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Author Topic: California  (Read 160586 times)

Offline Admin

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California
« on: January 04, 2012, 09:35:21 AM »
Welcome. Thanks for joining us. Please click the "reply" button and share your information below.
There's Only Two Things in Life: Reasons and Results.  Reasons don't count.  - Anonymous

Offline user120203

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Re: California
« Reply #1 on: February 10, 2012, 10:02:12 AM »
I recently joined this forum to learn about the latest developments in real estate investing to augment my refocus on the market as an investor.

I took nearly a decade 'vacation' while caregiving for my now deceased mother who suffered from dementia, so missed out on the 'real estate bubble' and have re-entered, in my locale anyway, somewhat of a time-warp, where prices right now are back into the early 90's levels, or worse.

I currently own three properties, all SFH, one of which I live in, and am looking to purchase two more in the next couple of months. I do have a mortgage on my residence, but the rental properties are free and clear and have reliable tenants.

For now, I'm working on getting my financials realigned after a marked reduction in income during my caregiving years, in addition to getting divorced, so will have to forego official bank financing in the near term. I am fortunate to have business colleagues who are willing to lend private money at favorable terms to get the ball rolling until the 'official' numbers match up with what banks want to see today.

My primary focus currently is landlording, combined with rehabbing cherry-picked properties for resale, with the latter being a lesser focus due to the difficult conditions in my local market for resales. For now, it will be buying, holding and renting with an eye on resale profits a couple years out.

My background is experience in the trades, with a business focus on industrial products (as the owner of a machine shop) for about 30 years now, and being a past real estate investor, generally in the 80's and 90's. I do most of my own rehab work and 99% of the maintenance of my rental properties, so practical questions about 'fixing stuff' are well within my realm and welcomed. I also have a financial background, having worked on loan committees at a couple financial institutions and being the son of a CPA, so I have a feel for aspects of the financial side of investing as well and pick things up pretty fast.

As of this post time, after about a week of reading here, I can say the insight offered has been a great help. I certainly hope I can pay that forward.

Offline CRusovick

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Re: California
« Reply #2 on: February 11, 2012, 11:09:21 PM »
I am rather new to the investor circle and I am searching for some solutions to my current challenges.
I have been inquiring to at least a dozen hard money lenders about requirements for Rehabs, new construction and Reo purchases. The market is marginal at best in my city. I am looking for a private money lender and a lender that does transactional funding as well. Any good leads would be appreciated.
Thanx

Offline jass

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Re: California
« Reply #3 on: March 19, 2012, 07:57:40 AM »
I am working in loan sites... California mortgage direct it provides various loan programs... and also    give you education loan. It all adds up to make California Mortgage Direct the ultimate resource for buyers and sellers throughout the California marketplaces.

Offline slevine12

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Re: California
« Reply #4 on: March 22, 2012, 01:09:33 PM »
Hello My name is Sarina and I am a newbie investor in palm springs ca.  I have opened an LLC and filed as s corp to be taxed as such.  I have a silent business partner and I have joined an investment group out here.  I noticed there doesnt seem to be as many investors on this board for ca as there are for other out of state areas.  I have read Millionaire Real Estate Investor and I am ready to purchase a home but am having the following issues.  I have been on MLS and working w realtor and by the time I get to see the property and do the full worksheet on repairs fees on upkeep and title escrow etc.  there is not enough room to make a profit on rehabbing.  Is anyone else out here running into the same problem?  It is a total bidding war and each person outbids the other because Im guessing they are buying to hold. I at this time am only looking to rehab.  Today I called a title lady and she is sending me farming info on a certain area.  In that area I am going to locate out of town owners and make offers.  Just wanted to introduce myself and see if anyone else is having the same issues. :rolleyes

Offline Real Estate Seller

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Re: California
« Reply #5 on: March 22, 2012, 10:34:37 PM »
If you are only trying to make $10K to $15K on each deal you can do good in California. If you are reading books where they tell you that you can make $50K on each deal have them get you by the hand and show you.
I am the king of short sales.

