All Forum Posts by: Rich Littlefield

Rule of thumb selling houses, your best buyer shows up almost immediatly, most of the time.  

Well I am not  member myself, but I have to say that I am impressed with the worksheet. I think it is fairly accurate. In areas like Beverly Hills or Newport Beach, the capitalization rates are so low, it does not make sense for most investors except say Doctors or high income professionals who can depreciate the property and are in it for the long run. It is simply a better return than putting it in the bank. Though it does fit many investors.   I am a lender and have been developing properties in the area,  2 in Laural Canyon and one in Encino.  What comes to mind to me is the amount of money that can be made buying raw land in the area and building ground up.  The profitability of doing so in that area are amazing really.  

I find people assume that VA and FHA repos are a bargain, when actually the starting bid price would be a good market price if they were for sale as a regular home. The problem is that because people are expecting a bargain they bid up the price to higher than what they are worth. Now the more rural the property is, the more likely you are to get a bargain.

I would look at the value Zillow  or Trulia gives it, and then subtract from that value the cost of repairs needed. See these pricing engines base the price off what has sold, usually homes are fixed up and sold, so the Zillow  price is too high in "as is" condition.  If you are expecting to flip the property you must get it even lower, if you expect to make a profit.  

Usually, you are better buying a home of the MLS because people over bid the government repos, expecting it to still be a bargain.

I am not saying that you should not buy these kind of properties, I am saying do your homework and be sure they are a bargain before you bid on them, review the comparable sales, inspect the property for defects and make an estimate of costs to cure. Then make your offer.  My experience is that you pretty much end up with these repos at the general market price, but many times they offer great financing.

These kind of things can respiratory problems.  I understand that it may be coming from outside as well. If it is in the house it is usually a white colored  mold. It can grow with other molds as well giving it other colors.  Usually with mold if you can find the source and either remove the building materials as much as possible and or treat it with chlorine mixed with water.  You seem to have found the source. As long as it is moist mold is not dangerous, once it dries and becomes air born it is a problem. Replace the materials as much as possible, treat it with  chlorine, and you probably are good to go. If you call  your insurance company, they might bring out hazmat crews and cancel your insurance.  

These kind of things can respiratory problems.  I understand that it may be coming from outside as well. If it is in the house it is usually a white colored  mold. It can grow with other molds as well giving it other colors.  Usually with mold if you can find the source and either remove the building materials as much as possible and or treat it with chlorine mixed with water.  You seem to have found the source. As long as it is moist mold is not dangerous, once it dries and becomes air born it is a problem. Replace the materials as much as possible, treat it with  chlorine, and you probably are good to go. If you call  your insurance company, they will bring out hazmat crews and cancel your insurance.  

Ok, if the problem was financing, if you  used the Realtor forms it should have a contingency on the financing.  If you have gone over the period, you can back out on other issues. I would ask, did they  give you a Transfer disclosure Statement, once you do, you have three days back out? You have three days after you get one or your inspection if done within the contingency, or any new information to back out. If what you wanted was the loan funded, then contact me. If I can not fund your loan at a rate that makes economic sense, it probably can't be done.