All Forum Posts by: Eric Z.

man, that's near Temescal! Congrats on this super find, gonna learn more how you negotiated next time we meet :)

@Arlen Chou , wow, that's amazing. Thanks for sharing! That also proves there are deals to be found on MLS even in hot market like oakland.

btw, which part of oakland is the property at?

@Orion Walker , I'm not an expert on this, so definitely talk to an RE attorney before doing this. I was talking to a guy last week who does solely seller financing ( he carries back 45% while the buyer borrows another 55% from lender), the buyer defaulted, and he took back the property. I asked him the same question, he mentioned that he put a clause on deed of trust to instruct them transfer the title to him first in case of a default. 

I thought it was interesting, but I didn't ask more about it.

hard money lender will want to be in the first position, can you convince the seller agree to carry on the second position? It might not necessarily riskier for the seller as long as, in case you default, they can take back the title before first position forecloses.

@Jeff Pollack  , I will be there! Excited to see the folks there again. Thanks for putting it together!

@Joe Saldana welcome to BP. 

I'm actually doing DD on a property in New Braunfels, would love to get inputs from you guys about the general economics direction the city is heading. 

A couple of things I do as a business owner, 

I hire my parents. Yes they have to pay tax, but they are in a lower income bracket than I am. 

I contribute to solo 401k plan. I believe the maximum is 57k/year. All tax deferred. 

@Dave T , I talked to my CPA, and she suggest to bypasses home office deduction, she suggested to categorize most of these expenses into office expense instead. 

 Looks like many people are going. I would love to make it. Have to check with the wife first. 

@Corey McCue 

Welcome to BP.

Yes. Detroit has tons of opportunities. If you can buy a 30k property in Detroit with a 30% of chance of tripling your money in 5 years, would you do it? 

it comes down to risk mitigation. As an investor, the most important thing for me is 'not lose ALL of my money'. A small amount might be ok when I'm exploring new ventures, but not all of them. 

So, should you invest in Detroit? Depending on what you do to mitigate that risk. There are many ways to do this - knowing the neighborhood intimately, having great local property managers, or being physically there are all good ways to reduce that risk. 

Love to go, but a weekday night and driving from the Bay Area might be a tough sell to the wife. Next time.