All Forum Posts by: Tim Soto

Kevin, you can totally draft the contract yourself and have the attorney just do the escrow. You can even write a purchase sale agreement on a napkin. 

Hi Kimberly. Welcome to BP!

Hi Seth,

Welcome to BP! 

Hi @Fred Sams,

No, my CPA informed me that the purchase price of the storage facility wasn't enough to justify cost segregation. Although it was over $1 million property, I purchased it for $325,000.

I agree with Karen, go to a smaller boutique firm if you're not interested in cold-calling, but there's a draw-back. As a brand new agent, who wants to become a real estate investor, how are you going to learn about the market, sourcing deals, negotiating, networking, etc? A boutique firm is not going to provide the same training and resources like the national firms. I would take advantage of the opportunity and commit for at least 6 months to this training. You'll be able to learn how to use the MLS, about your market, how to build rapport with buyers and sellers, etc, which is essential and will give you a competitive advantage as a real estate investor. Once you're ready to go out on your own, then seek a small boutique firm, where you won't be required to do any Realtor activities or pay office fees. Good luck.

Hi Kevin,

I've invested in Bakersfield and the Antelope Valley since 1999. I like the west of the 99 in Bakersfield and west of the 14 in Antelope Valley, although there are great pockets of areas throughout. This is just based on my experience and preference.

Hi Jeff,

You're right... I didn't explain it correctly, but good thing you knew where I was going with it. Thanks for your insight. It was what I wanted to read:

"In general, the only time a loan modification would have to be notarized and recorded is if it affected the deed of trust, which is a recorded document (constructive notice and all that). For example, a change to the principal amount owed, or any other provisions in the DOT, would require a recording. You can record the loan modification yourself by bringing the signed and notarized original to the recorder in the county where the property is located. There is no reason to use a title or escrow company for this."

Thanks again,

Tim

I have a question for seasoned title/escrow company reps or investors, who execute transactions using private financing. I am trying to modify an existing Note and Deed from the originating private lender. Originally, I drafted the Note and Deed for the acquisition of the property. Since it was a short-term loan, I've had to refinance the loan, but the existing lender offered to extend the loan another couple of years. So I redrafted the Note and Deed with new terms and submitted to a title/escrow company. There's been some delays to which we've had to withdrawal the transaction. I was thinking, the only thing we went to title/escrow was for title insurance really. What else could there be? The lender knows that the title is clear of all liens and encumbrances. We've agreed on all terms and have already notarized the documents. Can I just submit the Deed to the county for recording, like a Subject-To deal and get the note serviced by a servicing company? Do I really need to go through escrow/title company for this modification of a note by the same parties? Your feedback is really appreciated.

Thanks,

Tim

Hi Michelle,

Based on my personal experience, there's different ways to making it work for you. I've invested in Santa Barbara and out of state, so I understand what you mean by being priced out of the market. Choosing the right market for you depends on your investment tolerance, available capital, team, and ultimately your investment goals. By evaluating your current financial situation, you can get an indication of what path (investment strategy, budget, property types, location, etc.) best fits your personal situation and ultimate goals. Hope this helps. Best of luck!

Tim 

Welcome Steve!!! Hope to run into you at one of the local events.