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Posted by Ben (NJ) on June 29, 2002 at 08:54:43:
In Reply to: Amazing to me. posted by Jim V on June 29, 2002 at 03:21:57:
Hi Jim, nah, all of my L.A. friends are lawyers putting in 80 hour weeks and busting their hump to pay off law loans. As far as the deal, I want to emphasize that there are inherent risks. These deals are not for newbies but for sophisticated investors. Buying "subject to" occupancy is always a wild card, the people could put up a nasty fight before they leave, they could challenge the judgment, they could file bankruptcy, they could trash the place. Then again they could leave without a problem or with a "cash for keys" deal. Some people have asked me "what if the former owners drags it out for years, do I get some money back?" To which I respond, "what if they leave tomorrow, do I get the other 35% of FMV?" It goes both ways. As they say "the educated consumer is my best customer.".
Hi Ben,
: In the LA metro area, people will buy at trustee sale for 80-85% of FMV, sometimes higher.
: Don't you have some friends out here that are willing to sell on the same terms and percentages?
: Take care and good luck with the property,
: Jim
