All Forum Posts by: Account Closed

The BRE is back to being called the DRE (Department of Real Estate).

A simple call to your local board of Realtors will give you the prices for: MLS, Metro list, Lockbox, CAR and NAR.

Broker cost is free if you are a broker, otherwise it depends on which broker you hang your license with.  It can be free if you hang it with a friend broker or 50% or more of your commission, or a monthly fee ... depends heavily on where you hang your license.   Call a whole bunch of brokers and ask.

Zillow gives you 99% of what's in the MLS and it's over a wider area, and it's free.

They use the word 'upon' a lot, makes me think it's a builders draw schedule of some kind. Maybe lender is releasing money up to 70% of ARV as rehab is completed, which is above and beyond the actual cost of materials and labor. Also, talking with my flipper borrowers the cost of materials has gone up significantly because of the trade war.

@Pat Mulligan

My thought is he doesn't have the money.  He's a broker, meaning, he uses OPM (other peoples money) to fund loans.  He keeps inventing hoops for you to jump through hoping to find an investor to fund the loan before you leave.

Depends how much work he did.  If you got all the way to doc signing and backed out simply because you changed your mind, then maybe.  If you do pay ask if he will do the next loan for only one point.

They sound good. Go on the MLS and take a look at the last 10 rehabs they did. Compare the purchase price to the after rehab sale price. MLS usually has pictures, assess the quality of work. Sounds like they should have no problem putting 10% down and coming out of pocket for the rehab money. Give them a low interest rate and fees. You will be safe and they will appreciate your responsivness and fees.

I've found the single most important element to your safety is for borrower to have skin in the game. The more money borrower has into the deal the less likely a default. Loan 80% of purchase (that is 20% down) until you have history then 90% of purchase price. You will sleep well at night. Experienced borrowers understand this and have no problem with it. Inexperienced borrowers will whine and totally not understand why you won't give them 100% of purhcase and 100% of rehab for their absoulutely awsome deal. I've had borrowers offer me higher and higher interst rates to get those sky high LTV's ... don't give in!

I take it all as investment income, wheather it's PN, NPN, earliy payoff, late payoff, fee, no fee ... it's all interest. It will be interesting to see how a tax expert answers this post. The up side is you don't pay SS/Medicare tax, the down side is there isn't much you can write off, but then there isn't much to write off.

@Rob Duke

Sounds like the exact same procedure used to evict a tenant.  Seems this guy took the tenant eviction procedure and substituted the word squatter for tenant.

If there is a squatter in your vacant house and you call the police, they may say they can't determine if squatter is there legally or not in which case you have to go through the legal process.  Unless the squatter clearly broke in, cops are not going to get involved.

@Rob Duke

As much as it hurts you cannot change locks etc, squatter has same rights as a tenant, you have to file an unlawful detainer, unless he leaves on his own.  Maybe he will just leave or maybe you can give him cash to leave.  That's the way it works in CA.  Checkout the move Pacific Heights, while extreme, that's how things work.

make offer subject to the place being vacant prior to close.  Or, ask for a discount and you will take care it.