All Forum Posts by: Craig Kleffman

@Rickharmon What's PETIO?

Nothing, in particular, makes this one special.  Other than the fact that it's quite distressed.    

Hey Michael - 

I see these around on zillow every once in a while too (and it makes me wish I had MLS access to double check it). I've always suspected--but I don't actually _know_- that this may be nothing more than someone refinancing their prior mortgage, and it shows up incorrectly as a change in title when the prior mortgage is wiped out with a new mortgage. But, that's only been a working theory--I could be 100% wrong about that one. And, I'm wrong a lot - just ask my wife! :-).

Here are some photos of the abandoned home. . . 

I have photos now (don't know how to upload from phone). Also spoke to neighbor. Owner went into bankruptcy. By nearly done. Bank ready to auction property apparently. Recent squatter stole electric and water from neighbor - cops threw squatter out last week. Apparently attorney and contact info on title. Neighbor said bank out taking photos two weeks ago. She expects auction to occur shortly. More to follow. Unless someone can talk me out of it (give me a better deal?) I expect to deliver deal to Rick tonight. Cheers. Craig.

@rickharmon

>>How do you know the property is really abandoned?

There's a six foot fence that surrounds it.  There's graffiti/tagging on it every week or two.  It's been that way for something like two years.  The windows are boarded up.  

>> Is there equity?

No idea (yet).  

>> Are the taxes current? If they are, someone is paying them and obviously cares.

No idea (yet).

>> I've identified about six different type scenarios that vacant properties fit into.

>> Which type is your opportunity?

don't know (yet).  I'll admit I'm a novice at this stuff.  That said, I'm also willing to push myself beyond my comfort zone.  I'm going to go talk to the neighbors tomorrow.  Maybe I can get some answers after that.  

--Craig.  

Originally posted by @Manolo D.:

Can't get a better partner than several decades.

 I don't get it.  Are you saying you have that experience?  Or are you saying that the other poster has this experience?

Hi, 

I have located a clearly abandoned home (boarded up, with graffiti regularly outside of it).  I've never had the pleasure of tracking down the owner of that home.  I'd love to partner with someone who has that skill--ideally, here in Los Angeles, but if you think you can do it from afar, that'd be great too.  Without giving you the precise address, the house is in Los Angeles, in the San Fernando Valley, in the area of Reseda.  

Now, I am familiar with the concept of converting an abandoned home into a flipped wholesale property.  But, the truth is I've never done it before.  I'd much rather partner up with someone who has (and someone who can show me the way) rather than fumble my own way through it.  And, I'd happily trade your knowhow for 1/2 of the deal (1/2 of something is always better than nothing).  

I am familiar with the broad concepts, so if our partnership consists of you telling me to 'ook up the tax records.  Do a skip-trace.  Hire a private investigator' -- well, that won't be so valuable.  What would be valuable is something like "go to the tax record clerk for the county in Sylmar; Speak with Sandy if you can as she is the most helpful.  Ask her for the record for this lot number.  Ask her about the follow up address and whether they are getting those records returned, etc. etc. etc.  That's what would be helpful.  

In other words, I want someone who has:  a) done it before; b) can guide me in the details of it all; c) can provide me/us with the correct order in which to proceed.  

I can provide multiple photos, too.  (In fact, I'll try to add it to the post later).  Finally, if this is viable I could see us driving around looking for abandoned properties in a driving-for-dollars scenario too, particularly if I can find the right partner.  

--Craig.

HelloWorld.  

Wanted to say hello.  I'm excited to be here and ready to start learning and taking action.  

I have an action plan for what I want to do.  Here's a few line summary:  

1) I want to buy and flip a house in the SFV (Northridge, Reseda, Canoga Park, and Chatsworth).  We'd like to buy something like a 3-2 or a 4-2.  It'd be helpful to get about 1,500 square feet or so.  

2) I want a right of first refusal so I can buy it (I have a family); 

3) I want to buy it from a wholesaler; 

4) I want to partner with someone who knows how to flip houses; 

5) I want to smartly finance it; I have access to FHA loans including a 203k loan; also willing to use hard money as an intermediate solution too, particularly with a partner who is skilled in the art (I'm in the process of getting pre-approved for a mortgage so I can set an exit number and then work backward into this flip deal);

6) I would expect to split the profit 50/50 with the partner (and if the flip goes so well that my family and I get priced out of it, perfect:  Then the house will be sold and I'll get 50% of the profit).  

So, here's the other piece.  I'm an attorney, a local prosecutor (it's terrific work; as I like to say they make TV shows about what I get to do for a living).  We have significant cash available to us as well (we thought we'd be moving to San Diego so we avoided buying a house; now it's clear we'll be here for a while, so we're in the market.  We've rented to now in order to create flexibility).   I earn a comfortable six figure income.  My wife is a psychologist and earns near six figures on her part-time income as well.  We have school debt, and a car loan, but otherwise no other debts.  We have terrific credit, too.

I'm a huge fan of the podcast:  I've listened to episodes 1-159 over the past 2-3 months or so.  

I'm going to start trying to network my way into a deal.  If you're an experienced flipper, rehabber, wholesaler, hard money lender, or investor I definitely want to hear from you.  In the meanwhile, I'm going to be out grabbing you trying to get you to listen to me so we can make some bucks.  I'm also going to find a way to get out to some local meetups - so any tips on those would be greatly appreciated.  

--Craig.