Robert J
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Robert J (by dino [CA]) Nov 22, 2022 3:09 AM
       Robert J (by Robert J [CA]) Nov 22, 2022 5:26 AM
       Robert J (by dino [CA]) Nov 22, 2022 5:45 PM
       Robert J (by Robert J [CA]) Nov 22, 2022 6:45 PM
       Robert J (by dino [CA]) Nov 22, 2022 11:55 PM

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Robert J (by dino [CA]) Posted on: Nov 22, 2022 3:09 AM
Message:

O.K. so about your post on REO property fpr sale where the realtor and somebody at the bank were probably on the take receiving a kickback in exchange for accepting a lower offer.

What if you went to the appropriate bank regulator or maybe the U.S. Attorneys Office and presented the info to them, do you think they would have done anything about it??

--104.175.xx.xx




Robert J (by Robert J [CA]) Posted on: Nov 22, 2022 5:26 AM
Message:

I did go forward and because it was one agency screwing another agency that were both insured by the bank regulatory body -- it was all in the family and they did nothing. --47.156.xx.xx




Robert J (by dino [CA]) Posted on: Nov 22, 2022 5:45 PM
Message:

Very frustrating.

Seems like the available opportunities in REO are often ones that nobody really wants but might be had at a low enough price to make it worthwhile. Problem is that at this point I tend to be attracted to more of a pride of ownership property rather than a low quality money maker.

There are those that choose to play the game that gets them the property from the sleazy agent or broker.

--104.175.xx.xx




Robert J (by Robert J [CA]) Posted on: Nov 22, 2022 6:45 PM
Message:

I forgot to mention, these REO were mostly apartment properties. A 32 unit. A 4 unit. A 40 unit. A 60+ unit, etc. Also a house in Malibu.

I tried to buy the same 4 unit and 32 unit. My bids were higher but they still got it. From 1972 thru 2000 they underpaid by half of the market value and ALSO GOT BANK financing putting only 20% down.

When I looked up their net worth, it was over 25 million back in 1980. Since then it's more than tripled.

One day I saw the wife who drives a beat up small pick up truck. She saw a painter labor walking down the street in front of one of her builds, a 32 unit -- next to my 8 unit.

North New Hampshire near Beverly Blvd, 90004.

She ask him to paint a small apartment for $100. He agreed. So the wife parked her truck and took 3 1 gallon cans of white paint and mixed it into a 5 gallon buck with also a white paint. None of these paints were the same color. She used Navajo Off White and several other white paints and mixed them together. Using old paint to save money...

How sad.

And when they were ordered to install heaters for the tenants they installed direct vent heaters, next to window that doesn't meet code. When inspectors came to write up this violation, they walked away with a envelope with cash. Those heaters are still there today... --47.156.xx.xx




Robert J (by dino [CA]) Posted on: Nov 22, 2022 11:55 PM
Message:

By the way, when I said available opportunities in REO are things nobody wants, I didn't mean that's all there is in REO.

What I meant to say was that the ones that sit there many days on market without kickback arrangement because the ones with kickback are in higher demand. The one that stay available are priced way above their true value. Those are the available opportunities if you want to call them opportunities.

If bank finally gives in and accepts price close to true value, those might offer an opportunity.

--104.175.xx.xx



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