All Forum Posts by: Mike Flora

@Michael McDaniels there are many steps involved to take adverse possession. You can also do quiet title action as well. These are all crap shoots when taken to court to win. I have spoken to multiple attorneys here in California about it and it’s never a for sure thing. Open and notorious adverse possession is one way and you need to make notifications that you are going to be taking over the property, something published for all to see and have proof of this as well as paying the property taxes and taking care of the property. I’m sure laws are somewhat different in your state but since there is a case already open, as you stated, it’s probably not in your best interest to pursue this deal. And every lawyer I have spoken too states there is a long lost heir somewhere out there and judges are not quick to just give you a property. I knew a guy who lost his case for it and did everything right. Could depend on the judge you get as well. Talk to a local attorney though and maybe he will know a way to get it done.

@Varinder Kumar sell it, California market is fragile right now and swings big up and down when those good/bad times come. Either 1031 or just sell and reinvest in another part of the country for a better return. Very tough to get good cash flow in Cali, in SFR, compared to other states.

@Evan Mack if your LOOKING for your next deal and real estate is your priority then put that money into marketing for your next deal your looking for. Website, direct mail etc etc. The more you get into real estate investing you start to realize your more in the marketing business rather than the investing business. EVERYONE is trying to find the deals and the only way to find them with some sort of volume is by effective marketing. Best way to spend some of that money your talking about.

Looking for motivated newbie to real estate. Help needed for hands on marketing for our business. You will be paid by the job we need you to do for us, usually a one time job that will take up most of the day. Random one day jobs that we will schedule with you to accomplish for us. Great learning opportunity for someone interested in getting into real estate investing in our area as well. 

@Derek Sperzel doesn’t each Property your refinancing have a Pre Lim title report showing no liens/mortgages on your free and clear properties??? That should be sufficient I believe?? Never refinanced a free and clear but this should be enough proof.

@Quito Keutla here in California they are making accessory dwelling units easier to add to a property. Say you want to put one in your back yard for mom/dad. The permits and or zoning is becoming much easier to do so. This will help with some of the un affordability here in California and probably for most baby boomers around the country. Social security benefits will be Sketchy as well so I think that’s why out here they are making this an option for home owners.

@Gabriel Williams there are a lot of factors that can make your pros and cons better or worse. How much money you have in reserves, how much did you put into the rehab, what kind of loan and terms you used to purchase the property in the first place, was it private/hard money. How your market is where you live and what type of property is it, SFR or Multi unit. Here in California SFR's don't cash flow well unless a huge discount. If you put a bunch of money on the rehab and don't refinance, how long is it gonna take to get that money back in rent as well as closing costs you paid for. And if you have a lot of money in reserves to keep investing then maybe you might not want to cash out refinance. What's the market doing as well, do you feel it's growth for appreciation is over with and it's peaked? Maybe not cash out then as well and push the limits. Lots to think about sometimes with these things.

@Eduardo Slesaransky forgot to say, the seller/note holder, will have to sign off on the remaining amount due to him/her and get that back to escrow before closing.

@Eduardo Slesaransky once title goes into the buyers name he/she is free to do what he/she wants with the property unless otherwise stated in the terms the buyer and note holder agreed on. Once your ready to sell and open escrow to do so, the seller/note holder will get a payoff statement of the remaining balance to to him/her which will pay him/her off and you take what’s left over in profit. You can also just refinance as well to pay off the note holder/seller. Hope this helps

@Mihir Bhimaraju for SFR rehab properties. If your market area has been decreasing, don't run your comps on recent sales, look at everything listed in the area, look at pending sales, on the market and look at pictures to see what you will need to do to be the best property at the lowest price. Recent sales mean almost nothing when SFR's for sale, in a neighborhood, are getting price cuts. I have one property left to get rid of from the summer when things started to go down here in Southern California, but I adjusted my ARV prices and started looking at the listings in the area and pending sales. Takes me a lot longer to come now and I lowered my ARV that's for sure, but now there is less competition so I'm getting some great deals. YES this is sketchy but good investors make money in any market. I didn't have a ton of inventory when the market turned out here either, which helped some compared to other investors flipping homes, but if looking to flip and worried about market drops, this is a strategy that works out here.