All Forum Posts by: John Kent

@Domingo Santana welcome to Bigger Pockets and our lovely city. 

Financing in place means that you discussed financing options with a lender and they have examined your financial ability and determined if they would be interested in lending to you or not. In smaller residential properties the common term used is mortgage pre-approval letter or mortgage pre-qualification letter. For commercial and larger residential properties there are a significant number of ways to finance a purchase so when asking if financing or funding is in place an individual is asking if you have a verifiable plan in place, in which initial due diligence is already complete. 

In Orlando the investor with no money waiting sellers' time has been a long running staple of our market. Generally, expect anyone here who has been in the business for more than a week to want proof from a buyer of available funding before they will consider and individual anything more serious than a time waster. 

FYI make sure you check your local renting regulations. A 6 month lease may have different rules than a 7-12 or a 12+ month lease. 

@Ralph Marmolejos hire a real estate attorney to do both documents for you. Simply charge the tenant buyer the attorney's fee. Have the tenant buyer escrow both the attorney fee and the option fee along with a simple letter of intent outlining the deal that you made with the tenant buyer. Then meet at the attorney's office sign all the docs. Hand over the keys and get a check from the escrow.

@Jaago Viitkin 

Inspection days - doesn't matter. Use the local norm.

Deposit amount - doesn't matter. Make it look legitimate.

The setup is very important in getting an approval. For an investment purchase this is the second most important part. Most just throw as many deals against the wall to see what sticks and completely ignore the setup because it requires skill and some situation complexity. 

The second most important part is the bank's asset valuation. Be it a BPO or an appraisal this is the most important part of the deal. Having done hundreds of BPOs over the years, I can tell you that a lot of deals die here either because the real estate agent/investor treat the BPO as an inconvenience or something that they can manipulate at will or because of politics on the lender/AMC side.

Lastly, the negotiation with the lender is more than just sending in the documentation and waiting for an answer then complaining when there is no answer or the wrong answer. As Marc mentioned it is about building a relationship with the negotiator. Often a small feeling of personal investment by the banks negotiator can present the opportunity for requesting exceptions when needed to get the deal done. 

@James Maglio welcome to the Bigger Pockets community. 

@Pam Truesdell go to the tax appraisers website and pull up the profile for the property. If there is a % sign followed by a number after the list of names on title then most likely the title is held Tenants In Common and that #% next to the sister's name is her ownership percentage which goes to whomever he rightful heir or who a will determines. If there are just names listed with no percentages then the most likely ownership is Joint Tenancy, in which you are no longer asking a simple question, your best option is to consult with an attorney.  Particularly one who specializes in probate or estate law.

Hi @Ariel Sotomayor PM and let me know what you are trying to accomplish with the LLC and I will help you the best I can without giving legal advice.

@Albert Kang congrats on picking up this property! I will PM you a link to rental management solution. It is free for the first property and reasonably priced to manage a portfolio. The solution even handles online rental payments for you. 

@Olivier Nallet welcome to Bigger Pockets.

@Jose Hooker unless you plan to live in the property find a property in Orlando or Kissimmee where the numbers work for you then evaluate the neighborhood to see if you still wish to own the property. There isn't an overwhelming amount of duplexes available so searching property first is manageable.  If you plan to live in the property that is a different story of course.