All Forum Posts by: Mark Vejnar

That's awesome. So what's the plan now? Vacation homes/rentals everywhere you like traveling? Make your adventures tax deductible? Great job!

Jake Colina Agree with Bill Gulley be careful of who you listen to at REIAs. Don't be afraid to look at properties up in the valley or in the inland empire. Connect with other BP members in those areas. You could rent out your house, or rooms in your house. Or even sell your house and move to the valley or the IE. Personally I'd stay away from taking out a loan against your equity. We saw a lot of that 10 years ago. It wasn't pretty. A friend is a nurse down in Laguna Niguel. He purchases homes and turns them into assisted living facilities - in Laguna Niguel. He operates three or four of these now under his nursing license. Some state/federal program then pays off the house for him. It's labor intensive but very lucrative. Maybe you could convert your house for use as assisted living - I don't believe LA city/county requires a zoning variance for assisted living. I'm not in nursing and I don't know all the details of this program, but ask around and you'll quickly learn more. I see more and more nurses exploring this option as baby boomers continue to retire in droves with only social security to support them.

Can't you have the personal property removed to a storage unit? Then they can get their stuff once they've paid you for moving it and once they've paid the storage unit?

Congratulations and keep it up. My wife was telling me about that poop transplant stuff. Crazy.

There is a list in one of the sticky threads somewhere here in the forums. I'm on my iPhone or I'd find it and paste it for you. I'm sure someone will post it here shortly. If not just go through the forums and check the stickys. Welcome and best of luck. 10x really helped me shift my mindset and make considerable progress in my plan. Also The Appraisal of Real Estate, 14th Ed. was an excellent read - if a bit long. Good Luck!

...shown to his brother... Sure wish there was an "edit post" option Joshua Dorkin

Go with a contractor or a friend whose job requires a badge and a gun. Just tell him you're there to prepare a bid for some work which will be shown to his sister. It's honest and the presence of two people should help.

Chris Depalma It can appraise at a higher price because an appraiser will not view your purchase as a typical arms-length transaction because it is never exposed to the market. The appraisal will be based on market sales, market rents, and market cost to replace (simply put). Turn keys are not listed on the MLS so are not considered to have exposure to the market. Evidently current market sales, rents, and costs of properties comparable to the subject support a value 25% higher than the selling price of the subject. It's important to note that the subject's low selling price has no adverse impact on values in the neighborhood. The subject is not considered an arms-length transaction and is therefore given no consideration when analyzing market trends. Simplified explanation but that's the reason it can appraise higher. The key word is Market. Turnkey is off-market.

Let them go with a full refund and a smile. It's one thing if they want to break the lease after moving in, but before? One less headache in my opinion. Happy transactions occur between ready, able, and willing parties. I'd be ecstatic to know my tenant was unwilling before moving them in. You've probably saved yourself thousands in repair costs and premium increases by not holding their feet to the fire.

I actually had quite a few conversations with Lonnie Scruggs during the early stages of the recession. My family has owned apartments, larger MHPs, farms, etc., for many years so it was fun to talk mobile homes with him. He had some great stories.