More foreclosure pain

Get this. you decide to just walk and let the bank take the property back in foreclosure. You move on with your life. 2 years later you get a tax bill from the property. Then you discover that the bank never foreclosed on your property and you are still the owner of record and responsible for any tax bills and liens that the city may have placed on the property because it was not being kept up.
How about them apples? Guess you’d better check after you go.

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The buy and hold theory of real estate investing.

Hermosa Beach
This photo was taken on the Schumacher plaza in Hermosa Beach. My friend, David Schumacher, used to come to all our meetings. He has since passed on. He started investing in Hermosa Beach real estate in the 60’s when it was a gang area. He bought with no money down and held on.
His real estate career was so successful that he donated 2 million to the City to re-do the Hermosa Beach pier. That’s why they named the plaza after him.
What can you do if you buy and hold like he did?

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Can i have the deed, please?

Can I have the deed please?
When talking to sellers, your main objective is to get the deed with as little money out of your pocket as possible. The deed is the most important and powerful method of controlling a property. Sure you can control with out owning but that is not my first choice. The ideal result is to have them deed you the property, subject to the mortgage. You are not assuming it. You agree to make the payments, but your name is not going on the loan. The concept is like when two people who are married buy a house and qualify for a loan together. Then they get divorced and the wife usually stays in the house with the kids. The deed is transferred to her alone but his name stays on the loan until it is either refinanced or sold. The husband’s credit is still at risk and he hopes she will pay.

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Banks are at it again

This is an excerpt from the article. This is more BS. I don’t care what laws they pass, if there is no penalty for infraction. Every Tuesday and Friday there is another law to stop abuses and nothing happens so they pass another law. When is this going to stop?

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