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All Forum Posts by: Joe Homs

Joe Homs has started 94 posts and replied 1995 times.

Post: Build the wealth with equity.

Joe Homs
Agent
Pro Member
Posted
  • Flipper
  • Mission Viejo, CA
  • Posts 2,130
  • Votes 1,099

@Cesar Jaramillo if you can afford it, live where you are the happiest.

Good investing...

Post: Insurance question about loss

Joe Homs
Agent
Pro Member
Posted
  • Flipper
  • Mission Viejo, CA
  • Posts 2,130
  • Votes 1,099

@Mary Jay I was not asking you to lie but just answering your question.  "Is it a common practice to report it as a loss even though I fixed it out of my own pocket?"  The short answer is Yes.

Post: Hello- New to BP and New to Real Estate

Joe Homs
Agent
Pro Member
Posted
  • Flipper
  • Mission Viejo, CA
  • Posts 2,130
  • Votes 1,099

@Shannon Bloomfield congrats on finding this community and getting your real estate license.  I would suggest that you find some local meet-ups in your area and start attending.  You may even be able to find a mentor who would be willing to take you under their wing.  Concentrate on finding a Real Estate brokerage that does investing as well.

Good Investing...

Post: Insurance question about loss

Joe Homs
Agent
Pro Member
Posted
  • Flipper
  • Mission Viejo, CA
  • Posts 2,130
  • Votes 1,099

@Mary Jay why did you report it if there was no loss coming out of your pocket.  Honestly, that is all the insurance company needs to report the loss and raise your insurance next year.

Good Investing...

Post: Has anyone heard of these companies?

Joe Homs
Agent
Pro Member
Posted
  • Flipper
  • Mission Viejo, CA
  • Posts 2,130
  • Votes 1,099

@Suzette Gonzalez a company needs to be a licensed agent/broker in California to deal with short sales.  In 2008 I was helping homeowners through the great financial crisis and there were lots of people taking advantage of homeowner's by asking for money upfront with foreclosures.

Good Investing...

Post: OCREIN - Multi-Family Is Better Than Single Family

Joe Homs
Agent
Pro Member
Posted
  • Flipper
  • Mission Viejo, CA
  • Posts 2,130
  • Votes 1,099

(No cost, no pitch) Forming new relationships and networking may be the most important aspect of success in real estate. Furthermore, learning from the real-life success and failure of other investors is invaluable. This is a perfect place to learn, grow, and network!!
***
The connections that perfectly complement you are out there. If you have not found them yet, you aren't looking hard enough. No successful investor will tell you that it is easy, but they will tell you that most could achieve success with hard work and perseverance. Don't give up!
***
This months speaker is Mike Morawski brings over 30 years of real estate investment experience, having overseen more than $450 million in transactions. As managing partner of Resilience Equity and Founder and of My Core Intentions, Mike is committed to helping others reach their full potential through strategic real estate investments and personal coaching. He is the author of Exit Plan and hosts the podcasts Insider Secrets and Multifamily Unplugged, offering insights into capital-raising and multifamily strategies.
After growing a $100 million investment firm, Mike lost everything and was facing a 10 year prison term —a journey that shaped his profound story of hope and inspiration fueled by success, loss and redemption. Today, Mike shares his story to help others see that your past doesn’t have to define your future.

Agenda:
6:00 pm Pre-Networking (Please order some food or drink)
6:30 pm Introductions
7:00 pm Speaker Information - Mike Morawski
8:00-9:00 pm Networking

Post: How do Subject To Offers work for the seller? Won't the loan be called due?

Joe Homs
Agent
Pro Member
Posted
  • Flipper
  • Mission Viejo, CA
  • Posts 2,130
  • Votes 1,099
Quote from @Arron Paulino:  Paperwork is very important in this type of transaction, but so is Escrow and Title as well.  The loan can be called, but in the 45 years I have been doing this I can only recall a handful of cases and it usually was Credit Unions or private money lenders.  

Post: How do Subject To Offers work for the seller? Won't the loan be called due?

Joe Homs
Agent
Pro Member
Posted
  • Flipper
  • Mission Viejo, CA
  • Posts 2,130
  • Votes 1,099

@Arron Paulino you can find some great information online (youtube) from Pace Morby on this subject.  In a subject to transaction the buyer is taking over the responsibility of the seller loan without the lender knowing about it.  If you do it correctly and have the correct paperwork its a great way to buy property with little or no money down.

Seller financing is the "Seller" acting as the bank with their equity and loaning the buyer that amount of money for a negotiated period of time.  This is also a great way to buy property for a longer term.

You should do your research first.

Good Investing...

Post: Has anyone moved their 401K to a self directed real estate one?

Joe Homs
Agent
Pro Member
Posted
  • Flipper
  • Mission Viejo, CA
  • Posts 2,130
  • Votes 1,099

@Rochelle Gerber yes about ten years ago and never looked back.  It's been wonderful.  Reach out to @Dmitriy Fomichenko who has the best options out there.

Good Investing...

Post: I’m New Here

Joe Homs
Agent
Pro Member
Posted
  • Flipper
  • Mission Viejo, CA
  • Posts 2,130
  • Votes 1,099

@Stephanie Lopez again I would start out at the local meetup this month.  There are plenty of things you can do in California with or without money.  Learn how to wholesale properties, take homes subject-to, use your license to help others, etc.

Good Investing...