All Forum Posts by: Jesse Zhu

Congratulations on your first deal. It's inspiring to hear a success story of making a deal work in such a competitive market as LA. There is hope!

@Raul BuitragoI think it's the rounding. If you round enough digits, you'll get closer to Scott's number.

Thanks for organizing. weekend, Thursday and Tuesday evening DTLA.

@Anu G. I ended up holding the properties in Land Trust. I do not have a LLC so I just put myself as beneficiary. If you do have LLC, it's better to use LLC as beneficiary as an extra layer of protection. I am still learning, so do some more research and ask for expert opinion.

@Jassem A. I appreciate your advice. Please let me know if anyone in that zip code might be interested. I'll look into Zillow or Hotpads myself too. Thanks.

@James Wise Note. Do you know is it possible to quitclaim the property back to the County so I can get out without having to pay additional money?

@Jassem A. Thank you for your advice. From the photos I received, it looks in a poor condition, a gut rehab. But if a local investor can make it work, it could be a good flip.

@James Wise Thanks for your input. I'm willing to sell at a loss of my purchase money. Do you mean I need additional $3000 - $5000 to settle?

Purchased a package of 5 REO properties cheap in May 2015 from a company in Florida when they came to LA to promote their deals. The 5 properties are all over the country. This is one of them (10816 Grandview Ave, Cleveland OH 44104). After the purchase, the company offered to sell the properties for me with me carrying seller financing to the buyers with 20-30% return. The experience so far has been horrible. Up until now only 2 properties are sold (the monthly payments are not always on time). Long story short, I asked the company to give back the property to sell myself. When I receive the documents and photos, to my horror, this property was condemned in February 2015. A local investor told me that the amount to repair it exceeds its repaired value. Hard lesson learnt: DO NOT BUY without your OWN due diligence.

I'm reaching out to my BP community, particularly the local investors on how to handle it moving forward. If you are interested please also let me know. Thanks.