All Forum Posts by: Account Closed

I calculate build costs by the heated sq footage. This figure still includes all heated, unheated, landscaping, etc. I'm not really sure why. Another Gc that gave me bids swore he was the cheapest for high quality, and he came in significantly cheaper per foot than my current cost....until I realized he was calculating by all sq footage under roof (meaning heated, unheated, and covered outdoor porches). Sneaky...

I dealt with this so many times that I made special receipts. It specifies the address, and says all deposits are nonrefundable, unless landlord's circumstance changes. In other words, if something comes up, and I decide I don't want to rent to them, I'm happy to return the deposit. If they changed their mind, found something else, etc, it's forfeited. I keep a copy and give them one. In my experience, even after initialing next to that, and signing at the bottom, people will still fight and threaten to sue you. But I think it's a little safer this way

You're a genius, Bobby :)

You're right Jon. Some will not email anything. I end every conversation when I'm in a county office like this: "Thanks so much for your time; do you mind emailing me what we discussed, just to make sure we're on the same page?" It's worked with a few of them. In fact, I bought a lot that a bunch of builders thought was worthless last year, and sold a house on it for 554k, all because I went downtown and the guy emailed me saying I could build in these setbacks, ignore this water buffer, etc.

this can be very profitable.. I've done It a few times now, and still learning every day.. The best piece of advice I can give is get anything from the city/county emailed to you.. Can't tell you how many times one department said one thing and someone else from another department contradicted and acted like I was the dummy!!

At any rate, id look them up and see how many of these "reverse deeds" have been filed from them.

I've never heard of using a quit claim deed for this. Usually. The borrower would sign a deed in lieu of foreclosure, thus deeding the property back to the lender. My attorney is very against using quit claim deeds for just about anything.

Depends on a lot of things- your likeability and ability to forge relationships, how good the deal is, how much money you can put in, etc. you should develop a plan and then call every small bank within an hour of where you are. You'll get a ton of no, but eventually you may come across a maybe or a yes. This was how I started. If all the banks say no, there are other options: hard money, private money, creative financing, owner finance, Etc.

I don't know what it is about California, but things are just different there. For every hard money lender we have in the Carolinas, they have 20 it seems. So maybe these lenders are competing so heavily and they still need the higher rates to profit, that they'll drop the personal guaranty or something. That is pure speculation--I have no clue about other places really :)

Your accountant is trying to protect you, but the reality is 99% of loans from banks (and 100% that I've gotten) are recourse, meaning you sign a personal guaranty. You may be able to get private lenders to do non recourse. There are other avenues for non recourse if that's your goal--seller financing, sub2, etc.