Have some deals ready to go, Fixer in Canyon Country,
Riverside, San Diego, LA Central and LA East.
Let me know what your looking for, we have deals that well get rid of this
weekend.POF, LOI and Copy of $5,000 tells me your ready to make it happen.
" Together We Shine"
Fernando Young
Hartford Investment Group
888 317 4517 ext 1
5444 Crenshaw Blvd #101
Friday, November 12, 2010
Thursday, November 11, 2010
I had a buyer flake. Need to sell ASAP! San Diego
3 bed 2 bath fixer in National City This property is a big 1662 sq ft 1 story property with a 2 car garage in a nice neighborhood. Good sized lot with a big back yard. The inside is dated but doesn't need any major layout changes. Roof and foundation in good shape. The property needs about $25,000-$30,000 in rehab. Needs flooring, interior/exterior paint, windows, bathrooms need upgrading, kitchen needs to be redone. Very bread & butter flip.
2321 E 16th St National City, CA 91950
PRICE: $183,000
ARV: $270,000-$275,000 remodeled
1,662 Sq ft - 3 bed / 2 bath
5500 sq ft Lot
Built 1975
single family
2 car garage
Rents ~$1500-1650
Rehab ~$25,000-$30,000
COMPS
SOLD
700 Salot St / 4 br & 3 ba / 1567 sq ft / $300,000 / Sold 9/13, Nice Remodel
731 K Ave / 3 br & 2 ba / 1876 sq ft / $285,000 / sold 7/22, Basic Remodel
1103 Olive St / 3 br & 2 ba / 1576 sq ft / $250,000 / Sold 10/5, Short Sale, Clean but dated
1215 Palmer / 4 br & 3 ba / 1644 sq ft / $250,000 / Sold 8/13,
2321 E 16th St National City, CA 91950
PRICE: $183,000
ARV: $270,000-$275,000 remodeled
1,662 Sq ft - 3 bed / 2 bath
5500 sq ft Lot
Built 1975
single family
2 car garage
Rents ~$1500-1650
Rehab ~$25,000-$30,000
COMPS
SOLD
700 Salot St / 4 br & 3 ba / 1567 sq ft / $300,000 / Sold 9/13, Nice Remodel
731 K Ave / 3 br & 2 ba / 1876 sq ft / $285,000 / sold 7/22, Basic Remodel
1103 Olive St / 3 br & 2 ba / 1576 sq ft / $250,000 / Sold 10/5, Short Sale, Clean but dated
1215 Palmer / 4 br & 3 ba / 1644 sq ft / $250,000 / Sold 8/13,
Wednesday, November 3, 2010
CB Richard Ellis reports robust third-quarter results
CB Richard Ellis reports robust third-quarter results
CB Richard Ellis Group Inc., the world's largest commercial real estate brokerage, Tuesday reported a strong third quarter propelled by increased property sales and leasing in the U.S. and abroad.
Although local commercial rents are still falling and property values remain uncertain, a growing number of transactions helped the Los Angeles company report a profit of $57 million, or 18 cents a share, compared with $12.4 million, or 4 cents, in the third quarter of 2009.
The company posted adjusted earnings of 20 cents a share after deducting select charges, ahead of Wall Street analysts' prediction of 17 cents.
Revenue increased 24% to $1.3 billion.
With liquidity finally returning to the investment market, the company’s commissions on property sales are picking up, Chief Executive Brett White said. Globally, property sales revenue jumped 63% in the third quarter compared with the depressed third quarter of 2009.
Revenue in the U.S., Canada and Latin America rose 26% to $812.3 million. That included a 69% increase in revenue from brokering property sales and a 36% jump in revenue from arranging leases.
Office rents and occupancy dipped in Southern California in the third quarter. Nationally, however, office and industrial occupancy rose in the third quarter for first time in three years, according to CB Richard Ellis.
