All Forum Posts by: Duke George Brady

Looking for Private Money lender for purchase of distressed REO 2/1.5 on 2+ ac near Joshua Tree, CA.

-$90K purchase

-$15K for minimum repairs to be able to refinance under traditional loan

-3-6 months repair time

-$150K + ARV

-Credit score > 780

-EM ~$14K

Would owner-occupy after Refinance, but AirBnB it for a majority of each month. Additional mother-in-law/storage dwelling on site.

Property bank owned. Pre-approved for traditional loan after minimum repairs.

Several co-flips under belt. Had another JTree cabin under contract earlier this year; punted on it because of unfavorable renter-tenant developments. Knowledgable of the area with a network of 6 other colleagues' homes.

Let me know your terms and thanks for looking! 

Duke 

Found one good Title office so far; thanks BP!

Still have one deal on acreage close to downtown Joshua Tree...PM for details.

Also looking for a title office in Coachella Valley/JTree area familiar with Double Closings, Contract Assignments, and FSBO Contracts. Cheers!

Direct mail campaigns are producing occasional good leads in areas like Joshua Tree, Desert Hot Springs, and North County San Diego.  

Looking for "wholesale educated" investors, buyers, and perhaps broker recommendations for this area. 

It's a shame to see a good deal go to waste!  I'm getting VERY few that are actual deals, so don't expect a barrage of junk emails.  And I keep the best ones for myself to close on; sorry :)

Please Message me directly; currently have deals available to peruse.

Thank you @Steve Haight, I appreciate you sharing your experience and the constructive details.  I had been curious which title companies would/could do overseas deals; I appreciate it!

Good point @Wayne Brooks , as it turns out they do live near the consulate. That is now the only way it'll go through. 

Per the other warnings, sage advice. Don't worry, I'm not sending any money to a Somali Prince anytime soon (haha:)). This will be structured to not release funds until deed is verified.

Any specifics on successful experiences are greatly appreciated.

Land located in San Bernardino County, seller located in Switzerland.

Having trouble finding info here and on U.S./Switzerland government websites about getting the proper Notary that can be recognized on the Deed.  The U.S. embassy offers a service, to a $50-$100 charge, but that's only in Geneva.  Motivated seller wants to make as little effort as possible, aka a notary closer to them (currently reading about the Hague Apostille Convention; trying to connect the dots and hear some real world experiences).

Anyone else buying from distant, unattached and motivated owners overseas?  Delinquent taxes, international taxes/fees on top of County charges.  Feels like a decent market already...

Also, any advice on best ways to transfer funds would be appreciated!  We're only talking several thousand max for two parcels.

cheers!

I have a small parcel (market just under than 25K) I've been trying to figure out if I can move on, seller agreeable to ~5K.  

The wife wants to sell, and claims to have made multiple sales of their Joint Tenancy properties since her husband became incapacitated by his affliction.  He is in the "late stages" of the disease.  No Power of Attorney Exists, nor a will.  

Avoiding the hassle/time/money of Guardianship or Community Admin., I'm wondering if anyone has experience using a "Subject to Marketable Title" contract, and what that looks like.  I'm assuming the Title Co. won't insure it, however, without his ability to sign.  If seller is agreeable to an extended contract for several months, would this be my safest option?  Seems morbid to just wait out someone's illness like that, but don't know of another option short of a risky QCD.  

The wife is convinced it can go through without his signature, but I wonder if it's because her previous sales were just with Quitclaim deeds, where the buyers took on the risk knowing they are Joint Tenants, there's no will, and that his diagnosis is terminal.  She did sell a parcel for 100K to a wholesaler who didn't double close; she was not happy about seeing the 10K they made after selling for 110K. 

Creative suggestions?  

Okay, I've had a couple weeks to run around on this issue; thought I'd share what I came across.

The (Los Angeles) easement attorney I spoke with seemed fairly confident in the likelihood that easement access can and will be granted, BUT that path can be rife with time and money, and they couldn't say how much of either until the can of worms was opened.  I wanted to post the loose stats they gave in consultation.  This attorney said (for them, at least) the easement access cases they take settle out of court 95% of the time.  And the other 5% that go to court usually get access eventually.  True?  Not sure.  Encouraging?  Maybe.  But again...time and money.

And from chatting with buyers, those that are familiar with a "subject to" contract are eager to use that approach in this kind of scenario, for obvious reasons.  

So, I've learned a 'lot' (pun intended) about L.A. zoning, easement politics, and sub2 contracts in just one deal!  Constantly grateful for this community and forum.  I hope my dredging of my old posts (when/if they have an informational ending) is helpful down the line.

For education's sake, here's the end to this story (sorry to dredge it up):

Found a friendly referee to do the valuation.  These people sometimes go out of pocket and then hold the paperwork until you send them their fee...this was about $110.

Well, this deal fell apart because title search found that the heir's father had just quit claimed a deed to himself, squatting and hoping the PO or heirs never came around.  Regardless, I dropped the deal, but still had to pay the referee.  BUT, after explaining the situation, he was amicable and agreed to a $50 fee to cover his gas/time, and obviously wouldn't be releasing any paperwork. 

Turn around time was less than a few weeks, and I may have gotten lucky with a nice referee.  I paid $50 to keep a deal going until I got all the (bad!) title details...pretty cheap education and insurance I suppose.  Next time I'll delay my "charitable" efforts until I have more chain of title certainty.

And thanks again @Derek W.; I had actually scoured that site (referenced above) right when you had replied.  Perfect.