We have another house on Paseo Pinzon, Capo Beach (Dana Point), and there are multi million dollar homes on the bluffs which is 1 house away from us and across street (you can see map) There's also a celeb sports person that bought, and has friends looking at our property.

I want to primarily learn and become familiar with the process, the terminology - and the pitfalls.Please be patient with me and thank you all for being good sports and sharing a wealth of knowledge based on experience.Best RegardsSteve

If I bought it subject to, assuming he has a 5% loan, I could pay $80-$81K and still wholesale it for $5K.But I'm not in your market and my buyers don't buy where you are.As for his asking price, every time a seller tells me what they want, I think about what I want; and that is to wake up and find a brand new high end sports car sitting in the 5 car garage of my 5,000 sq/ft house with a large in-ground swimming pool (I don't really want any of that, but it is just to prove a point).

Also most of us learned some interesting things about how Korean real estate is different than what we are used to dealing with Thanks to @Jacob Michaels and his wife Victoria with helping to explain the differences.Interesting facts about Korean Real Estate (mentioned by different people in the group)* Insurance is not a major concern for investors in Korea* When signing a housing contract, a tenant or owner can add in stipulations re: who's responsible for paying for what* Only 20,000 Licensed Hotel Rooms in Seoul - Indicates a shortage of rooms* Korean real estate prices seem to be at 7-8 year cyclical low* After earnest money has been placed by the buyer(at least 10%), an owner must repay 2x's the earnest money if he wants to back out of the deal We will be planning another meetup for early December.  

Oh, also has a 1 car garage, might be able to rent that out for a little bit of extra a month to someone that needs storage or space for a sports car.

donate to charity,invest in minor pro sports

Yet somehow, baseball players, teams, and the sport as a whole keep moving along and doing well.

im a real estate agent by day...a korean esl tutor by night :wink:

Life is truly weird sometimes, cards get dealt, and you gotta play the hand you are dealt.I'm a big fan of Robert Kiyosaki's "Rich Dad" books, and within' the philosophy, Robert teaches that there are 4 quarters to the "game of life".Age 25-35: 1st quarterAge 35-45: 2nd quarterAge 45-55: 3rd quarterAge 55-65: 4th quarterAge 65+: OvertimeAge 70: out of time...The goal of the this "game" (in order to win) your passive income is greater than your expenses - putting you what Robert calls "out of the rat race".If you think about it - many great sporting events are won in the last quarter - and given that you are still in YOUR FIRST quarter, it may give you some solace and encouragement to realize that you still have time to completely rebuild and succeed!

This is not a game or sport.