1st purchase! Earned my title of investor.

1st purchase! Earned my title of investor.

Houston, TX · Member since 2015 · 29 posts · 10 votes

Hello everybody,

I'm new to posting on BP but not new to reading all the forum posts and attending some of the webinars. My background is in Property/Casualty Insurance, a licensed agent in TX.  I've been wanting to get involved with real estate investing for about 5-years and actually started my research back then.  I kept putting it off because I didn't have cash for down payments or cash purchases but had excellent credit.  I tried dealing with a wholesaler of whom I think was very frustrated with me because I couldn't get the dp or funding so I was dropped.  I continued to search until I received the email from F4F (funding for flipping) so I contacted them and after much prayer, research and reading reviews I accepted the offer and started the process.  On 3-4-16 I closed on my first townhome, paid cash and tenants are scheduled to move in 3-18-16.  I have a dilemma and need the BP gurus advice and/or suggestions.  I found out the sellers are out-of-the country & the paperwork was sent to them to sign on 3-4-16 however to this date the papers have not been received back by the title company.  I still have not received the keys to the townhome to do any repairs, make ready, etc. and have been told by the realtor & title co that they cannot give me the keys until they've recd the signed documents of which they don't know when it will be.  They've told me the sellers have an appointment with the Embassy next week regarding returning the paper work and that's where I'm confused.  Has any of you ever heard of this before, experienced problems like this or can tell me if this sounds right?  I need the keys and can't understand why I can't get them since I've done my part; signed papers and paid.  I have to get this resolved because I have to move on to find my next purchase. I know I can be successful at this!  Thanks in advance.  Sharon.

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  • Patrick LiskaPro Member
    Investor · Verona, NJ · Member since 2014 · 1k+ posts · 832 votes
    10y

    Sharon, were they given your down payment money ? or is that held in escrow until they get the papers to your title co. ? i wouldn't think you would be able to close on the house until those papers were returned. sounds a little strange to me, but i have never dealt with buying a house from someone that lives overseas.

  • Flipper/Rehabber · Atlanta, GA · Member since 2011 · 44 posts · 9 votes
    10y

    I have a question....F4F, was this a hard money loan?  I may be interested in going this route but I am a little apprehensive about HMLs...any advice?  Thanks...oh and congrats on the pending purchase of your first investment property!

  • Houston, TX · Member since 2015 · 29 posts · 10 votes
    10y

    According to the title company the money has not been given to the sellers yet. I did a search on the sellers & found that they actually live in here in Houston, TX and the realtor told me she was told they are only vacationing out of the country for awhile. (not sure of how long). Today I found out it will not fund until the papers are received from the sellers.  (only wish I had been told so I could have planned for the delay).  I've put the tenants on notice but I could possibly be held responsible to find them a place to live until my property is ready.  Thank you for your reply and hopefully I hear good news soon. 

  • Homeowner · Houston, TX · Member since 2015 · 89 posts · 19 votes
    10y

    Congrats @Sharon Carter, hope it all works out for you.  You mentioned that you used F4F for this deal, so I was just wondering how your experience was with them?  I keep getting emails from them, but I have been ignoring it.

  • Houston, TX · Member since 2015 · 29 posts · 10 votes
    10y
    Originally posted by @Anthony Crawford:

    I have a question....F4F, was this a hard money loan?  I may be interested in going this route but I am a little apprehensive about HMLs...any advice?  Thanks...oh and congrats on the pending purchase of your first investment property!

    No, F4F is the funding from unsecured credit cards with Danny Shaw and Scott.  I tried the hard money loan but needed out of pocket money to get the loan so I decided to go this route.  I just stay positive that I can get this first one closed and buy & flip the next one to pay off some of the cr cd debt.  Thanks and good luck.  Let me know if any other questions about F4F.   

  • Houston, TX · Member since 2015 · 29 posts · 10 votes
    10y

    Hi Omer.  My experience has been great and they have delivered as agreed and now I have to do my part in reaching my goals set for 2016.  I too used to get the emails and finally decided to call to get the free consultation with no obligations. 

  • Houston, TX · Member since 2015 · 29 posts · 10 votes
    10y

    Hello all,

    Here is an update on my 1st purchase, or no purchase!  Remember I closed on 3-4-16 (signed and paid).  Well I still don't have the keys or ownership.  Now I've been told the sellers are in Singapore or Milan and can't seem to get the consulate to notarize or do whatever it is they have to do before returning the papers and therefore unsure of when it can be done.  I have requested my money back and told them none of this was disclosed to me prior to closing so I expect all my money back, including the earnest money.  I'm not sure yet if that will be a battle I have to cross and asking my BP gurus for help.  Any advice, suggestions will be greatly appreciated.  I did ask the title company & realtor (also the listing agent) why they didn't have the sellers give power of atty to someone here in order to close and settle these transactions.  They said the sellers declined so I told them more of a reason to disclose the information to potential buyers. (the sellers have 3 condos they are selling & can't sell any of them because of this)  Help please?  (I suppose I lost my title of 'Investor').  Thank you in advance.

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