The company “demonstrated solid revenue growth across all our business segments as well as strong operating leverage,” White said. “Business momentum remains positive heading into year-end, notwithstanding sluggish global economic activity.”
Shares of CB Richard Ellis rose 4 cents to $18.90 before its earnings were announced.
-- Roger Vincent
CB Richard Ellis Group Inc., the world's largest commercial real estate brokerage, Tuesday reported a strong third quarter propelled by increased property sales and leasing in the U.S. and abroad.
Although local commercial rents are still falling and property values remain uncertain, a growing number of transactions helped the Los Angeles company report a profit of $57 million, or 18 cents a share, compared with $12.4 million, or 4 cents, in the third quarter of 2009.
The company posted adjusted earnings of 20 cents a share after deducting select charges, ahead of Wall Street analysts' prediction of 17 cents.
Revenue increased 24% to $1.3 billion.
With liquidity finally returning to the investment market, the company’s commissions on property sales are picking up, Chief Executive Brett White said. Globally, property sales revenue jumped 63% in the third quarter compared with the depressed third quarter of 2009.
Revenue in the U.S., Canada and Latin America rose 26% to $812.3 million. That included a 69% increase in revenue from brokering property sales and a 36% jump in revenue from arranging leases.
Office rents and occupancy dipped in Southern California in the third quarter. Nationally, however, office and industrial occupancy rose in the third quarter for first time in three years, according to CB Richard Ellis.
The company “demonstrated solid revenue growth across all our business segments as well as strong operating leverage,” White said. “Business momentum remains positive heading into year-end, notwithstanding sluggish global economic activity.”
Shares of CB Richard Ellis rose 4 cents to $18.90 before its earnings were announced.
-- Roger Vincent
Wednesday, October 27, 2010
How to buy a foreclosure in a robo-signing world
By Les Christie, staff writer October 21, 2010: 8:39 AM ET
NEW YORK (CNNMoney.com) -- You want to buy a foreclosure? It has gotten a lot harder the past couple of weeks.
The fallout over "robo-signing" -- where bank executives sign off on foreclosure filings without reviewing the paperwork to make sure they're valid -- has led to a freeze on foreclosure sales, limiting the number of properties available.
In South Florida, for example, the inventory of repossessions -- also known as bank-owned properties -- for sale sank nearly 20% between late September and October 18, according to Peter Zalewski of Condo Vultures.
"The whole distressed property market is probably going quiet until the freeze ends," he said.
But, there are still bargains out there to be had for buyers who are willing to do some extra work.
"The safest and best way to buy is still when it's a bank-owned property," said Rick Sharga, a spokesman for RealtyTrac, the online marketer of foreclosure properties. "As long as there's a clear title and the buyer can get title insurance, it's a great time to buy."
In addition to bank-owned properties, there are two types of foreclosures you can buy: 1. pre-foreclosure; 2. sheriff's auction. All three are affected by concerns over the way foreclosures have been handled.
Pre-foreclosure: These homes are in the foreclosure process, but they have yet to be sent to auction. Owners are typically trying to unload them because they are "underwater," owing more on the homes than they are worth.
12 cities: Where to rent vs. where to buy
As a result, potential buyers must negotiate a deal with the lender as well as the owner. That makes buying complicated and slow. But, you have the advantage of being able to inspect the home before purchase -- which isn't the case at foreclosure auctions. Sharga warned, however, that prices are usually higher than at other stages of foreclosure.
Should you be afraid to buy? There are no special concerns over ownership rights of former owners. The sellers agree to the deal before it's a completed foreclosure, so buyers can purchase with confidence.
Sheriff's auction: These sales yield the lowest prices, but they are fraught with difficulties. Often the house is unavailable for inspection, leaving buyers with a long list of expensive repairs -- and much larger bill than they intended. This stage is usually best left to professionals, contractors and investors who regularly bid on these places and know what they're doing.
