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Meant to add, it looks like a case of flipping to me. No landscaping put in whatsoever.

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Eye Pod,

Not sure everyone disagrees with JES (though I do agree some here have strong biases).

For me I’ve been there and done it. Lived in New England (CT to be exact) and we bought a 2800 sq ft home on 1.5 acres back in 2002 for $350K (high taxes $10K per year for house and about $1200 per year for 2 cars). In the end, as JES stated, it was a quality of life issue and we just didn’t find that having the land, cheaper house was worth it for our family, particularly since most of our immediate family lived here in CA.

I do agree though that people should expand their horizons and try living somewhere else — if only to understand where you really want to be. I had neighbors and friends in CT who would never ever leave NE because it was all they knew.

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Eye Pod,

Not sure everyone disagrees with JES (though I do agree some here have strong biases).

For me I’ve been there and done it. Lived in New England (CT to be exact) and we bought a 2800 sq ft home on 1.5 acres back in 2002 for $350K (high taxes $10K per year for house and about $1200 per year for 2 cars). In the end, as JES stated, it was a quality of life issue and we just didn’t find that having the land, cheaper house was worth it for our family, particularly since most of our immediate family lived here in CA.

I do agree though that people should expand their horizons and try living somewhere else — if only to understand where you really want to be. I had neighbors and friends in CT who would never ever leave NE because it was all they knew.

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JES,

Nice post!

I have to say, we moved to the east coast and lived there for 6 years. Guess what, we hated it. Sure we got a great big house, large yard and the “neighbors” but it wasn’t enough. In the end, we only enjoyed the outdoors about 2 weeks a year (too cold, humid or hot other times), we didn’t have anyone ever visit us so we had no one to share our home with and we had no extracurricular activities.

In a nut shell, we became very depressed and decided that we’d rather spend more money for a place to live that is conducive to our lives rather than live in a mansion in an area that was just not us.

If you enjoy IA, best of luck to you. I personally could never do the midwest, and the east coast was hard (we were only 100 miles from NYC and Boston). Oh yeah, those neighbors really didn’t care about us at all. Not one said goodbye when we left.

We are moving soon and have already became friends with a few neighbors — go figure.

Anyway, best of luck to you and your family.

Hype

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JES,

Nice post!

I have to say, we moved to the east coast and lived there for 6 years. Guess what, we hated it. Sure we got a great big house, large yard and the “neighbors” but it wasn’t enough. In the end, we only enjoyed the outdoors about 2 weeks a year (too cold, humid or hot other times), we didn’t have anyone ever visit us so we had no one to share our home with and we had no extracurricular activities.

In a nut shell, we became very depressed and decided that we’d rather spend more money for a place to live that is conducive to our lives rather than live in a mansion in an area that was just not us.

If you enjoy IA, best of luck to you. I personally could never do the midwest, and the east coast was hard (we were only 100 miles from NYC and Boston). Oh yeah, those neighbors really didn’t care about us at all. Not one said goodbye when we left.

We are moving soon and have already became friends with a few neighbors — go figure.

Anyway, best of luck to you and your family.

Hype

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Here’s an update.

One (of five) of the property she owns have mortgages totalling $450K. She is behind on all and the one I am thinking about taking over is worth about $900K-950K according to a mortgage broker friend I have who ran the comps/numbers.

I think we are going to buy her out and have her deed the property over to us. No loans involved, just getting her out with one property not foreclosing on her. We are going to refinance and then sell the place way below market ($750K to $800K) to get it moved. We’re going to do this deal with 4 others to minimize our own risk.

[stop_the_bubble_hype]

Here’s an update.

One (of five) of the property she owns have mortgages totalling $450K. She is behind on all and the one I am thinking about taking over is worth about $900K-950K according to a mortgage broker friend I have who ran the comps/numbers.

I think we are going to buy her out and have her deed the property over to us. No loans involved, just getting her out with one property not foreclosing on her. We are going to refinance and then sell the place way below market ($750K to $800K) to get it moved. We’re going to do this deal with 4 others to minimize our own risk.

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gn,

You nailed it. She thinks if she can get money to catch up that she will be able to sell quickly and exit with no credit dings.

We have decided not to help but I am referring her to someone else I know who does foreclosure deals regularly and is less averse to risk than we are.

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gn,

You nailed it. She thinks if she can get money to catch up that she will be able to sell quickly and exit with no credit dings.

We have decided not to help but I am referring her to someone else I know who does foreclosure deals regularly and is less averse to risk than we are.

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Cooprider14,

The property I am speaking of is a Multiplex (4 units) and it is located in what I would consider an average neighborhood. Between Fairfax and La Brea, southeast of Pico. There is only 1 other multiplex on her street though there are several duplexes. Each unit has individual garage parking. Not sure where her other property is located, but I’m assuming it’s the same vicinity.

She thinks she can make about $200-300K on each property.

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Cooprider14,

The property I am speaking of is a Multiplex (4 units) and it is located in what I would consider an average neighborhood. Between Fairfax and La Brea, southeast of Pico. There is only 1 other multiplex on her street though there are several duplexes. Each unit has individual garage parking. Not sure where her other property is located, but I’m assuming it’s the same vicinity.

She thinks she can make about $200-300K on each property.

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Thanks for the comments fat and rad, we’ll likely say no but I’m still interested in learning if others have done something similar.

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Thanks for the comments fat and rad, we’ll likely say no but I’m still interested in learning if others have done something similar.

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SD, have you or any of your clients been involved in these types of situations? I’m inclined to say no as well, but I’m interested in knowing what terms others have used.

I appreciate your feedback. We are torn on this one because we know the woman has been having some difficulties with a bitter child custody battle as well.

[stop_the_bubble_hype]

SD, have you or any of your clients been involved in these types of situations? I’m inclined to say no as well, but I’m interested in knowing what terms others have used.

I appreciate your feedback. We are torn on this one because we know the woman has been having some difficulties with a bitter child custody battle as well.

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