All Forum Posts by: Loretta A. Steele

"You can't change the past,
but you'll ruin the present
by worrying about the future"

Mike, you got my vote....good luck.

Jake,

I agree with Jon, BryanA and Brian that it may not be worth pursuing.

If you want some basic information on evictions, I have a link from the Superior Court of California, Riverside County.

It's a pdf file entitled: "How Do I Evict MyTenant, A guide for Landlords"

http://www.riverside.courts.ca.gov/selfhelp/howtoevict.pdf

Hope all turns out well in whatever you decide.

I have a Twitter account, but have not tweeted much lately. However, I would be interested #reichat.

In Southern California, Riverside county it is now $4.11 per gallon. I'm heading out now to get gas this afternoon, $60.00 will go into my gas tank.

I love the summer, but hate the thought of increasing gas prices.

Peter, don't let frustration stop you.

At your investment clubs, have you met other wholesalers and rehabbers in your area? Maybe you could market their deals using free or low-cost online marketing campaigns. Work out a fee schedule with these wholesalers, so you can get some money coming in.

I trust that others will respond to your post with more ideas. Keep striving towards your goals.

Congrats,
We all love to hear this. Much success!!!

My guess was #1 also. I had just finished studying The Legal Aspect of Real Estate for my broker's exam.

I hesitated to answer this, since I seem to be an open target lately. But oh well, tear this post apart. I refuse to stop participating here on BP.

Thanks motiv8td for another chance to quiz myself.

@Paul, thanks for clearing that up. I was focusing up the "of" instead of the "more than". I think this broker's exam is going to a nightmare. But the more practice I get the better I will be able to handle it.

@Nick, your calculations are correct. I think the main phrase of concern is, “title is transferred…â€. COE and the title transfer should be the same day. But watch out for questions that ask for the “closing dateâ€, that date is charged to the Seller, not the Buyer.

Thanks for giving me some needed practice, I’m also studying to take the broker’s exam and I greatly appreciate any additional practice.

@Paul, thanks for catching that mistake on question #2. The Seller must be reimbursed or credited.
@Paul, on question #2 you are using 2.63x instead of 1.63x. The second lot costs 63% more than the first lot.

17,366.85/28307.96 = 0.61350 => 61.4%

@Matthew, you are right, on Settlement Statements accounts are balanced.

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Here's my revised question #1

1: Taxes are $1654.35 for the calendar year 2010. Title is transferred Aug. 12th of the same year. What is the proration to the buyer and seller?

We are not given the beginning date of the tax year. I will pick a date – January 1st.
The actual possession of the property was on Aug. 12th, which is the transfer date, the actual date of possession.

Property taxes are paid for the entire year. If the seller had already paid the $1,654.35, the buyer must pay for the portion of taxes that apply after Aug. 11th.

Using the Actual Year – 365 days for the year, and the actual days in each month
1,654.35/12 months = $137.8625/mo.
137.8625/30 days = $4.59542/day

Jan(31), Feb(28), Mar(31), Apr(30), May(31), Jun(30), Jul(31), 11 days of Aug

Seller paid for 223dys.

Seller paid this amount while owning the property = (223x4.59542) = $1,024.77866
Buyer pays the Seller, this prorated amount = 1,654.35 – 1,024.77866 = $629.57134

Settlement Statement
Seller’s Credit = $629.57
Buyer’s Debit = $629.57