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All Forum Posts by: Bob Floss II

Bob Floss II has started 21 posts and replied 694 times.

Post: Is An Attorney Better To Use For Closing Rather Than A Title Co.?

Bob Floss II
Posted
  • Attorney
  • Northbrook, IL
  • Posts 716
  • Votes 549

@Christopher Carter Depends upon your state. Some have the title company do everything and hiring an attorney is rare. Some absolutely require an attorney to be at closing. Some fall in between. 

Post: Rehabbed house not selllong what to do

Bob Floss II
Posted
  • Attorney
  • Northbrook, IL
  • Posts 716
  • Votes 549
Originally posted by @Iram Vimawala:

@Joseph M. the rehab was almost 230!closing cost willl b around 40000 and hard loan cost etc what should I do 

 Those are not good comps for your house, they look much larger and much different style. 

Post: Fortune Builders Retreat

Bob Floss II
Posted
  • Attorney
  • Northbrook, IL
  • Posts 716
  • Votes 549

@Account Closed If you have limited knowledge in real estate, it helps. If you’ve been reading and studying real estate, you probably don’t need to attend. 

If you spent the same three days committing to listening to podcasts all day and reading articles on different topics, you’d be better off. Events like this give spurts of information and then trail off on stories by the speaker and tell you to get the rest of the information at meetings after you join the expensive membership group. 

Post: Questions to ask a real estate lawyer

Bob Floss II
Posted
  • Attorney
  • Northbrook, IL
  • Posts 716
  • Votes 549

@Eli Geneus You need to have an idea why you are meeting with the attorney. Tell them your goals or what you are trying to achieve in real estate and they will help fill in the blanks.

Post: Buyer doesn't show up to closing

Bob Floss II
Posted
  • Attorney
  • Northbrook, IL
  • Posts 716
  • Votes 549

@Adriel Hsu Have an attorney draft a letter to the buyer's attorney, or buyer if they didn't have one, and declare breach of contract. At that point I remind them we can pursue damages but we will waive that right if the buyer signs a release of earnest money to seller.

Post: Won my first auction online at auction.com

Bob Floss II
Posted
  • Attorney
  • Northbrook, IL
  • Posts 716
  • Votes 549

@Brian Taylor I did a video on this yesterday because I've been getting so many Auction.com contracts and everyone has questions. Hope it helps.

https://youtu.be/ScA9V4OQbkg

Post: Attorney review of syndication offering for passive investor

Bob Floss II
Posted
  • Attorney
  • Northbrook, IL
  • Posts 716
  • Votes 549

@David Dimas I don't have a standard rate. I have to see the document first and get a sense for much I need to review and how they've laid out the investment. There's the time it will take me to read the entire document and make notes and the time involved to research or make phone calls to verify the investment. I'll give a flat fee quote and the client can tell me to move forward. 

Post: Learning to use Auction.com

Bob Floss II
Posted
  • Attorney
  • Northbrook, IL
  • Posts 716
  • Votes 549

I receive questions every day about Auction.com. Here's my breakdown of how to use the website and how to win properties. 

https://youtu.be/ScA9V4OQbkg

Post: LLC? Check. Business account is next. Now how do I...

Bob Floss II
Posted
  • Attorney
  • Northbrook, IL
  • Posts 716
  • Votes 549

@Chuck Dangar You can try to find a Note online but it would be pretty cheap to ask an attorney to do it.

Post: Chicago investor looking to connect with some local investors

Bob Floss II
Posted
  • Attorney
  • Northbrook, IL
  • Posts 716
  • Votes 549

@Jeffrey Rowland Sorry, I looked at my post again and meant to say, I hope you find a good investment. Guess I should stop responding on my phone.