All Forum Posts by: Michael Morrongiello

A properly set up TRUST to HOLD title to assets and conduct some business activities in CA
requires NO annual franchise tax and may be an option for some VS forming a CA LLC or registering your OUT OF STATE LLC to do business in the "Golden State". It also provides some degree of privacy since you are not registering it thru the CA Secretary of States office.

3 Level,  Recently Updated, 15 Units, Collaborative Living Property -Potential to get to $22K+/- GROSS MONTHLY RENT
Great SOMA-South of Market Location (one of the HOTTEST areas in SF in the past), close to South Park, also Oracle Park, and
the ON RAMP to I-80 and the Bay Bridge

A Description of the property, units, and amenities:
Room amenities include bed, nightstand, rug or hard surface flooring and closet.
Property amenities include 3 common kitchens (one on each level),
some common areas- a small living room, private bedrooms, 5.5 TOTAL bathrooms
divided up on each of the 3 levels, washer and dryers, outside patio
and deck areas on each level, wifi connectivity throughout and bike storage.
The common areas and kitchen are furnished including television with cable,
Netflix and the internet. There is a backyard outside deck and stairway off each of the 3 levels of the Building.
The subject's site consists of approximately 2,000 SF or approximately 0.05 acres of land.
The site is generally rectangular in shape and is level with a slight slope.
Significant RECENT renovations and upgrades were completed in 2018.
The Subject property does not have any onsite parking.

Currently 11 of the 15 Units are rented and the property is producing $16,600 in GROSS monthly income

Formally Appraised 3-2023 with an Estimated Stabilized Value of $2,640,000
We are Seeking $1,650,000 to SELL (that is < Less than $377.00 per square foot for this 4,500
square foot - 3 level property in VERY GOOD updated condition)

Serious Inquiries ONLY - For more details - contact Michael @ # 707.939.9450

Sponsored by BAWB - the Bay Area Wealth Builders Association
Now in our 23 year of holding HIGH Quality Educational Events for
BOTH the beginning and seasoned Real Estate Investor

Defining your Buy Box and Your Investor Identity in Today’s market...

It's a Puzzling Real Estate Marketplace;
Are you also Puzzled as How Best to proceed as well?

Want More Info? Call # 707-996-6411 or visit www.BAWB.info

At this Meeting you will Learn:

• In today’s market am I a BUY and HOLD or Fix n Flip investor?

• Speaking with strength as WE approach property owners

• Buy THIS not THAT? Buy HERE not THERE? Should I Wait until rates come down?

• The Active R’s – Rehabs, Remodels, Rentals, Restorations & Redevelopment

• Why we love ADU's

• The Flip model Dead Zone and profitability scaling...

• Do I Need specialized support without the overhead?

• Why you might Love the Southwest!

• Current RE Tools and Subscriptions that may match investor types

• $8,600 houses that need $11,000 HVAC upgrades

• When to use Private Money vs Hard Money vs ?

SPEAKER: Tommy Christy
Tommy Christy is an experienced FUND manager with current investment activity across multiple states, products and development opportunities. He is here today to connect with investors and be part of their Real Estate stories and success.

With over 20 years of foreclosure experience and 1,000+ deals his activity levels are matched by few Northern California operators around. His creative branding with iLoveHouses.com and other advertising creates leads and opportunities that fuel his acquisition strategies.

One major differentiator between Tommy and other investors is his direct hedge funds investment management involvement with Invitation Homes (INVH). As Regional President for the biggest player in the market he learned quite fast how institutional players think, act and maximize the dollar invested. The INVH play was an entirely new platform built to place billions of dollars of investment capital on assets trading far below their replacement costs and previous valuations.

His current projects and funds launching August/September 2023 leverage his ability to acquire distressed assets and stabilize them as BRRR hold opportunities. Tommy and his family live in Placer County and are most active around those surrounding markets.

Join us for this Lively Discussion and Insights

Do Not Miss this Months VERY Informative Meeting...

CAN A SELLER still Do a 1031 Tax Deferred Exchange IF Also providing Seller Financing?

EG. Property Seller is Selling a FREE & CLEAR Investment property for $500K
The BUYER is doing a 1031 Exchange and will SELL this property and have those funds held by a QI - Qualified Intermediary and now they wish to purchase a REPLACEMENT Property for $1,000,000 where THEY put down $500K in funds to be held by the QI towards the purchase of the Replacement Property and the Property Seller SELLING to THEM provides owner financing for the $500K balance due them- We believe this property Seller then can elect to SELL their Seller Finance Purchase Money 1st lien Mortgage and Note if they desire to have additional cash

BUT What about this twist ?
You are now BUYING a FREE & CLEAR Investment property for $1M and the property SELLER selling to you wants to do a 1031 Exchange.

