All Forum Posts by: Lee V

is this in regards to a birddog finding a potential short sale deal, and you buying that short sale for yourself or saleing it as a short sale on the market? Im kinda confused.........

As for exposure, put each house is it own land trust, or llc, simple way to keep tract also,
123 Main St. LLC. Anyone can keep tract of that book keeping.

Dont forget guys, setting up an LLC in CA cost annually $700. So, if you have 10 properites, with 10 LLC, $7,000/annually.

People seems to forget to mention this......

No upfront fees seems hard to come by. What company do you see offering this jbrooks?

Hey JBrooks

Im only searching for areas in north stockton. The deals out here are crazy right now, if something is in decent shape and price right, it last only a week at the most.

Im looking for areas in North Stockton and areas around UOP. I live by UOP right now and have a property in North Stockton. UOP area homes that are in great shape have not drop in price much at all.

EAst and South are really cheap, but very unattractive. Most of those properties are hanging around for a long time on the MLS. If you are from the bay area, you may want to look at Western Ranch.

what is included in the 50% rule, if not the HML payment? or mortgage payment?

I have used Bank of America on my purchase. At the time they paid all cost including appraisal. They claimed they saved me 400 for the appraisal, but on the hud 1, it shows "appraisal $150 paid by BOA" i think its a discount deal they have with some appraisal companies.

hey Jim

thanks for the reply, that is an excellent point. those are just some of the homes I pulled that were purchase around that price. Obvisously there were homes that are similar but purchased at 70,80 and even 100k. I was just looking for the cheapest home bought in that area to help me negoiate a price with the lender.

How do you determine the FMV? Lets say if 5 investors all bought a house in that area for a deep discount, say 62k. Now is that going to be a FMV? I know an appraiser can pull any comps he wants to make the purchase seems like a good deal. And I think I am getting a good deal, if I get this property for 62k, but how do you guys determine the FMV?

Using credit cards for downpayment seems ridiculous. Im not expert, but I know that credit companies can at anytime cut back your credit line and increase your interest rates to the moon... as high as 33% or more.

Work with a lender, save for your 20% down and buy. If not, work with HML. If these dont work, I also think that having a friend/family help you consign for a line of credit or mortgage if needed, but never used credit card for downpayment. Thats just my 2 cents. I know this thread is older. = )