Listening To Ya' Lufos

Comments(6)

• 
  omega14th February, 2004

  Congratulation on locating your first target deal. You certainly did a superb homework done so the situation demand the proper reword. Before your advisor of choice Lufos wakes up and cover the rest, let me throw in my two cents:
  
  Now when you have the address, you have your advisor pull the property profile for you and explain few more details to you. Pay attention because this part is important and you'll be doing it every time you want to buy a property. Imediatly after you have him pull the comps for you using title company and MLS. Then you try to buy the property cheep, well below the market mark and sell it high well above the market cap. It's that simple amd it works abot couple of times in evry 100 attempts.
  
  The bigger the spread the larger the profit so do the best you could. The only thing you have to do in the mean time is rehabbing that property because the rehab was not done in the past 30 + years. (This was the time when late Ms. Johnston died and left Mr. Johnston without a made) Hire a good handy man, gardener and carpet-man, change that yellow wall paper in the living room and green carpet in bedroom throw a nice coat of pain and sell it for quick profit.
  Remember, you buy low and you sell high!
  
  And for all details you ask for help on TCI until you finish your first deal.
  
  Then... do remember to send Christmas or Hanukkah cards to your favorite mentor or advisor because he was there for you when you needed him the most.
  
  Good luck with that deal. Try to make it happen! [ Edited by omega1 on Date 02/04/2004 ]

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  mark10284th February, 2004

  Thx -- will post back. This particular property that is in trust is commercial property -- an empty mechanic's shop. Across from the shop is another empty lot. Have no advisors as of yet. A savvy realtor (but extremely busy) is all I have.
  Fortunately, I am part of REIC-LA, and they're having a mtg this Saturday, so I will share the info. in order to get some feedback. Thx again...............

• 
  Lufos4th February, 2004

  Dear Mark,
  
  The property is being held in a trust. It is a family trust, or just a trust for some other purpose. It may have to be probated and then maybe not if under the Calif. Limits.
  Get the address and look up the owner and contact the trust. First just get the address. If you cannot find it have your realtor look it up in the Tax section of the MLS search of specific property. No you do not need a mento. Doing great.
  
  Cheers Lucius

• 
  mark10284th February, 2004

  thx much..............
  [addsig]

• 
  omega14th February, 2004

  Which part of LA are we talking about?

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  mark10284th February, 2004

  It's commonly referred to as south central la