All Forum Posts by: Jason S.

see what happens when no one reads my signature - I have had this posted for months on end.

there's a military discount too.

The larger organizations you can tie down. But the smaller guys are impossible. This is because the larger organizations need to buy in the name of the company and are unlikely to go out and start a new LLC or whatever just for your deal. But small guys can create an LLC that leads to a lawyer and do a deal and you will never know about it. Be careful when giving out your hard earned intellectual property.

I'd be interested to know the margins people are getting on the steps these days in LA, OC, and the IE. I just do not see it working. Reasons for this (most of which have been mentioned and I would 2nd):

1. Buy/Hold investors that like CA. They can bid more because are satisfied with any discount - they do not need to make a return on the "flip".

2. Publicity and popularity of buyers that went to a "seminar" on how to make money.

3. Averaging returns. If you are buying a lot of properties you can take a little extra risk because you can balance the winners with the losers.

4. Bidding up to get rid of newbie buyers. The pros will bid up a price to see if they can stick others with a losing deal. If they see you as taking money from them - they will destroy you if they can.

5. People are crazy and pay too much and think the market is at the bottom. I think the market has hit bottom when there are no other bidders at the auction - like in the 1990's when you could go to an auction and it would just be you and the 3 or 4 regulars and you all respected each other.

@ Ryan L. What are your expectations? If you are trying to cash flow on overpriced SD it would be difficult, depending on your cost of funds of course. But you can buy, fix, sell in SD - and then re-invest in cash flow properties to hold outside of SD.

That is nice that one guy bought and held from day 1 in SD, we should all be so successful, but you said you were short on cash. Therefore buying and holding in SD is not likely an option. At least not in the areas I have looked at - maybe there are hidden gems someone wants to share.

Riverside, San Bernardino all have options - as stated above. Though consider the 215 also.

It's all in the precision of your numbers. As Curt said, most homes need some work.

If not put the property under assignable contract and pitch it to your buyers.

It would be difficult to justify actually fronting the $70K yourself - but it all depends on your specific market. The numbers are a little tight to put that much cash at risk unless all your numbers are uber conservative.

Your comps at $100K - for already fixed? Standard condition? Fully re-habbed? If your comps are all REO's the how much is it worth if fully rehabbed to the top of the market? How hot is the market? If you put a FSBO sign out front after buying will it sell to save on commissions?

If it's in SoCal I can give it a look and maybe take it - depends on what I determine from all of the above.

Marc,

The only commentary I would have is if you need assistance in giving your site additional search engine visibility.

When searching your site on Google the results show

Joomla! - the dynamic portal engine and content management system.

That is because the site is made using Joomla - There are a lot of things you can do to make the site more search engine friendly, if it is your goal at all to get business from searchers.

You also are not using any header tags etc in the code.

Hit me up - I know you have helped me in the past regarding note discussions so I am more than available to help you with the site.

Bill,

Please add me to your list of interested parties whenever you discuss notes. I do not know if there is a way to watch for your discussions - but I am not on BP much anymore.
You have always had great information and assistance for me.

It was my reading in the past that the liability, not just enforcement risk but also for federal fines etc, for truth in lending violations passes on to whomever owns the note. Is this true in your experience? Of course if it is a bad file you may not be able to enforce it but I am specifically referring to the actual disclosure violations and the federal fines attached to them.

Anyone that owns the Attorney X system and having trouble with it I would love to hear about what the system is etc and I can help you implement it. Yes, it's my cheap attempt to figure out what he is doing and if it is worth anything - but the offer for help etc is very real.

Yes, with short sales we use a Realtor for all sides. But that is more of an outsourcing/arms length thing than recognizing the true value added of the Realtor.

You have to add a lot of value to be collecting 6% on the sale of an entry level $150K house. That's $9K for???

One more thing just to clarify - I know Realtor's have a lot of value to the general public. I put this in the flipper rehabbing forum to get finger on the pulse of this specific group (short sale investors would be included of course).

Just want to ask the BP Community if you are still using Realtor's. I know they are necessary on the REO buy as it is the relationship that gets the deal in the first place - then they want to hold you hostage for the re-sale at full commission because they brought you the deal.

But in general, if getting the deal is not the issue, are they worth it? Tell me where I am wrong:

- With HVCC the sales price is pretty much capped at a little above the highest comp in the neighborhood. So no matter how much you put into the home that is all you are getting - correct me if I am wrong.

So if my re-hab that has a maximum of $145K on resale (best comp at $140K) what good is the Realtor? They are not going to get me more for the property. And this is SoCal so my FSBO sign brings in multiple buyers.

It used to be that the Realtor would bring in a buyer for more than I could get on my own but that no longer is the case with the values being held down by the appraisers.....

So the question is - are any of you using Realtor's any longer and just losing that cash for no value added? Or just listing it for 1%? I understand if I had 20 deals going like in the past but these days I cannot find enough deals (even when I offered the re-list and full commission) so having the time to deal with the buyer direct is not much of an issue.

Any thoughts - because I cannot figure out why CAR is not yelling and screaming about HVCC given that it reduces the number of listings?

Please - if I am completely wrong - someone set me straight! And if you are an agent and feel you can get me a better price than just above the highest comp in a neighborhood - I have one FSBO right now in Riverside that I would be more than happy for you to show me your magic.