All Forum Posts by: Alsee Mccray

I dont see a contingency clause that allows you to walk away from a contract as being a deal killer, I see it as a wise business decision to protect your interest. .  A mortgage contingency or an inspection contingency allows one to walk away from contracts and these are  everyday common contingencies that allow people to exercise their right not to move forward in the contract. Why call it a reputation killer? People don't make contingencies for the sake of being able to back out,  it allows them to back out if for some reason they cant obtain a mortgage, or if they are not satisfied with the inspection report, or even if they are unable to find an end buyer to assign their rights to a contract.  I think it would be foolish for a buyer to to enter into a contract and not have contingency clauses.

you did great

if your able to just assign the contract why would you need a tittle company? its a not like your closing a to b then b to c all your taking is talking a contract between a and b and assigning it to c you don't need a closing or title company for that.

there is a company called Jordan Capital they want me to send either $500, non refundable to get the application going or $1000 but the $1000 is refundable when I do my frst deal

how much is the property worth for them to want you to take out a 1 million dollar property? and when you get insurance it is only for the building not the land, it all depends on the property I live in the north east and I only pay 600 a month for a proper building insured for about 100,000

I contacted these people  and they wanted me to fill out an application, they wanted tax returns bank statements a copy of drivers license articles of incorporation, I even think they wanted a copy of my drivers license they wanted my ein number. I'm just wondering what are the typical documents that a legitimate company will ask for?

I was talking to some one from Jordan capitol finance, they told me that I would have to pay a $500 non refundable application processing  fee, or I could pay $1000 but I would get the $1000 after closing my first deal . does this sound right?

Thank you for providing that information Joel, I just found out bout this site 2 days ago and it is stories like yours that will encourage me to upgrade to the plus account. From this site, I learned about a real estate investment club meeting, that I attended last night, and I have gotten some really good information as a result of attending that meeting. again congratualtions to you and keep those good stories coming.

I don't even know you and I'm proud of you :) a very inspiring story, Ive heard of that town, "the report of iron mountain.  So did the 16 apartment bld seller finace the entire deal for you and them you went and re financed?

Many people believe you get a deal buying a short sale, what the bank does most of the time is send a real estate agent, out to do a BPO ,Brokers price opinion to determine value. This agent is going to pull comps and give the bank a price, basically the price will be coming in at fair market value or maybe even more.  If you don't have some one who knows how to work the shortsale and stay on top of it then you could be waiting for months, I have taken over shortsale files that lay stagnant for 8 months and turned them around in 30 days or less.   sure you can low ball the bank but you wont get a response back from them until at least 1o days after you present the offer.  If you gonna invest in shortsale pull your own comps and prent them with your offer and make sure your dealing with some one that knows how to work them.