Until I moved to Los Angeles, I didn’t know that Magic Johnson made most of his money from real estate. If it’s a young basketball player’s dream to make it to the NBA, it should be a rookie NBA player’s dream to make it into the real estate game to the level that Magic Johnson has.
Banks pulled one of the greatest magic tricks of all time. They made millions of Bank Owned REOs disappear. We all know that all great magicians make things re-appear afterwards. It seems that the banks are about to make the REOs re-appear now.
We’re all humans, and humans make mistakes. That’s just a fact of life. Unfortunately, when mistakes happen, they are often costly. Therefore, we owe it to ourselves to mitigate mistakes as best we can. We’ve written about all kinds of mistakes people make in real estate. Here is our list of the top 10 mistakes people make when dealing with real estate and real estate transactions.
When you buy a home, one of the most important things you should do is to check on statuses of permits for anything that looks to be an addition or a major modification to the home. For example, room additions, garage additions, bathroom additions, major remodels, adding a guest house or building a second story above the garage all must be permitted by the city.
I recently sold a two unit property in Long Beach for one of my bank clients. This was an REO. Unfortunately, when it was assigned to me, I had no clue what I was getting myself into…..
We often talk about the How To’s of homeownership, but today we’re going to talk about the Why’s of homeownership. There are many benefits to being a property owner. Some might be obvious to you, others might not. Take a look at the list below and let us know in the comments section any benefits of being a homeowner that we might have missed.
The big banks have stopped foreclosing, thus pulling millions of REO homes off the market. Many of these delinquent homes are turning to short sales or REO Rental programs. In the first scenario, banks work a deal with the borrower to sell the home, short of the outstanding loan balance. In the second, banks take homes back and then rent them to the former borrower or another tenant.
One of the things most folks neglected to consider was how the REO rental programs could and would be financed. This presents one of the largest hurdles.
The distressed real estate market in California is attracting more than just local investors. International real estate buyers, enticed by the bargains, are now adding California real estate to their portfolios.
Since 2007 the real estate markets have been collapsing all across the world. With so much talk about the troublesome economic conditions in Europe, increasing delinquencies in FHA mortgages and still slower than desired job growth, some people thought we still had room to fall in real estate.