it's over. i was just sent to court.

요약 보기

케빈은 산타바바라 프로베이트 매물(1337 Subscribe St)을 법원 경매 오버비드로 낙찰받으려 한 과정을 소개한다. 시장가치는 약 100만~145만 달러로 보고, 리노베이션(약 25만 달러)과 게스트 유닛 추가로 가치를 높이려 했다. 줌 법정에서 오버비드를 거쳐 953,480달러에 낙찰받았으며 24시간 내 예치금 납부 절차가 남았다. 영상은 부동산 투자 과정 소개이며 주식·코인 등 증권 자산에 대한 가격 예측은 없다.

다듬은 글

※ 자동 자막 원문(다듬기 전)

01. yes your honor kevin paffrath all right so the ball is back in your court mr paffraff hey everyone me kevin here so i'm still kind of shaking right now i went to court and well let me catch you up on what the heck is going on and what happened and all right this right here well it's a house and yes this video has to do with real estate because well that's what i do i invest in real estate so yeah i went to court related to real estate and i wanted to buy this house back in may and prices have gone up a lot since may i had the opportunity to buy this place twice once in may and again in june but i didn't get it i kept getting beat out and this is a good deal let me show you around a little bit so this house right here is basically uh it's like a little three and two in the front and they got this funky addition off the back and there's some mildew going on the house is leaking uh you know there's trash everywhere the house is almost destroyed i mean it's like an old sears built house but the reason it's so cool is because it sits on an over 7000 square foot lot really close to downtown santa barbara which makes this really a special lot because it's also airbnb and multifamily capable so my plans with this house were originally to turn the front house into acute airbnb turn the back of the house into a guest unit since it's an add-on anyway so it kind of feel like it's separate anyway then at the back where there's this really cool old hay barn i would turn that into and we could see whatever we can preserve but i would turn that into in the best way possible an awesome guest house in the back so that way i can have two steady tenants in the back and rent out the front as an airbnb once the covet pandemic is over if i do this and all of this is done legally with the city of santa barbara this should easily be a 1.8 million dollar property as a fixed up single family in this location it's probably worth somewhere around one 350 to 1.4 maybe one 450 but if i get two legalized guest units i should easily be able to push that to one eight in santa barbara really desirable to have extra units in santa barbara and this lot lets me do everything in fact there's even the possibility that i could turn the front house into a two bedroom two bath with two guest units in the front house and then build an extra two units where the barn is that means i would turn this single property into five units close to downtown santa barbara by the way to help me find deals before they hit the market i recently partnered with deal machine they make following up with off market deals really easy so check out deal machine you'll get some free credits if you use the link down below really awesome but the problem is it's also one earthquake away from falling down and it's red tagged so i've got a lot of issues with this kind of property so how did i end up in court with all of this like what is going on well so here's the scoop since i lost the deal in may and june i decided that i wouldn't let this one die this is a probate deal which means somebody died and in order for this deal to actually get approved for sale this deal has to go through a court confirmation hearing and so basically what happens is the person who got the deal has to go to court and has to potentially fight against other people coming in and over bidding them this property as is is easily worth in my opinion a million dollars in this market and so my goal was i just want to be able to get this thing for under a mill i could do my renovations on it and if i can get my two units built in here and the house renovated with permits and everything for a budget of 250 000 i should be substantially up on this deal and the investment and it shouldn't take me more than six to seven months to put it together again as long as the house doesn't fall down in the next earthquake it is a serious kid home after all so anyway that was my that was my vision but the problem was i didn't know how to get in touch with the court or when the hearing would be or who the attorneys are so i filed a freedom of information public records requests with the city or the courthouse to get the case number with the case number i was able to look up the attorney who's representing the trust of the person who died and then i called the attorney and said hey i want to pay more than the other guy's paying for your property and so they hooked me up with all the details and yesterday i went to court i went to zoom court and here's what happened oh and quick note this video is sponsored by my amazing courses on real estate investing i've also got a program on the psychology of money and stocks a youtube course check those out down below also have my rental renovations course which will be really useful for this project check those out down below a on for report and confirmation of sale of real property and this is concerning a property located at 1337 subscribe street in santa barbara california with a purchase price of seven hundred and fifty thousand dollars yep um and uh we've not received uh any um notice that anyone would be appearing to overbid is there anyone present in the zoom courtroom this morning who intends to overbid on this property yes your honor kevin paffrath how do you spell your last name so this is the judge and this is the competing buyer this is the real estate agent who probably came for the show so um the minimum overbid is 788 thousand dollars i would be willing to pay that amount yes ms michelle on vasquez your honor we would ask if the um if miss patrick mr paffraff has proof of funds and also if the current buyer um that was in escrow is present and if they would like to meet or exceed the over bid yes we're present that's myself to chiang mai nova and my son this is the buyer's mom well my first questions of course are for mr paphrath you know we usually when we do this in open court we require the present presentation of certified funds we've been having it handling a little bit differently um since we're doing this by zoom but we still do require um proof of funds and um ability to complete the transaction what do you have to offer the court mr paffraff your honor kevin pafrath here i have my proof of funds should i just share my screen with zoom here uh if you have the capacity to do that sure sure okay uh here we go okay it should be sharing now so this is my jpmorgan account and so at the top here you'll see a million dollars here in investments in this account and then 847 available in these banking accounts stock market's down a little bit today though unfortunately quick heads up the buyer's mom ends up trying to discredit me it doesn't have your name anywhere uh here you go these are sort of the more detailed accounts and the account numbers so how do you know how long will it take for you to liquidate it's liquid cash the honor this is anton marinov i'm currently in contract with my mother to buy this property it's my understanding that super to participate in an over bid over bidders are supposed to have the cashier's check for 10 of the over bid price is that correct that is correct but you know in this day and age when we're doing this by zoom it makes it rather difficult um so in general what i've been doing with these is requiring that the funds be provided within 24 hours which i think under the circumstances is reasonable the first over bid presented to the court was that by mr paffraff at 788 the next increment of 10 percent would be um 866 800.

02. your honor will go to the next increment to 850 600. we're we're we have a two and a half million dollar scope on this project and we've been in contact with the city of santa barbara we have an architect here that's many aed projects we're fully committed to this development we're fully funded and we've demonstrated our ability to close we understand there's been a lot of potential other buyers who've asked for significant deductions and fallen out of escrow this property is currently well i'm gonna i'm gonna pause you there because i'm what i'm interested in is the bid process and so um uh uh we have um 788 having been offered by um pafrath and there's the question of whether there'll be a desire to go to the eight sixty six eight hundred and you're telling me yes yes all right so the ball is back in your court mr paffraff they um they get your next number for you i believe it's 9 53 480 your honor if i take this the next offer has to be a million 40 which is way too high this is the last bid where this property makes sense that's correct and so that's 10 over the last bid price that's the way that would work yes okay i i accept that would take a shower to a million 48 828 i don't think we're going to go up to over a million dollars on this very good so mr paffraff um uh your offer is 953 480 within 24 hours you have to make your deposit um and um then the escrow will open and it will follow forth with that sounds great your honor thank you you