All Forum Posts by: Alice Chicken

Hai Loc,

Love Toronto. Lot of family in Toronto and Montreal.

Back to topic

It is okay to work with Contractor BUT you have to manage the overall project and budget. More than likely, you are in IT and you have done a lot of Project Management. Use the same logic here.

Forget the finder fee. If you are knick picking the little thing, then the other partner will do the same.  

IF you need any assistance, message me with your email and contact, I will gladly give you some pointers.

Thanks, Alice (Thu)

Sorry..second paragrah.

MORE THAN $50 millions, ask for true bank letter with bank signature

I have been fortunate to sell a few tapes recently.

The reason that i ask for true POF from bank such as bank statement is because i have quite a few buyers stating that they have funds. Yet, when they say that they want the properties, and i ask for POF, i have a lot of stories and a lot of papertrails.

I make it a standard for myself that if it is less than $50 millions, I will ask them to give us the true bank letter with bank signature that they have the fund available.

This helps me narrow down the right true buyers and the lookers, and most of all, it saves me a lot of time.

I am planning to buy commercial apt building. The building are in REO or the current owner overpaid on the building and he wants to get out.

2 scenarios:

1) how do I deal with the bank on REO? is this same process as personal property

2) if the current owner overpaid on the building, how do I do like a Short sale with the bank?

Thank you...

Hi Everyone,

I am interested in buying commercial property but I am not sure of the process.

I like to know if there is a difference in buying personal properties and commercial.

Any assistance will be greatly appreciated.

Thank you..

Do not use this company. I did a research on them and the BBB gave them a Failing grade.

They also have complaint from clients.

Thank you everyone. I have a better perspective now.

John, Scott:

Thank you for the reply.

But can it be done?

I am working on a few properties and is wondering if it can be done or not.

Maybe I can work on another property with the note discount in mind.

Can someone help me on clearing up if I can do note buying instead of double closing.

I am about to close on a property in VA. I have a buyer that wants the property and he is pre-approved for the loan. Instead of double closing, can I do owner financing, and sell the note to a note buyer before the closing date.

let me explain further1) Property is worth $380,000. Buy from Bank at $223,000. Repair is needed for 30k. Sell to end buyer at 300k and he can do his own repair or we can help me.

1) buyer will get a loan from me as owner financing
2) Buyer makes a down payment of 10% to me at 30k
3) the rest 270k is financed to a note to me
4) I sell my note $270k to a note buyer for 240k
5) WIth the note buyer buys the note for 240k, I can pay off the bank requested fund for 223k before the closing date?

Can I do this?

And, does anyone know a note buyer that is investor friendly.

David,

where are your deals?