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All Forum Posts by: Sam Liu

Sam Liu has started 8 posts and replied 45 times.

Post: Real Estate Agent Recommendation in Memphis Area

Sam LiuPosted
  • Investor
  • Santa Clara, CA
  • Posts 45
  • Votes 12

I won't have time for fixer upper, so looking for newer home with less maintenance. It'd be perfect if it's a foreclosure home that will be sold lower than the market price even some work needs to be done. I've never tried turnkey and but heard that it would cost some premium? 

Post: Real Estate Agent Recommendation in Memphis Area

Sam LiuPosted
  • Investor
  • Santa Clara, CA
  • Posts 45
  • Votes 12

I'm looking for an investment property in greater Memphis area. I already have a property in Cordova, but not very happy with my last agent. So looking for a new one. Any recommendations is highly appreciated. 

Post: Closed an occupied REO but can't find out who lives there

Sam LiuPosted
  • Investor
  • Santa Clara, CA
  • Posts 45
  • Votes 12
Originally posted by @Patrick L.:

That's part of the risk when buying occupied distressed properties without seeing the inside or even knowing who lives there. I've had some go well and some not so well. I bought an occupied REO a while back with a squatter where the house was full of human waste, mostly in buckets. The squatter was gone by the time I closed so at least I didn't have to deal with removing him but the house was a mess.....and I was able to buy it far enough below market value where i was still happy with the deal. Luckily I have people that work for me that are willing to do disgusting jobs in order to get our projects done.

On the flip side I bought an occupied house 2 weeks ago at a foreclosure auction and the occupant turned out to be good tenants.   I made contact with the tenants after paying for it and was able to view the inside which was immaculate and I was able work out a new lease and raise the rent $300/month from their previous month to month agreement.  The only thing I had to do was fix their heat which hadn't worked in a year (bad thermostat, $20 fix).  I got the Feb rent check on Jan 29th.  

Human waste, that's really disgusting. This occupied REO thing is really just about luck.

Post: Closed an occupied REO but can't find out who lives there

Sam LiuPosted
  • Investor
  • Santa Clara, CA
  • Posts 45
  • Votes 12
Originally posted by @Greg H.:
Originally posted by @Sam Liu:

The court posted an eviction notice on the door. The bank never told us they already started the eviction process, really bad communication and was very slow. 

I also noticed that the occupants left their previous eviction notice in the kitchen. Now I know her name, not sure if I should pursue her. 

These squatters were so dangerous. They had burned cabinet doors in the fireplace to stay warm. Can't believe what would happen if the bank didn't stop the water. They might burn down the house. 

What would you pursue her for ?  Your burden of proof would require you to prove that any damages occurred during your ownership of the property which in my opinion would be impossible as you are not even sure when she left

 Right. Most damages were done before we got the ownership. 

Post: Closed an occupied REO but can't find out who lives there

Sam LiuPosted
  • Investor
  • Santa Clara, CA
  • Posts 45
  • Votes 12

The court posted an eviction notice on the door. The bank never told us they already started the eviction process, really bad communication and was very slow. 

I also noticed that the occupants left their previous eviction notice in the kitchen. Now I know her name, not sure if I should pursue her. 

These squatters were so dangerous. They had burned cabinet doors in the fireplace to stay warm. Can't believe what would happen if the bank didn't stop the water. They might burn down the house. 

Post: Closed an occupied REO but can't find out who lives there

Sam LiuPosted
  • Investor
  • Santa Clara, CA
  • Posts 45
  • Votes 12
Originally posted by @Leigh C:

@Sam Liu   I hope the school of hard knocks doesn't teach you a lesson.    Fairly confident changing the locks was a bit too aggressive of a move.  

 We're sure they are squatter and moved away after the bank stopped the water. Tenants would turn the water on themselves. 

Post: Closed an occupied REO but can't find out who lives there

Sam LiuPosted
  • Investor
  • Santa Clara, CA
  • Posts 45
  • Votes 12

I made a mistake: only called PG&E, not city for water. Just found out the water was stopped a few weeks. It was the seller/bank. That's why these squatters moved out but left dogs inside. 

Don't understand why the bank would have the water and electricity on. The electricity is still on even now. You can probably guess who this seller is: hubzu.com/Ocwen. The price is not bad, but they are just so not organized. It took us two months to close this deal with all cash because the sellers made some stupid mistakes. If they could close the deal earlier, the house condition would be better.   

Post: Closed an occupied REO but can't find out who lives there

Sam LiuPosted
  • Investor
  • Santa Clara, CA
  • Posts 45
  • Votes 12
Originally posted by @Andy Luick:

You will probably also want to repeatedly bomb the place for fleas....they may have had the dog on a treatment but the eggs can still hatch after the fact.  We've had the once or twice on our rentals and it's not fun getting rid of them.....there's also another post or two on here for getting the piss smell out of the floors.

 Great reminders. Getting the piss smell is definitely a headache. I'll search the posts. 

Post: Closed an occupied REO but can't find out who lives there

Sam LiuPosted
  • Investor
  • Santa Clara, CA
  • Posts 45
  • Votes 12
Originally posted by @Andy Luick:

That's when you put on the gloves and do it yourself.  I'm sure you can find some day workers to do it if you live in the area.  There are also guys who post on Craigslist looking for this kind of trash out.  Pay them if you don't want to get dirty.  Find out when the mailman delivers and have someone check the mailbox around that time...unless it has a "vacant" card in it.  It's always good to chat with the neighborhood mailman if you can.  What happened to the dog?  You buy a property with whoever was in it at the time....every market has its own procedures for getting them out.  Be forewarned that Cali is very tenant friendly....

 Ha, yeah, will see if we can find someone first. It not.... yeah, need to do it ourselves.

Talking to the mailman is a very good idea. 

Post: Closed an occupied REO but can't find out who lives there

Sam LiuPosted
  • Investor
  • Santa Clara, CA
  • Posts 45
  • Votes 12

Want to give all of you an update: We called police early morning yesterday. They said they couldn't do much as it's a civil issue, but they still went to the house with us. No one was there. Patio door was open. Police went in and checked no one lives there. Then we went in. Really disgusting!!! Dog poops and urine all over, upstairs is even worse. They moved away some furniture, but still some left as well as an old truck. 

Then the neighbor said that black guy came back last night and left next morning just before we went to the house. I couldn't stay in the house for 5 mins because of the smell. Can't image someone could stay there overnight. 

Now I'm sure these are squatters. Don't think any normal people can live in a house with dog poops. 

We changed the lock. The problem now is how to clean all the dog poops. It's so bad. We called a cleaning company. They didn't want to do it.