All Forum Posts by: Mike Flora

Yes he did stare that about multi family and about Florida. He said he asked everyone the question....”would you buy your own multi/apartment building from yourself as you value it?” Then he said the whole room laughed as if they were saying NO. “So there is your answer.” He said. He has great data of so many years that just makes sense in his charts and explanations.

Try it and run your numbers on how much spent to get a deal. If it works then continue, if not then stop or try a different social media approach. Hey Jay Hinrichs went to Bruce Norris event in Costa Mesa on Thursday and outlook looks good for the future of the real estate market. Great charts and numbers from him, like always, and some pretty eye opening stuff with how little equity people have pulled out of there homes after the housing market has come back unlike back in the 2005 time. In fact with his data, which made sense, the next type of recession, no matter how big or small, the housing market will help people out of trouble with having the equity and selling rather than foreclosures and auction house craziness like before. There are some undervalued markets in California still that are recovering from the crash and I’m sure that goes for different areas in America but things look good from Bruce and it made sense to me as well.

Thanks Matt K.

Yeah I figured that but had my fingers crossed. Definitely want 10 each! That’s a no brainer but if we were able to do 20 in both then that’s just as good. We will figure it out. Pretty lame Fannie won’t let us pick one of us since we are 50/50 ownership in our LLC. At least the info for now on that. My lender will figure something out with it. Thanks

We are cash out refinancing 2 rentals right now and want to know if myself and my business partner can both have our name on the loan and have up to 20 loans out in both of our names. I know a single person can have 10 properties in there name but what if we have 2 people on the loan, can we do that 20. Ran into a couple of snags on the refinance portion that are fixable but this would be the best way around it if possible. My lender is currently working on this now but wanted to see what all you guys say as well. The property will be in our LLC name and loan will be in one, or hopefully both, name or both names. It’s a 50/50 ownership LLC, current private money loan is in our LLC name and it’s been 6 months seasoning. Fannie is stating one of us needs to have more ownership than the other and then it can go in that persons name. Fixable and there are ways around this but working on that now and don’t have answers yet. ANYONE???

No real way around it, I think it’s the dumbest rule out there, but we have to live with it. In your listing notes just put not FHA eligible till so and so date and if your having trouble still selling then might be smarter to just wait to list till 90 days is up. You would think FHA would figure out a way by now to get rid of this rule. No one else has it!!!!

Is there a law in California that states how long your property can be vacant and have a landlord policy?? I have safeco and they send inspectors out to random properties of mine and ask to see the lease agreement and it doesn’t look like the property is rented. Some rehabs take longer than a month to complete and get property rented. Safeco will just give me a couple weeks to show proof or my policy is cancelled with them. I thought it was 90 days to get property rented after purchase and rehab with a landlord policy but it could just be up to the insurance company you use???? Easily fixed but just wanted to know if there is any law on this issue.

I am a buyer in the Inland Empire, send me a PM.

If you have seen the house pick out things that an inspector will for sure write in his report that are expensive fixes that the seller will most likely have to fix to complete the sale or possibly kill the deal and he will have to start the process all over again. I’m assuming your buying as is and fast of course?? Really your answer to these people depends on there needs. If they want hassle free quick service where they do t want to put any money into the house and don’t have a lot of time to sell they will probably go with you even if you tell them they will get more money selling with an agent. I have told people they will get more money selling with an agent but they still go with me because of that fast hassle free service that’s quick. Everyone knows now days what there property is pretty much worth or could be worth, it’s if they trust you to deliver on your services to buy there Home.

How much is the land worth? Talk to the firm and tell them your situation and see if they will buy the land to just get rid of your problem and owe them nothing. Or make your brother pay off the money owed and take back the land.