The other day I got invited to a party, but I stayed home instead Just me and my pal Johnny Walker, and his brothers Black and Red And we drank alone, yeah, with nobody else Yeah, you know when I drink alone, I prefer to be by myself
George Thorogood And The Destroyers -- I Drink Alone
IHB News
We are having another IHB party on Sunday August 22, 2010. The party on August 1 was attended mostly by investors, and we anticipate many will attend the event on Sunday, but I want to make clear that it is open to everyone. If perhaps you are looking to buy in Orange County, and you want to meet an IHB agent. or if you simply want to hang out, have a drink, and talk real estate, we encourage you to attend.
For those of you who previously expressed an interest in the fund (this is not a solicitation), the fund will be closing to new investors on Friday, September 17. I know that seems like a long way off, but it often takes time to free up investment capital, and I don't want you to miss this opportunity. Also, the fund is only open to 35 "Sophisticated" investors, and these slots go in the order I receive the paperwork. If you are planning to invest under the sophisticated investor category, the fund may not have openings through September 17.
I now have over $1,000,000 in firm commitments to the fund, so it will definitely be going forward.
This delinquent owner may be having unemployment issues. The property was purchased on 4/27/2005 for $615,000. The owner used a $492,000 first mortgage and a $123,000 down payment. People generally won't walk away when they are just on the cusp of going underwater and they have such a large down payment. The NOD was filed in April.
Foreclosure Record Recording Date: 04/16/2010 Document Type: Notice of Default
Home Purchase Price … $615,000 Home Purchase Date .... 4/15/2005
Net Gain (Loss) .......... $(116,800) Percent Change .......... -19.0% Annual Appreciation … -2.7%
Cost of Ownership ------------------------------------------------- $530,000 .......... Asking Price $106,000 .......... 20% Down Conventional 4.57% ............... Mortgage Interest Rate $424,000 .......... 30-Year Mortgage $104,433 .......... Income Requirement
$2,166 .......... Monthly Mortgage Payment
$459 .......... Property Tax $0 .......... Special Taxes and Levies (Mello Roos) $44 .......... Homeowners Insurance $385 .......... Homeowners Association Fees ============================================ $3,055 .......... Monthly Cash Outlays
-$363 .......... Tax Savings (% of Interest and Property Tax) -$551 .......... Equity Hidden in Payment $181 .......... Lost Income to Down Payment (net of taxes) $66 .......... Maintenance and Replacement Reserves ============================================ $2,387 .......... Monthly Cost of Ownership
Cash Acquisition Demands ------------------------------------------------------------------------------ $5,300 .......... Furnishing and Move In @1% $5,300 .......... Closing Costs @1% $4,240 ............ Interest Points @1% of Loan $106,000 .......... Down Payment ============================================ $120,840 .......... Total Cash Costs $36,500 ............ Emergency Cash Reserves ============================================ $157,340 .......... Total Savings Needed
Property Details for 6 PALOS #66 Irvine, CA 92612 ------------------------------------------------------------------------------ Beds: 3 Baths: 2 full 1 part baths Home size: 1,800 sq ft ($294 / sq ft) Lot Size: n/a Year Built: 1975 Days on Market: 370 Listing Updated: 40340 MLS Number: W09083522 Property Type: Townhouse, Residential Community: Rancho San Joaquin Tract: Wl ------------------------------------------------------------------------------ According to the listing agent, this listing may be a pre-foreclosure or short sale.
Enjoy this stunning City light views from the tranquil private end unit . Close to award winning schools, shopping, churches and park. Very close to the golf course. 3 Bedrooms 2.5 Baths, Breakfast nook in kitchen, good size dressing area in master bth, Inside laundry room with direct garage access, Community pool and spa.
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