Should you be afraid to buy? The foreclosure freeze means that these sales are not taking place right now but the banks have already started to announce that they are planning to refile cleaned-up foreclosure affidavits and expect to resume auctions soon. Once they restart, the banks will have presumably cleaned up the paperwork, meaning these homes shouldn't have any paperwork problems.
0:00 /2:43Lavish gifts for robo-signers
Repossession: This occurs when the bank buys the property at a sheriff's auction, which usually happens when there are no other bidders. Homebuyers may not get the best bargains during this stage, but they can nearly always perform a thorough inspection before closing, minimizing costly surprises. Plus, the property normally comes with a clear title.
Should you be afraid to buy? The robo-signings have now muddied the issues of who actually owns the property, making these purchases more of a crap shoot. Buyers may be concerned that former owners could challenge the legality of the foreclosure process.
On the plus side, the banks often extend preferential financing terms to buyers and may have made some repairs before putting the property on the market.
Homes are still usually sold in "as is" condition. "That means the bank won't pay for cosmetic issues," said Adam Wiener, a spokesman for the Redfin, the online real estate marketer. "Although, they will often pay for some or all of repairs that are health and safety issues. That makes the home inspection even more critical."
Can you afford the yuppie dream house?
The freeze on foreclosure auctions means that new REOs are not hitting the market, shrinking REO inventory. Some lenders have even pulled repossessed homes from the market to double check their paperwork and make sure they have clear title before they sell them.
Once it opens up again and you've decided which type of home to buy, there are several common mistakes foreclosure buyers should take care to avoid. These include:
Getting caught up in a bidding frenzy: The banks often under-price repossessions, hoping to generate excitement, attract multiple bids and sell them quickly. The problem is, as in any auction-type sale, bidders get excited and pay too much.
"Remember," said Sharga, "there are 800,000 REOs in the banks' inventories. There'll be another home to bid on tomorrow."
Underestimating repair costs: Take full advantage of the home inspection and don't delude yourself about much the repairs will cost.
"Take along someone who can give you a good estimate of how much repair costs will come to," said Sharga.
Redfin coaches its agents to warn buyers to factor in a cushion of 10% to 20% of the purchase price to pay for unexpected repairs. "If you end up not using it, go on vacation after 6 months," Wiener said.
Not knowing what comparable properties cost: This is important in any market but especially in this endeavor. In high foreclosure areas, prices can be eroding very quickly. You want to have the latest homes sale prices on repossessed properties and try to keep your bid comparable or lower.
Buying in a neighborhood flooded with foreclosures: This is most important for people buying for the short-term. Any neighborhood saturated with REOs and foreclosures may be headed for further price falls. If you're planning to relocate within a few years or buying a bigger house, that could mean selling at a loss. A better bet, if you can find it, is to buy the only foreclosed home in an otherwise stable community. That's more likely to hold its value.
Not having financing in place: If you don't have a pre-approved mortgage, you're really not in the market. "You have to be able to move quickly," Sharga said.
Banks don't want to dilly-dally on sales; they're losing money every day that homes sit on the market. That means they'll often jump on the highest bid with the best financing already in place.
Having a loan beforehand carries another advantage: It tells you how much credit you have available. You won't spend time shopping for homes that are too expensive.
Remember that pre-approved financing is different from pre-qualified financing; it means the loan is ready to go. Pre-qualified is more like an opinion of a loan officer and there's still work to be done before final approval.
NEW YORK (CNNMoney.com) -- You want to buy a foreclosure? It has gotten a lot harder the past couple of weeks.
The fallout over "robo-signing" -- where bank executives sign off on foreclosure filings without reviewing the paperwork to make sure they're valid -- has led to a freeze on foreclosure sales, limiting the number of properties available.
In South Florida, for example, the inventory of repossessions -- also known as bank-owned properties -- for sale sank nearly 20% between late September and October 18, according to Peter Zalewski of Condo Vultures.
"The whole distressed property market is probably going quiet until the freeze ends," he said.
