All Forum Posts by: Rolly Dupree

Hi, i plan to do an MIS. What happens if the seller dies before the 30 yrs are up?

At the 30yr date, are the taxes calculated on the total 93.5? Are any of the original exemptions still available? Thank you.

Auctions are difficult and risky!!  I am looking for partners for live auctions in San Jose, CA. I have the experience and need help with research and funds. My trustee's sale purchase was very successful and I kept it as a rental. I plan to flip the next ones while the market is still good out here.  Please let me know if you want to work the San Jose steps.

To concur with Tom Fish, I have indeed closed a 19 properties purchase directly linked to a BP connection. It is my personal property and Josh you are welcome to contact me personnaly so I can fax you whatever paper you want. Please do undestand that I can only do this because I was the purchaser. When we represent clients we are bound by confidentiality.

It will be too bad to see the forum go, if only for the interesting people we meet on it. But don't worry reo bulks forums are found elsewhere, and small packages are being sold...

Hi Charlie,
Welcome to BP.
I also live near SJ, Saratoga in fact, and I came to the same conclusions, so I started investing in Sacramento, either buying cheap and flipping or buying and renting out.
I prefer REOs, less hassle than short sales. You can purchase for 50K in Sac and rent out for $800/mo not fantastic but good enough when you have a few. You make less if you buy condos, but easier to manage. You can also buy at auctions, if you have the time to do your DD.
I would not recommend Antioch which is getting worse.
I have not gone to any of the REI clubs in our area but if you find a good one I would be interested in checking it out.
Stay in touch,
Rolly

Hello Michael,
Just like you, I live in Northern California and prices have been to high to buy recently. The properties I bought years ago in my area (Bay Area) I manage myself but the 90 units in Vegas and the 20 units in West NY have PM and it's working for me.
Make sure to do your DD and that there is no city codes or requirements before you close.
The hands off management is totally worth the extra money. I plan to keep doing it for myself and my buyers.
Good luck,
Rolly

Welcome Jana,

Very happy to have you join us!
I am just starting to think about investing in Texas instead of our expensive NorCal. Just curious to see if you prefer investing in certain areas compare to others in your great state? Who knows we may be doing business together. I must say I do trust the BP colleagues first.

Rolly

Welcome aboard Jay,

I have a buyer who might be interested in the 200+ in SF. Email me with more info.
You picked a great place to start out.

Rolly

Hello Daniel,
I have a cash buyer looking for just this kind of investment. Do you know of any other, 100 + apartments, C /distressed/reo, preferably in the Western States.
Thanks, Rolly

Just a different angle: if all your lending efforts don't work you may want to find a contractor who will do the work for free in order to be paid later on a sale or once you refi. You can also use him as your first renter; that scenario has worked for me in the past. No money exchanged, he lives in the house while he works on it, for whatever rent agreement you make between the 2 of you, this will help you refi. Some banks will take the 1 year rental income.
Just my 2 cents..
Good luck,
Rolly

One of the first question to ask is: does anyone in your family, friends or neighbors have a real estate license that you may want to work with or take advice from? This situation happens frequently and it is not fraud only unethical!!! Sadly for us hard working agents...