All Forum Posts by: Steven Laub

Thanks guys. All makes sense, I will pass this along. 

Hi All,

I have a friend who's house burned down in the Camp Fire. This person is 60 and has no savings and was well in debt. The insurance on the home appears to be enough to pay off the house and add enough to have some what of a retirement. The home loan owed to the bank was around 200k I believe the insurance pay out will be around 450k when all is said and done. 

I believe that California is a non-recourse state, if the insurance payout was all kept for retirement or rebuilding somewhere else and not used to pay off the debt, would go into foreclosure? Would the bank come after the assets this person will now have? Would a short sale be a better option or does this open the person up to the bank? 

Looking at all options to come out on top of this terrible situation. I have to assume that the Bank has mortgage insurance on these items. Thanks for the insights or recommendations on who to contact. 

Regards,

Steve

@Andrey Les Newburgh Heights (Harvard st) and Cleveland (Gifford and Bucyrus streets) 

I am from California and have been living/working overseas since 2005. While working in the Middle East in 2011 I was able to do a flip in California. Since then I became really engaged in my work getting several promotions and have recently completed my Masters but the only thing that holds my interest lately is real estate. I have been reading book after book and listening to Brandon and Josh every day. I purchased the plus account a few months ago so I could have access to the calculators and have been analyzing deals pretty regularly. In the past three months, I have come across three deals all in the Cleveland area. The first is a duplex purchased for 73k with a finished attic that is renting at 1700 per month and cash flowing after expenses with pretty aggressive expense estimates at 350-400 per month. The next is a duplex for 64k renting for 1350 again cash flowing at 350 per month. While my wife was out for a girls night, I was analyzing deals again and got another one at 59K duplex at 1300 per month cash flowing around 350 as well. I have been buying cash which helps close faster and then I am using the fanniemae delayed finance exception which allows me to refinance without waiting for 6mo to 1yr. I found this tip on one of the podcasts recently. So far this seems to be working well. 

After offering on the third it seems that my wife may have had enough of my action saying "stop buying houses" lol. I dont think I will be stopping. It seems that as long as the numbers work, I'm in. I am sure I can get to 10 cash flowing properties in the next year. 

One concern that I have is that I seem to be buying other investors properties who are cashing out on the equity they have made over the past several years through the downturn. It doesn't seem that I will be getting into the properties with equity but the cash flow is there. This is not a major problem but it does make me feel like I am not getting the best deals out there. On the other hand, I am doing this from 3000 miles away in Hungary so I am working toward the end goal of financial freedom. 

Steve

@Michael S. I have also purchased the book through Audible. Can you help with the bonus material? Thanks in advance. 

@Michael Hayes Interested!!! I have run numbers and it seems to work. Can you share more info on the property management and expenses? [email protected]

I am interested as well. Can you provide further details?

Chris, Can you provide more info on the Euclid property? What does selling the contract mean? What is the cost of the property? Thanks for the info. I am interested if the property is in the zip provided at the price provided. Thanks for the help. 

[email protected]

Its currently rented at 1100 per month. Lads

I was recently contacted about a short sale on a 1678sqft condo 59$per sqft. 99k total. After running the calculator it turns up 6.24%CAP and monthly cash flow of 183. I have done a successful flip in the past with 30% return but wanted to give the rental market a go. Does this look like it would be a deal worth moving forward with?