All Forum Posts by: Dwayne Poster

I see a number of sites with templates, but in my view, they are dangerous. The best, in my view, are local MLS agreements, or derivatives there of, followed by whatever your conveying lawyer recommends. Conveying costs can explode if poor contract language is contested.

In my area, tax sales come with an obligation to the purchaser to maintain the property and improvements, over the redemption period, and be liable to a redeeming owner for any damages. Searching local records, I see that in 10 years, only one property has not been redeemed, and it was donated by the purchaser as wetland park space. Here, title holder cannot waive, as the appropriate regulation is directed at the taxing authority, not the title holder. As the owner has the right to redeem the property, and the fact that price was published, you may not have tied up the deal you think you have. To decisively control it, locate the owner and complete a sales agreement, where they deliver clear title. Just in case someone else doesnt beat you to it, and perform redeemption, which happens 99% of the time in my area.

Every seller is a FSBO until a Realtor contracts them. If you can't knock on doors, mail into the neighbourhood.

it will depend entirely on your contract wording. If an accepted offered has such conditions for the benefit of the buyer, they may well be able to either renegotiate the price, based on discovery, or collapse the deal. I have done such on several transactions. I have seen some area contracts that limit the amount that can be negotiated. Again, its contract wording that provides your answer.

are you prospecting into your business database? 

I see it as a safety valve for ones stress tolerance. It could be telling you that you aren't satisfied with the results of your analysis, to which you should take heed, as a bad deal will reek much more havoc in ones life, then a missed deal. 

I promote starting at the local level, where you can perform an accurate CMA, recognize social/economic drivers, evaluate rental market, meet local players, ....

Purchases in themselves are not the measure. Identifying opportunity comes first. What you do with that is secondary. Nothing, is self explanatory. Purchasing comes with a whole bunch of commitment and activity. Selling it to another investor can be very lucrative considering what you've invested. Being the one that discovers opportunity, puts you first in line to capture the highest returns. Realizing that, and being able to execute, is the true measure.

The simplest defense against 'Analysis paralysis' is market knowledge. 

  

I charge 100/month for pet, no deposit. Court case in my area determined that a landlord cannot holdback on returning 'pet deposit', as a pet allowance implies typical pet consumption. 

For me it’s the local jobs market, rental vacancy rate, mls sales data. I find that ‘news’ and business reports are often lagging indicators. 

Does the building code in regards to earthquakes have any bearing?, I don’t know. Residential lots are under the same pressure. You may be better served by looking into commercial type construction. I see a number of rezoning applications targeted at commercial, which I see needs a lot of catching up. 

My best deals to date have come through my association with a couple of Estate liquidation service providers. So productive that I’m looking to assist a couple getting their liquidation business up and running in our new location.