All Forum Posts by: Robert D.

thanks for your feedback. I decided not to pursue that place because of that and some other issues. there are too many questions and too large of a place for a first timer....

Looks like the part of the roof is either missing or there are 2 different kinds of roofing material used ? The house is 1920 frame. There is definitely some water damage inside ..floors are a little buckled ..dropped down ceiling tiles came off ..anybody ever seen something like that ? would not you need some kind of flashing when 2 roofing “types” meet ?

If the standard contract that you use in your state is assignable …then why you even put “and assign to” ? have the seller attorney review the contract as is …have separate contract signed between you and your buyer (assignment) and then proceed to closing

Do you have to disclose to seller attorney that you plan to assign the contract ?

thanks - that helps. I wonder if I could put the property on MLS after I sign with the owner. if I explain to the seller how it works ..I think they should be comfortable with the concept. so in that case once I find a buyer ...I will do a 2 closings correct ? one with the seller and one with the new end buyer an hour later ? how about transfer of funds ..will I have to cut a check once I close with the owner or title company will ask just for 1 check from the end buyer and disburse the funds ?

In IL contract is valid without EM deposit. Not many sellers would agree to sign on something like that though. I will be much more comfortable if owner hires his own attorney to guide him thru the transaction and interact with my attorney. Somebody needs to prepare the title anyways …so I think either attorney will have to keep the EM deposit in escrow account. Anybody can recommend a good attorney in IL who is familiar with wholesaling concept ?

I am licensed real estate broker in IL. Many times I come across owners who would like to sell quickly for cash. I do buy for rehabs but once the capital is tied up in my flip, I could use wholesaling. I do also know some local real estate investors who might be interested. While I usually try to list such properties to attract maximum traffic and price …I think contract with assignment would not be a bad idea. I have created an LLC for that purpose. So it will be a contract between seller and XYZ LLC (my LLC). Yes at first contact I do disclose I am broker, I hand the owner a no-agency disclosure and also explain in writing that it is in their best interest to contact appraiser, real estate attorney, or independent real estate agent if they feel this way their interest will be protected. I also put at the end of the contract that XYZ LLC is broker owned.

So once we are past disclosure part …it comes to signing a contract. I am looking at mutliboard 5.0 and nowhere do I see anything about assigning. I do not want to put in buyer line XYZ LLC assigning to…. As this might trigger red flags with owners. Shall I just write in line 308 (other provisions): “ this contract might be subject to assignment” and I need to provide additional assignment agreement (can be downloaded from Resources) once I find the buyer ? will that be enough ?

Contingency part :
Is it better to put cash and cross out all mortgage contingencies or put mortgage 95% LTV etc and give myself 30 days "to obtain a mortgage aka finding a cash buyer"
If I put cash they might ask about proof of funds ..and I also limit the time to find a buyer ..as attorney review period is only 5 days in IL. I could cross out that 5 days and put e.g. 20 days …within that his time If I don't find a buyer I could cancel and get my EM back from owner's attorney escrow account

Showings:
The way I see it happen …once I market the property off MLS (craigslist, zillow, trulia) maybe not property itself but the inside of the property and the general idea of location (I do not want to disclose the address of the property even though I have a contract on it) I would ask investors for proof of funds and organize showing for all of them at the same time. to the owner I would explain those are my contractors coming to look at the property to give me estimate of remodelling costs.


Owner:
Nothing prevents an owner from signing another contract and going with the “real” cash buyer. Yes I have a contract …yes I could sue for non performance, I could probably notify a title company about it …not sure I would win unless I am prepared to spend a lot for an attorney and engage in complicated litigation. Anybody experienced that ?

Lastly do you know of any local Chicago land area title company who is familiar how double closing works. I don’t want to end up with a team for who 2closing is news
Thanks for all your input

please see here :

http://www.diychatroom.com/f17/high-voltage-thermostat-199862/index2/#post1343447

I think I know what part to order ..now I need to know how to wire the thing ;-) would you help ?

I have a problem in my condo. The heating is provided by circulating hot water and 2 fans that push the hot air from the radiator inside the room. The cooling in summer is provided by the same fans ..once building management switches on big AC unit standing outside the building. It is a 1br condo in 10 unit building. There are 2 fans (1 in the bedroom and 1 in the living room) being controlled by 1 regular switch. I need to replace it with a thermostat. Since it is a regular switch I will need a high (line) voltage thermostat. I have done some research and I think this is the part I need.

T651A3018/U

https://customer.honeywell.com/en-US/pages/product.aspx?cat=HonECC%20Catalog&pid=T651A3018/U

now I have a question regarding wiring. The attached picture shows what cables I have once I open the switch

the thermostat has the following wiring instructions :

https://customer.honeywell.com/resources/Techlit/TechLitDocuments/95C-00000s/95C-10903.pdf

would you advise which cable connect to which ? now once I flip the switch the fan start working. Once I flip back the fan stops. I would like the fan to be controlled by the thermostat

What would be the best approach to create legal protection while hiring workers for temp/low skilled help. For example I need 1 guy for 10 hours today to help me move stuff, 1 guy tomorrow to help clean up etc

From legal standpoint they will be my employees … I will provide tools, instruct them what to do, they will be working for me between hour X and Y ….so if they get injured on my property I will be in trouble.

I was thinking of buying workers camp insurance every time I hire one (they most likely will not have LLC). How flexible is the product ? can I buy it one a weekly basis or have a employee sign a paper and I pay $4 per day to have him covered ?or it makes sense to have more employees for the cost benefit to materialize ? my friend drives taxi in the city and when he signs a lease he pays $1.5 that goes towards workers camp - but he is a independent contractor. So looks like the taxi company has an agreement with workers camp provider and every time a new driver comes in ..all they need from him is signed lease and he is covered. I would appreciate any feedback. How about medicare, medaid, FICA, SS and all other payments that usually get deducted from employees paychecks ? do I need to account for that too or there is a threshold?