairs works for me (I provided constrution bids, police reports, ect...).

yep Zell that's right. It was late when I posted but that was my point to Chris about how Sam Zell DID buy in the getto. My take is Zell is a GREAT operator of property & he got lucky to connect with Merrill Lynch when REITs came into vogue. I dream of things like this all the time, if Zell can do it so can I.

That's called "Red Lining" (bankers term that is not allowed anymore). Look up Sam Zeil. Aka-- the "grave digger" he made his fortune(over a billion dillars) starting in the gettos of Chicago 70's and 80's (turning around apartment buildings).

@Chris Vail. This is general advise: Aviod Oak Park, Del Paso Heights, locations were there are multiple 4-plexes or duplexes make up the subdivision. But I will say this I will invest in all areas of Sacramento except the following: 1) an area in South Sacramento call "The G Parkway", they are getto condos. 2) I don't like the area between Broadway, Stockton Blvd., 8th Ave, MLK Jr. Blvd., 3) west & east Nichols off 14th Ave 4) triangle area at El Camino & Del Paso Blvd. -- that is the only real "war zones" that I know of in Sacto (we're lucky I guess). My experience has been that appreciation is like an ocean tide coming in & going out, everything goes up (or down) in value together. Also the "A" areas appreciate first and depreciate last and the "C/D" areas appreciate last (lag) and depreciate first (more volatile) but also the bad areas have HUGE price swings. When I first started I met a small devopler for coffee & told me that if I want to make money in California real estate then do this... BUY SOME. -- he was right. To be a Buy & Hold investor you don't need to be that smart just patient.

you can also perform a shortsale, it's a pretty fast process since the hardship is, "the borrower is dead".

I would avoid neg. equity deals & company owned. Try and find owners that have owned for awhile(greater than 10yrs) & multiple owners (different last names). Good luck

Also you should attend the BP meetup next Tuesday and ask the group thier thoughts.

Looks like fun and the time, date & place work really well.

See you there

This is good one, i'm happy I checked my keyword alert today.

The lender is screwed- at least the brokers are

Here is a crazy plan-- Come on board as the PR for the probate & when your appointed file a QT action in civil court to remove the DOT, make sure and ask the court to "set aside" the foreclosure action-- that should make things pretty exiciting for everyone involved. At least this will buy you time.

Good luck

Ask your seller if he/she got title insurance when they purchased the property & if so go back to them. They will most likely insur it again. If not I would file a quiet title action & have Florida gal & current seller stipulate to the lawsuit (much faster than probate)- that should be enough for the title company. BTW- whatever price u paid it's probably too much.

Good luck

Chasing overages are really tough even when you are the one to rightfully receive the overage. And nothing happens fast but I enjoy to pain so I do chase them on occasion (mainly link to a probate).