But, there are still bargains out there to be had for buyers who are willing to do some extra work.
"The safest and best way to buy is still when it's a bank-owned property," said Rick Sharga, a spokesman for RealtyTrac, the online marketer of foreclosure properties. "As long as there's a clear title and the buyer can get title insurance, it's a great time to buy."
In addition to bank-owned properties, there are two types of foreclosures you can buy: 1. pre-foreclosure; 2. sheriff's auction. All three are affected by concerns over the way foreclosures have been handled.
Pre-foreclosure: These homes are in the foreclosure process, but they have yet to be sent to auction. Owners are typically trying to unload them because they are "underwater," owing more on the homes than they are worth.
12 cities: Where to rent vs. where to buy
As a result, potential buyers must negotiate a deal with the lender as well as the owner. That makes buying complicated and slow. But, you have the advantage of being able to inspect the home before purchase -- which isn't the case at foreclosure auctions. Sharga warned, however, that prices are usually higher than at other stages of foreclosure.
Should you be afraid to buy? There are no special concerns over ownership rights of former owners. The sellers agree to the deal before it's a completed foreclosure, so buyers can purchase with confidence.
Sheriff's auction: These sales yield the lowest prices, but they are fraught with difficulties. Often the house is unavailable for inspection, leaving buyers with a long list of expensive repairs -- and much larger bill than they intended. This stage is usually best left to professionals, contractors and investors who regularly bid on these places and know what they're doing.
Should you be afraid to buy? The foreclosure freeze means that these sales are not taking place right now but the banks have already started to announce that they are planning to refile cleaned-up foreclosure affidavits and expect to resume auctions soon. Once they restart, the banks will have presumably cleaned up the paperwork, meaning these homes shouldn't have any paperwork problems.
0:00 /2:43Lavish gifts for robo-signers
Repossession: This occurs when the bank buys the property at a sheriff's auction, which usually happens when there are no other bidders. Homebuyers may not get the best bargains during this stage, but they can nearly always perform a thorough inspection before closing, minimizing costly surprises. Plus, the property normally comes with a clear title.
Should you be afraid to buy? The robo-signings have now muddied the issues of who actually owns the property, making these purchases more of a crap shoot. Buyers may be concerned that former owners could challenge the legality of the foreclosure process.
On the plus side, the banks often extend preferential financing terms to buyers and may have made some repairs before putting the property on the market.
Homes are still usually sold in "as is" condition. "That means the bank won't pay for cosmetic issues," said Adam Wiener, a spokesman for the Redfin, the online real estate marketer. "Although, they will often pay for some or all of repairs that are health and safety issues. That makes the home inspection even more critical."
Can you afford the yuppie dream house?
The freeze on foreclosure auctions means that new REOs are not hitting the market, shrinking REO inventory. Some lenders have even pulled repossessed homes from the market to double check their paperwork and make sure they have clear title before they sell them.
Once it opens up again and you've decided which type of home to buy, there are several common mistakes foreclosure buyers should take care to avoid. These include:
Getting caught up in a bidding frenzy: The banks often under-price repossessions, hoping to generate excitement, attract multiple bids and sell them quickly. The problem is, as in any auction-type sale, bidders get excited and pay too much.
"Remember," said Sharga, "there are 800,000 REOs in the banks' inventories. There'll be another home to bid on tomorrow."
Underestimating repair costs: Take full advantage of the home inspection and don't delude yourself about much the repairs will cost.
"Take along someone who can give you a good estimate of how much repair costs will come to," said Sharga.
Redfin coaches its agents to warn buyers to factor in a cushion of 10% to 20% of the purchase price to pay for unexpected repairs. "If you end up not using it, go on vacation after 6 months," Wiener said.
Not knowing what comparable properties cost: This is important in any market but especially in this endeavor. In high foreclosure areas, prices can be eroding very quickly. You want to have the latest homes sale prices on repossessed properties and try to keep your bid comparable or lower.
