All Forum Posts by: Bob Wa

Thanks Kristine, this is very helpful. Yes, that certainly describes the market in my area. Dang, I guess I better roll up my sleeves and get busy. Thanks again.

My understanding from what I've read is that the value of the fixer would be the current market value at the time I purchase the fixer (and, as you say, this may be more than what I pay). But of course your advice is still valid - I don't want to get burned so I'll double-check everything (valuations, sequence of events, etc.) with the assessor. Thanks very much for your input.

By the way, if this approach IS valid, is this something flippers do/like to do/don't like? I supposed it's all in the negotiations and estimates of the rehabbed value of the property, profit potential, etc., and would involved signed contracts, but my thinking was that maybe a flipper would like to have the profit secured going in to the deal with no realtor involved with a second sale. Or maybe not. Any thoughts?

Thanks K.Marie. This makes sense. My thinking, however (unless I'm missing something) is that I WOULD pay FMV for the fixer. Example: My research and consultation shows I can get 700k for my house. I buy a fixer (bad condition in good area) from a flipper for 650k and this IS FMV. (Obviously, if I can find the property myself I won't use a flipper.) Flipper wants $75k profit. We decide it will take $100k to fix house. I pay flipper $175k to fix house. Does that work?

As many know, under Prop 60 in California (may not last long in broke CA) I can sell my home and buy a home of equal or lesser value and maintain my current property tax rate - a substantial savings for me as I've been in my home for 30 years.

I'm in a nice home on what has become a busy street over the past decade for various reasons. I want to move, but a house of equal quality in a nice area would cost more than I could get for my house so I'd lose my Prop 60 advantage.

I've flipped some houses in years past, but I'm very involved with running a private school currently and not interested in rehab. My thinking was to contact some flippers and tell them what I want. Someone finds a fixer and we work out what the fix-up cost will be and what their profit will be. Then I make two payments, one to buy the house (at a price less than what I can sell mine for, thus preserving my Prop 60 advantage) and a second payment to cover the rehab and profit of the flipper.

Does this seem like a workable idea or is it flawed. Better idea? Welcome any comments.

Only in one area where I have property. And not where I live. Bob

Me. Atlantic City, New Jersey. I owned everything, including the railroads. Hotels everywhere. All commercial at the end. Numerous bank errors resulted in enormous windfalls. Crushed the competition. I was 5 years old.

In the past I've had various connections to people in the industry who could get me a name/password and I could log in to places that have property information and get profiles, plat maps, history, etc..

Things seem to be tightening up due to the RE industry woes and I don't have that ability currently. I could set up a DataQuick account but my options are $500 for a yearly account, or at least $100 a month for a monthly account. I run a private school so I'm a very part-time investor. I've done a few flips and I own 10 properties. There is no way I need to search hundreds of properties a month. But I've been spoiled in the past when I could see a place and instantly get a property profile.

It seems the data services are really set up so that individual investors have to go through someone else to get data. Would appreciate any information anyone has on ways an individual investor can get property profiles as needed for a reasonable fee.