Offline REinvestor6

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Re: California
« Reply #6 on: March 24, 2012, 06:43:27 PM »
New Investor running a marketing campaign in the Central Valley (Fresno/Clovis/Madera) area. Will be coming across to many great deals, most of which will not meet my portfolio criteria.
I am looking to start networking with Real Estate Investors (cash buyers) in the Central Valley. Would like to know what property types you are interested so I can email them your way.

J.R.

[email protected]___

Offline cptmoney

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Re: California
« Reply #7 on: April 15, 2012, 01:29:44 PM »
Hello my name is Chris Tyminski and I am starting out my wholesaling career here in the San Francisco bay area. I've been putting in multiple offers thru the MLS as well as contacting realtors online thru zillow and craigslist on fixer, and motivated properties to put in offers at about 65% ARV.  I've been doing this for 2 months now, putting in multiple offers but I haven't had any luck in getting them accepted due to the fact that in the bay area all the real estate agents tell me that all the properties already have multiple offers that are higher.  If someone can please give me some advice on how do I overcome this hurdle?  Does wholesaling in the bay area not work with 65% ARV offers?  If someone can give me any advice on how to go about with this it would be greatly appreciated.

                                 Sincerely, Chris Tyminski

Offline Real Estate Seller

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Re: California
« Reply #8 on: April 15, 2012, 07:26:29 PM »
Why don't you try 65% of the BPO. Sellers could care less what the price could be on the ARV.
I am the king of short sales.

Offline Real Estate Seller

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Re: California
« Reply #9 on: April 17, 2012, 10:01:57 PM »
Bank of American just release 200 REO SFR in southern California to us and in the next week or so we will be wholesaling them out to cash buyers.
I am the king of short sales.

Offline Real Estate Seller

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Re: California
« Reply #10 on: April 23, 2012, 10:46:29 AM »
Listen up all you CASH buyers we have 200 SFR in southern California at 62% of the BPO very lite re-hab, most are 3 bedroom, 2 bath, 1/2 car garage. Each home is around $475K BPO price. All are vacant.

No seller financing. Must have CASH and can closed quick.   
I am the king of short sales.

Offline satarnag

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Re: California
« Reply #11 on: May 05, 2012, 02:00:02 PM »
Investor friendly licensed real estate broker (license number 01737366) in Southern California. I am well versed in every form of real estate investing. I can basically look at a property and determine how to make money on the property and/or resolve an issue. I have contacts to contractors, hard money lenders (equity based) and buyers. I mainly service Orange County, but I can do Los Angeles, Riverside and San Diego county if it is profitable.

If you need to run an opportunity pass me, let me know and I can tell you the risks involved or how to make money off of it. I do this for two main reasons:
1. To prove my abilities and knowledge to you
2. To see if there is an opportunity in which I can profit as well

I come from the belief that I do not like to pay anything unless I can get proven results. However, everyone I have worked with has mutually benefited from the relationship they have formed.

Regards,
Satar Naghshineh
Broker: Amiri Property and Financial Services DRE#01523522

Offline Real Estate Seller

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Re: California
« Reply #12 on: May 05, 2012, 09:49:02 PM »
satarnag do you list proprieties on %% base or flat fee?
I am the king of short sales.

Offline Pacifgen

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Re: California
« Reply #13 on: May 12, 2012, 03:33:06 PM »
Hey all.  My name is Ross an I am new to all of this.  I am recoverin from a stroke, had to learn to walk and talk all over again.  I in in Sourhern California.  I bought 2 courses on Real Estate wholesaling and am going to learn everything I can to get going.   My mind is good and my mind set is good too.  I huts need to get started.  Any suggestions would be appreciated for a newbie.  I have Dean Graozi's program and Eric Medemars program.  I am anxious to get going. 

Offline Pacifgen

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Re: California
« Reply #14 on: May 12, 2012, 05:19:28 PM »
Kudos to you for taking time out for your mother.  I suffered a strokein August and had to learn to walk and talk again.  I used to do corporate turnarounds. In addition to the stroke, I had to go through a divorce.  Now I'm am starting all over again with a clean slate.  I have chosen real estate as that vehicle to get going again.  Wholesaling specifically.  I also plan on doing multi-family apartment bldg turnarounds.  Ayway, welcome, I hope we can keep in contact.

 




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