My name is Laura Monroy. And this would be my first forum post. I am new to real estate investing and have not yet done my first real estate investment.
I would like to get started, however.
Ok, here it goes. My sister wants to sell her beautiful custom-built estate, 5bd, 5.5bths, close to 20K lot size, in the upscale city of Woodland Hills, CA, (20 minutes from Downtown L.A.,and Hollywood, 15 minutes from the rich and famous Malibu beach) going for 1.4M. Similar homes are being sold/listed at 1.7 to 1.9M. Investor and buyer would be walking right into 300K-500K in this down market!
As you all can see it is a great investment, but most importantly helping my sister is really a motivating factor for me.
My sister has a 1st for $700K and a 2nd for $200K. Now I am assuming that both liens will get paid, but I am getting different versions on the topic and I thought I would get you guys involved, since I know some of you have been doing this for a while now.