All Forum Posts by: Doug Peters

Welcome @Viv Lozano

Welcome to LA and to BP! What area are you in LA? OR what are your REI Interests.

Have you attended any other BP events in LA yet?  I attend the South LA one when I can.

@Account Closed

Welcome to BP!

It is a great place to start and a great place to learn.  I am pretty new to BP myself (less than a year) but have learned ALOT!   (and still have a lot to learn!)

I don't have answers for all of your questions (at least nothing much more than others have already stated)
But I would suggest a few things.  First off, pay off your student loan ASAP!  Like today if you can.  Seriously, you will feel so much better to be debt free of that burden and you will be able to save even more if you take what you were putting towards that and continue to save while you are continueing to gain more RE eduacation.

And yes, as others have said, read more books (BP has a lot of great ones) and listen to podcasts here.  and read the forums, and maybe best of all, build relationships by attending some local BP events/meet ups.  Depending where you are in LA, there are a number of them.  I often attend the South LA one.  Great friendly group there.

Good luck! 

@Keith Higgs Thanks, yes, my other property is under an LLC. But sadly not this one. So yes, I get it.

I have too heard some terrible things about BofA so I guess we will see what my partner will find out from them.  Yes, the lien should hopefully only affect my partners share.

We own a townhouse in Indiana.  it is a 50/50 partnership with a friend/colleague.  We have been in the process of selling it.  It was to close last month (now delayed to this weekend) but during the process, the title company found out that my partner has a personal lien against her.  It was from another townhouse that she owned (on her own) on the same street that she lost to foreclosure about 10 years ago.

What we have learned is that since the lien is just on her name it should not affect us.  But both of us are listed on the loan as co-borrowers.

The payoff amount of her lien ($56K) is more than the total profit that we will probably end up with.  I am new to this type of situation.  As it seems the title company has to pay the lien before we see any of the money, right?

But also an attorney told her that since the lien is her personal lien that 50% of the profit of the sale that is due to us should not be affected.  Does that sound right?  Has anyone seen anything like this before?  

Also, if the lien cannot be fulfilled 100% can they stop us from closing and thus I don't get my 50% even?  

Is there anything she can do on her end?  Will the bank (BofA) be open to taking some money ( her share is probably about $22K) instead of $0 if they stop the property from closing?

Thanks in advance

My partner and I have owned this condo in Noblesville, IN (north of Indianapolis) since 2005. It is a 3/2.5 Condo (HOA non-gated community)

We just listed for sale.  Our first offer was from our long term tenant, he would like to purchase it at our asking price of $160K.  But his money is tight and cannot come up with the down-payment or fees and closing costs.  His mortgage broker found a package that is 1.5% down but they need their fees.  He is asking us to deliver back 3% ($4800) at closing from our proceeds.

The advantage is it seems this would be a done deal if we agree and he is already living there, and has agreed to forgo any inspection or further negotiations.

If we don't not go with him, our agent will show the place, but believes the tenant will be emotional and a potentially jaded resident and wants to be there during each showing.   He is also has the placed packed full of junk and so it is not in great showing condition.

Others would most likely be contingent upon an inspection and negotiations.  The carpet is likely from 2005 original and now I hear it needs a new dishwasher and just heard there maybe slight mold in garage (first time hearing about these last 2)

I would love to hear your thoughts.  As my initial feelings are yes, this is an easy sale to sell to the tenant. But I am not 100% what we would end up with or what our additional closing fees may add up to.  

Thanks in advance!

@Daniel Smith  Welcome to LA.  There are a number of BP groups around.  I am near South LA (USC area) and there is a South LA BP group that meets monthly.  (Usually the 3rd Saturday (but delayed because of Easter))  

@Starlett Young   Welcome to BP!

You are in a good place, Biggerpockets is a good place to get started and to get educated.  I am still educating myself too.

Depending on where you live in LA (I am in South LA area) there are other BP events during the month to learn more and also ask a lot of questions.

https://www.biggerpockets.com/events

or PM me if you are near downtown.

@Zach Hoereth  Any more details of dates and location in LA?  I am actually needing to sell my condo in Noblesville right now too.  PM me

@Jamie Garcia   Yes, I am interested and have looked a bit.  For potential future househacking or rental income.  What areas of LA are you looking in?

@Zach Hoereth  What area of LA are you going to be in?  And when?  There are a number of meetups/events all over the LA area.  And on different days of the month of course too.  I attend the South LA one, usually the 3rd Saturday morning of the month.