But you want to BUY their property only on SELLER FINANCED repayment terms because the property is not readily finance able.  So you put your $500K Cash down and ask the Property seller who wants to do a 1031 Exchange to have THEIR QI - Qualified Intermediary
agree to carry back the financing for the $500K balance due.

The Seller SELLING the property that wants to do a 1031 Tax Deferred Exchange HAS HAD NO constructive receipt of any funds.
The Property Buyers $500K goes DIRECTLY to the QI and the Owner Financed 1st lien Mortgage & Note for $500K goes to the QI who will hold it and perhaps even receive some installment payments on it for a period of time. 

QUESTIONS:

Q1- Can the Property Seller wanting to still do a 1031 Exchange now at some point down the road DIRECT the QI to SELL OFF (at a discount) the  Owner Financed purchase money $500K 1st lien Mortgage & Note , lets say for the discounted sum of $400K CASH and have the funds paid for the purchase of the Mortgage & Note ALSO go into the QI's account. (Again still no constructive receipt of any of those funds have gone directly to the Property Seller.)
The QI would now be holding $900K in Total funds.

Q2- Can the property seller now DIRECT the QI to purchase a REPLACEMENT PROPERTY with those $900K of funds held by the QI - Qualified Intermediary (remember that the original $500K in cash was put down by the Property Buyer and the ADDITIONAL $400K in proceeds was generated from
the Assignment / Sale of the 1st lien Mortgage and Note) and now use those funds for THEIR Tax Deferred 1031 Exchange purchase of a REPLACEMENT property?

Q3- Is this feasible ?
Will the Seller be able to use the $900K in funds held by the QI 
to acquire a REPLACEMENT Property and deferred taxes?

The IDEA is to get a LOT of interest in the upcoming Trustee Sale so that bidders show up, bid against one another and they GET the property Versus us taking it back as the DOT & Note beneficiary.
The DOT & Note was purchased at a significant discount thus that is one of the objectives to quickly EXIT out of the property and Non Performing loan and to recapitalize and move on.

We own a Defaulted 1st lien DOT & Note on an income producing apartment building that is currently bringing in about $11K GROSS income per month. The property is GREAT shape and was renovated within the last several years. The DOT & Note was purchased at a discount from its lender who wanted out.

A Trustee Sale is scheduled and while the Trustee per State Statute had to publish in the past the NTS - Notice of Trustee Sale we would like to get  FAR MORE EXPOSURE to entice potential bidders to show up at the  upcoming Trustee Sale auction and BID.

Q- Can we RUN or publish ADs in Craigs List, Next Door, , etc. or other online areas (open to suggestions) and also run some PAID for
Ads in the local newspapers PROMOTING the  upcoming Trustee Sale so we can GET a LOT of interest in the property?

Q- Since we are NOT the Trustee but now the Beneficiary (owner of the DOT & Note) Is there anything improper or potentially illegal in doing so?

TIME IS OF THE ESSENCE

Sponsored by BAWB - the Bay Area Wealth Builders Association
Now in our 23 year of holding HIGH Quality Educational Events for BOTH
the beginning and seasoned Real Estate Investor

Defining your Buy Box and your Investor Identity in today’s market...

It's a Puzzling Real Estate Marketplace;
Are you also Puzzled as How Best to proceed as well?

Want More Info? Call # 707-996-6411 or visit www.BAWB.info 

At this Meeting you will Learn:

• In today’s market am I a BUY and HOLD or Fix n Flip investor?

• Speaking with strength as WE approach property owners

• Buy THIS not THAT? Buy HERE not THERE? Wait until rates come down?

• The Active R’s – Rehabs, Remodels, Rentals, Restorations & Redevelopment

• Why I love ADU's

• The Flip model Dead Zone and profitability scaling...

• Do I Need specialized support without the overhead?

• Why you might Love the Southwest!

• Current RE Tools and Subscriptions that may match investor types

• $8,600 houses that need $11,000 HVAC upgrades

• When to use Private Money vs Hard Money vs ?

SPEAKER: Tommy Christy
Tommy Christy is an experienced FUND manager with current investment activity across multiple states, products and development opportunities. He is here today to connect with investors and be part of their Real Estate stories and success.

With over 20 years of foreclosure experience and 1,000+ deals his activity levels are matched by few Northern California operators around. His creative branding with iLoveHouses.com and other advertising creates leads and opportunities that fuel his acquisition strategies.

One major differentiator between Tommy and other investors is his direct hedge funds investment management involvement with Invitation Homes (INVH). As Regional President for the biggest player in the market he learned quite fast how institutional players think, act and maximize the dollar invested. The INVH play was an entirely new platform built to place billions of dollars of investment capital on assets trading far below their replacement costs and previous valuations.

His current projects and funds launching August/September 2023 leverage his ability to acquire distressed assets and stabilize them as BRRR hold opportunities. Tommy and his family live in Placer County and are most active around those surrounding markets.

Join us for this Lively Discussion and Insights

Do Not Miss this Months VERY Informative Meeting...

