All Forum Posts by: Joe Abughazaleh

Hello @Will Lee I'll PM you with the contact info for what your looking for.

Hey @Kortez Walker I agree with you! It's a waste of time trying to deal with unreasonable sellers who don't even want look at facts. When you say how to distinguish sellers, not sure if you mean as a buyer/buyer agent or an agent trying to get a listing. But either way it can frustrating. 

What I do to try to figure out if a seller is motivated or not , this is coming from a buyer or buyer agent is to look at the MLS- what's the listed history, has it gone in and out of escrow, whats the days on market, what they bought it at, are they owner occupants (can sometimes tell if the assessors address is different than the property) sometimes just calling or texting the listing agent you can get a feel by how motivated they are. Those are all things I use to try get a feel for motivation, notice I say "try" because none of those things are a sure thing to go of off.

Hey @Ryan M. I've looked outside the US mostly Latin America due to its proximity. It's tricky every country has its own rules, regulations, eminent domain laws, corruption sometimes, different types of property taxes and becomes challenging even if your duel citizen. Some countries won't let you own real estate unless you are a citizen. Then of course there's the IRS this is a exert directly from the site:

 Federal law requires U.S. citizens and resident aliens to report any worldwide income, including income from foreign trusts and foreign bank and securities accounts. In most cases, affected taxpayers need to fill out and attach Schedule B to their tax return. Certain taxpayers may also have to fill out and attach to their return Form 8938, Statement of Foreign Financial Assets.

My personal conclusion on investing outside the US is I'd only do it if I were to live where ever the place may be. What happens when you die young or old, will your trustees have rights or even want to go claim. The money exchange between banks, that countries government and ours all will take a cut as well. Those were all things I considered to much risk and to many variables for me. 

I also looked into International REITS, funds that are traded on the stock market. That seemed a little more hands off and easier to control if you will. I got close to making a buy, but it ended up not making sense after doing more research. 

Just my two cents. Wouldn't mind reading stories about others who have actual experience in foreign real estate. 

That's an awesome idea @Drew Nagda I'll definitely add you!  

Hello @CanontoneSmith might have a hard money lender in mind for you and there's also a few here in Vegas that are active on BP. Can you give a little more information, like what the condo is worth and what do you mean by "refi once the property has been turned"? 

@KC Morgan let me know if there's something specific you want to know about the foreclosure auction process. I have some great resources you can use, just PM and I'll get them over to you.

This 2 Bed 1.5 bath 2 car garage townhome is surrounded by a park, golf course, and school. Has a long term tenant that's been there and current, just recently signed another year lease. Rent has potential to be $650, especially with garage.      

Here are the numbers:

List Price- $60,000

HOA- $135/M

Annual Tax- $333

Rent- $550

Nick, I have a great person and company that I think you should interview. They do a great job and everything can be done online. I'll PM you the contact information.

@Ulises Rodriguez your friends lender is requiring it to assess the financial and status of the HOA that the condo is in. If there are too many renters vs owners traditional financing becomes nearly impossible or if HOA doesn't have enough money in reserves or enough liability insurance then its most likely that financing won't be possible. The most common reason for rejection here in Las Vegas is the occupancy owner/renter ratio. Contact the association for a certificate.

HUD has a website that you can put in any condo name and it will tell you if it's FHA approved or not. Even if he's not doing FHA and going conventional the lenders are still very cautious.

You mentioned he's been waiting on a response from the short sale and finally heard back. If he's been waiting a long time the price they might have approved it at could be lower than what its worth today. If it's a good deal tell him to not give up and have a plan B for financing. Just my 2 cents. Best of luck.

-Joe

@Phillip Dwyer to my knowledge they do not have rental restrictions.