Buying in a neighborhood flooded with foreclosures: This is most important for people buying for the short-term. Any neighborhood saturated with REOs and foreclosures may be headed for further price falls. If you're planning to relocate within a few years or buying a bigger house, that could mean selling at a loss. A better bet, if you can find it, is to buy the only foreclosed home in an otherwise stable community. That's more likely to hold its value.
Not having financing in place: If you don't have a pre-approved mortgage, you're really not in the market. "You have to be able to move quickly," Sharga said.
Banks don't want to dilly-dally on sales; they're losing money every day that homes sit on the market. That means they'll often jump on the highest bid with the best financing already in place.
Having a loan beforehand carries another advantage: It tells you how much credit you have available. You won't spend time shopping for homes that are too expensive.
Remember that pre-approved financing is different from pre-qualified financing; it means the loan is ready to go. Pre-qualified is more like an opinion of a loan officer and there's still work to be done before final approval.
Illinois sheriff may halt evictions
By Charles Riley, staff reporter October 19, 2010: 12:52 PM ET
NEW YORK (CNNMoney.com) -- The sheriff of Cook County, Illinois says he will stop evicting residents from foreclosed properties unless he is assured that the foreclosures are legitimate.
Sheriff Thomas J. Dart mailed letters to Bank of America (BAC, Fortune 500), JP Morgan Chase (JPM, Fortune 500) and Ally Financial on Friday asking that they provide complete assurance that foreclosures were done properly and legally.
If Dart is not satisfied with their response, he will halt evictions starting Monday.
"I can't possibly be expected to evict people from their homes when the banks themselves can't say for sure everything was done properly," Dart said in a statement. "I need some kind of assurance that we aren't evicting families based on fraudulent behavior by the banks."
Each bank is conducting a review of documents, and all say they have found no improper foreclosures.
Dart previously halted foreclosures in the county, which includes the city of Chicago, in 2008, alleging that tenants were not being properly notified that the home they were living in was in foreclosure.
According to the sheriff's office, the county currently has 500 evictions ready to be served, while another 1,000 are being prepped.
Banks face huge hit
Foreclosures performed by Bank of America, JP Morgan Chase and Ally financial account for one third of foreclosures Dart isn't the only elected official to investigate the foreclosure document mess.
State attorneys general have stepped up pressure on banks in recent weeks after it was revealed that some bank employees had signed foreclosure affidavits without verifying that the documents were accurate, a process known as "robo-signing."
On Monday, Bank of America restarted the foreclosure process in the 23 states where a court must sign off on the proceedings. The company said the first of the new affidavits will be submitted by Oct. 25, and that it will continue its review in 27 other states.
Ally has previously announced that it was temporarily suspending evictions and post-foreclosure closings in the 23 states in which judges must sign off before someone loses their home. To top of page
NEW YORK (CNNMoney.com) -- The sheriff of Cook County, Illinois says he will stop evicting residents from foreclosed properties unless he is assured that the foreclosures are legitimate.
Sheriff Thomas J. Dart mailed letters to Bank of America (BAC, Fortune 500), JP Morgan Chase (JPM, Fortune 500) and Ally Financial on Friday asking that they provide complete assurance that foreclosures were done properly and legally.
If Dart is not satisfied with their response, he will halt evictions starting Monday.
"I can't possibly be expected to evict people from their homes when the banks themselves can't say for sure everything was done properly," Dart said in a statement. "I need some kind of assurance that we aren't evicting families based on fraudulent behavior by the banks."
Each bank is conducting a review of documents, and all say they have found no improper foreclosures.
Dart previously halted foreclosures in the county, which includes the city of Chicago, in 2008, alleging that tenants were not being properly notified that the home they were living in was in foreclosure.
According to the sheriff's office, the county currently has 500 evictions ready to be served, while another 1,000 are being prepped.
Banks face huge hit
Foreclosures performed by Bank of America, JP Morgan Chase and Ally financial account for one third of foreclosures Dart isn't the only elected official to investigate the foreclosure document mess.