I am familiar with 1031 Tax Deferred Exchanges. However this issue came up;
EG. Selling a FREE & CLEAR Investment property for $500K
Now if you as the seller are doing a 1031 Exchange and SELL this property and have those funds held by a QI - Qualified Intermediary and now wish to purchase a REPLACEMENT Property $1,000,000 where you put down $500K in funds held by the QI towards the purchase the the Property and the Seller SELLING to you provides owner financing for the $500K balance due them- THEY can then elect to SELL their 1st lien Mortgage and Note if they desire to have additional cash.

What about this twist.
You are now BUYING a FREE & CLEAR Investment property for $1M and the SELLER selling to you wants to do a 1031 Exchange.
But you want to BUY their property only on terms because the property is not readily finance able. 
So you put your $500K Cash down and ask the the Property seller who wants to do a 1031 Exchange to have their QI - Qualified Intermediary
agree to carry back the financing for the $500K balance due.

You have had NO constructive receipt of any funds.
The Buyers $500K goes to the QI  and the Owner Financed 1st lien Mortgage & Note for $500K goes to the QI who will hold it and perhaps even receive some installment payments on it. 

Q1- Can the Property Seller wanting to still do a 1031 Exchange now at some point down the road DIRECT the QI to SELL OFF (at a discount) the
Owner Financed purchase money $500K 1st lien Mortgage  & Note , lets say for $400K CASH and have the funds paid for the purchase of the Mortgage & Note also go into the QI's account. (Again still no constructive receipt of any of those funds have gone directly to the Property Seller.)
The QI would now be holding $900K in Total funds.

Q2- Can the property seller now DIRECT the QI to purchase a REPLACEMENT PROPERTY with those $900K of funds held by the 
QI - Qualified Intermediary (the original $500K put down by the Property Buyer and the $400K in proceeds generated from the Sale of the 1st lien Mortgage and Note) and use those funds for THEIR Tax Deferred 1031 Exchange purchase of a REPLACEMENT property?

Is this feasible ? Will the Seller be able to use the $900K and deferred taxes?

Michael Morrongiello
Sunvest Property Solutions

Sponsored by BAWB - the Bay Area Wealth Builders Association
Now in our 23 year of holding HIGH Quality Educational Events for BOTH
the beginning and seasoned Real Estate Investor

Defining your Buy Box and your Investor Identity in today’s market...

It's a Puzzling Real Estate Marketplace;
Are you also Puzzled as How Best to proceed as well?

At this Meeting you will Learn:

• In today’s market am I a BUY and HOLD or Fix n Flip investor?

• Speaking with strength as WE approach property owners

• Buy THIS not THAT? Buy HERE not THERE? Wait until rates come down?

• The Active R’s – Rehabs, Remodels, Rentals, Restorations & Redevelopment

• Why I love ADU’s

• The Flip model Dead Zone and profitability scaling...

• Do I Need specialized support without the overhead?

• Why you might Love the Southwest!

• Current RE Tools and Subscriptions that may match investor types

• $8,600 houses that need $11,000 HVAC upgrades

• When to use Private Money vs Hard Money vs ?

SPEAKER: Tommy Christy

Tommy Christy is an experienced FUND manager with current investment activity across multiple states, products and development opportunities. He is here today to connect with investors and be part of their Real Estate stories and success.

With over 20 years of foreclosure experience and 1,000+ deals his activity levels are matched by few Northern California operators around. His creative branding with iLoveHouses.com and other advertising creates leads and opportunities that fuel his acquisition strategies.

One major differentiator between Tommy and other investors is his direct hedge funds investment management involvement with Invitation Homes (INVH). As Regional President for the biggest player in the market he learned quite fast how institutional players think, act and maximize the dollar invested. The INVH play was an entirely new platform built to place billions of dollars of investment capital on assets trading far below their replacement costs and previous valuations.

His current projects and funds launching August/September 2023 leverage his ability to acquire distressed assets and stabilize them as BRRR hold opportunities. Tommy and his family live in Placer County and are most active around those surrounding markets.

Join us for this Lively Discussion and Insights Do Not Miss this Months VERY Informative Meeting...

Cris
The Original Mortgage (recorded) REC 2007 was in favor of AMC Mortgage Services Inc.

Then Assigned REC 2009 to Assignee; MERS, a Delaware Corp. its successors or assigns, as nominee for CitiMortgage, Inc. and then FURTHER Assigned numerous times subsequently thereafter with the most recent Assignment REC 7-2023

Its been non-performing for years and its a residential home that is occupied (presumably by the original Note payor)

Since You Referenced it - AND for the benefit of others here is a Snippet Article on the BOA Vs Greenleaf Maine Court Decision - Titled Maine's Greenleaf Decision Creates Mortgage "Insecurity" for MERS
https://casetext.com/analysis/maines-greenleaf-decision-crea...