All Forum Posts by: Kris Lai

hello BP friends ... been MIA for a while and looking to get back in the RE groove of things, hoping to seek some advice on an off-market deal that was presented to me. It's a 3 unit bldg in the hot area of Bernal Heights, each 2BA/1BA, roughly 850 sq ft. Each unit has its own garage space and storage. Asking price is $1.6M. 

One unit is going to be vacant in the next two weeks, another is rented at around $2500, but the last seems to be protected at $1200. 

An RE mentor of mine suggests moving on this deal fast, securing it by any means before the seller decides to list it. The goal is to have it seller-financed as I have no cash left. But a trusted and respectable agent I spoke with suggests this isn't a bargain. He says if I decided to sell, it would be difficult to condo convert, thus selling as TIC only, but finding buyers would be difficult due to the protected tenant.

Based on Craigslist ads, the lowest 2/1 unit in Bernal is going for $3300, but with the two units under market rent I would be at a negative cash flow. 

Would love some perspectives here :)

oh wow how did I miss this meetup? If possible please tag me for the next SF meetup:)

thank you @J Martin - will definitely be there since it's right in my backyard! See you all there.

hi Jay! I've got a previous engagement to attend so I won't be able to make it tomorrow. I certainly hope to make it to the next one!!

hi @J. Martin Thanks for setting this up again. Will try to make it again - really enjoyed meeting everyone last time:)

Sorry, typo on the title. Meant to say "legal"

I short sold a non-owner occupied SFR in November. The loans were with Nationstar (transferred from Aurora, my original lender) and Bank of America. I received my 1099-C from BofA but not Nationstar. Called them today to find out where it is, and the rep tells me it was never generated because the loan was never charged off. She contacted another department who explained to her that CA is a state where Nationstar can go after someone for the decficiency. That department wouldn't elborate when or who they'll go after. It is not likely I will receive a 1099-C this year, she says.

I'm baffled; I thought this nightmare was over. Going back through my records, BofA's approval letter clearly states the language they will "waive their right to pursue collection of any deficiency after the sale..." However Nationstar's letter is not so clear, but I believe it says the same: "Upon meeting all condituons ... we will waive any remaining balance on the account if all participants act in good faith..."

Help!!

Sorry for the long title, but that's exactly what I'm looking for. I short sales a rental property in 2013 and am looking at a hefty tax bill. Hoping to find a CPA with plenty of experience and knowledge on short sale tax laws - basically a "IRS whisperer" :)

Any part of the Bay Area is good, I will travel for the best. Thanks in advance!!

@Sarah Lam I can't believe I missed this meetup again. Will definitely make sure I check this thread weekly to not miss it again. So inspired by everyone's experience and enthusiasm here in the Bay Area.

ok I will definitely be there at the next meet up @Sarah Lam . I've already shared this with a couple of my loan officer coworkers; will try to convince them to join as well.