State attorneys general have stepped up pressure on banks in recent weeks after it was revealed that some bank employees had signed foreclosure affidavits without verifying that the documents were accurate, a process known as "robo-signing."
On Monday, Bank of America restarted the foreclosure process in the 23 states where a court must sign off on the proceedings. The company said the first of the new affidavits will be submitted by Oct. 25, and that it will continue its review in 27 other states.
Ally has previously announced that it was temporarily suspending evictions and post-foreclosure closings in the 23 states in which judges must sign off before someone loses their home. To top of page
Thursday, October 21, 2010
Pasadena FIXER, Will sell FAST!!! Make your move.
2 Bed / 1 Bath/ Approx 932 sq feet/4400 SF Lot/ Built 1925
305 E. Penn in Pasadena
REO in highly desirable North West Pasadena Neighborhood. Just off 210 fwy close to shopping and Rose Bowl. 2 car garage, newer roof, fire place, and definitely the lowest priced house in the area. This area has a lot of rehab activity and houses sell quickly. (Check out the 2+1 that just sold for 625!) Fresh paint and new carpet. Full rehab will earn you a nice return!!!
PURCHASE PRICE – 272,900K
After Rehab Value – 427K
estimate repairs – 20k
Market rents – 1600-1800
CASH BUYERS ONLY!!!!! Hard Money is ok
MUST CLOSE BEFORE Nov 5th
Fernando Young
Hartford Investment Group
8.8.8.-317-4517x1
socalhartfordinvgrp@gmail.com
Sell your Property NOW!!!!
http://budurl.com/HartfordBuysProps
Join my Mailing List for Great R E Deals.
http://budurl.com/socalhartfordinvgrp
Follow us on Twitter,
http://twitter.com/HartfordInvGrp
305 E. Penn in Pasadena
REO in highly desirable North West Pasadena Neighborhood. Just off 210 fwy close to shopping and Rose Bowl. 2 car garage, newer roof, fire place, and definitely the lowest priced house in the area. This area has a lot of rehab activity and houses sell quickly. (Check out the 2+1 that just sold for 625!) Fresh paint and new carpet. Full rehab will earn you a nice return!!!
PURCHASE PRICE – 272,900K
After Rehab Value – 427K
estimate repairs – 20k
Market rents – 1600-1800
CASH BUYERS ONLY!!!!! Hard Money is ok
MUST CLOSE BEFORE Nov 5th
Fernando Young
Hartford Investment Group
8.8.8.-317-4517x1
socalhartfordinvgrp@gmail.com
Sell your Property NOW!!!!
http://budurl.com/HartfordBuysProps
Join my Mailing List for Great R E Deals.
http://budurl.com/socalhartfordinvgrp
Follow us on Twitter,
http://twitter.com/HartfordInvGrp
How to find PRIVATE MONEY :)
Here's your list of 36 active private lenders
http://budurl.com/PMOD
If you watch this video my buddy put up and keep
saying you can't find private lenders in your
area... I'd have to say you're a bit crazy ;-)
This guy found 36 active private lenders with
over $1.2mm in *available funds* in under 27
minutes through this freely available source he
shows you in this free video.
I wish I had known about this local private lender
source a long time ago.
Click the link below to watch the presentation
Or copy and paste it in the url box
http://budurl.com/PMOD
Enjoy :-)
Fernando Young
http://budurl.com/PMOD
If you watch this video my buddy put up and keep
saying you can't find private lenders in your
area... I'd have to say you're a bit crazy ;-)
This guy found 36 active private lenders with
over $1.2mm in *available funds* in under 27
minutes through this freely available source he
shows you in this free video.
I wish I had known about this local private lender
source a long time ago.
Click the link below to watch the presentation
Or copy and paste it in the url box
http://budurl.com/PMOD
Enjoy :-)
Fernando Young
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