Buying Foreclosures, REOs. Short Sales, FSBO, MLS and More

I am a cash buyer interested in investing in the So. California market.

If anyone has property under contract with adequate equity, please PM me.

I found a great source for funding.
no credit check
up to 80% LTV
brokers welcome
PM Me for more info

Late Year 2012 Luxury Home Sales Spike

Sellers wanting to take advantage of the lower 2012 capital gains taxes were selling their luxury homes in high numbers the last quarter of 2012. Also involved was the new 3.8% Medicare surtax on investment income going into effect in 2013 as part of the Affordable Care Act. All factors combined, a high-earner would pay $88,000 less in taxes if they made a $1 million profit on their home in 2012 versus selling in 2013.

Bank of America Shrinking Mortgage Involvement

Just a qick update... For anyone that has followed my posts, I flipped 20 houses last year and I'm aiming for 30 this year.

So far in between Jan. and Feb. I have 4 houses being sold which will payout approx. $60,000. I have 2 properties being purchased end of Jan...1 for March and have numerous offers out, likely to get at least a couple purchased.

We only have one life to make a difference and experience all there is on this earth. Go make a differece and get your share!! You can do it!

Also be sure to watch my video under Deans media and see how I flipped 20 houses to make a total profit of $350,000.

Attention anyone with buyers ... we will pay a $2000 bird-dog fee to anyone who brings a end retail buyer for our latest rehab.
It's a 2 bed/2 bath/ 2 car garage with 1666 sq. ft. living area, 2294 sq. ft. overall located in Beverly Hills, Fl. It has a brand new roof, central air heat pump, new kitchen cabinets/counters/stainless appliances, new bathrooms, new paint, new flooring & carpet, great neighborhood. Property taxes for Homestead will be $ 441 per year. Listed at $ 76,900.
Send me a PM for pictures & other details. Thanks, Gary

This was a short sale purchase that took several months to buy. It is a 2 bed/2 bath/1 car garage with about 1100 sq. ft. of living area.
Painted inside & out; new toilets, medicine cabinets & mirrors; new light fixtures, ceiling fans, & carpet. Spent about 3K on materials.
Listed on a "Flat Fee" Service for about $ 250; a
REA brought a buyer who was selling his house due to divorce, so we did a doule type of closing when he sold his house, took the cash & bought our house.
Sold it for $ 44,800; with the 3% commission, taxes, title insurance & doc stamps, the net was $ 41,759; less the 3K for materials = 38,759 less the 27,000 purchase price = $ 11,759 profit.
On to the next rehab!!!

In all my L/O deals, I have never used Sub2 and I know that that would often be the best way to go.

So, I have a few questions.

1) I know that in the area of the Purchase Agreement where it asks about how you are paying (cash, financing, etc) that I would put "Subject to existing financing". I am assuming that I can also use my regular PA. Is that correct?

2)I know that I should have the Seller sign a Warranty Deed and that I need to file that. Right?

3) What I DO NOT know (and cannot find after HOURS and HOURS of researching, is a regular closing required with this, complete with closing costs, etc? Or is this a deal that we can do, like so many, with only using the proper contracts and our knowledge?

I think this agent using a strategy to boost up the price. She said the bank told her to take the highest bid.

In addition to the typical REO's and Short Sale deals out there that usually have oodles of competition, you may decide to take a look at Probate and Bankruptcy sales, because they are generally less advertised and sought after by the typical investor crowd and are always very motivated. In addition, these deals usually don't have any deed restrictions and can be assigned without issue.

I was told yesterday by an expert in such matters that the proper way to form a company for short term investing (wholesaling, 3-6 month flips) is to form an S-corp, and for long term investments (rentals held for income, for instance), the best form is an LLC.

Also, on building business credit, is important to know the three different types of business credit which are tier 1, tier 2, tier 3 and tier 4 and to not get them out of order. Do not open tier 2 & 3 accounts until you have tier one accounts in place with a good payment history.

Of course, it's good to have business credit to finance down payments and repairs.