All Forum Posts by: Nii Okai

@Nick Ye

What would you do if the property burns down in the middle of the night ? Would you prefer to see your investment go up in flames? Just wondering.... Nii

@Austin Wood 
Get a real estate agent to help you locate a property and walk you through the process or better still team up with somebody who is already doing this and learn the ropes from that person. Getting a deal under contract involves more than just signing a piece of paper. From deal identification to deal underwriting and subsequently offer submission, there a lot of things to take into consideration. Just as you cannot learn how to ride a bicycle from a manual, likewise you cannot learn how to put a deal under contract from reading a posting on BP.

Hey Eduardo,

Congratulations.... you have made the right decision. Have you considered joining a local REIA or a local Real Estate Meetup? Try and locate these resources and you will definitely meet somebody with whom you can work. Again, I congratulate and wish you well.

Hello Edwin,

Without knowing the details of the deal, it is impossible to give you a correct answer. Depending on the situation, you may be able to wholesale a short sale deal under certain conditions. So, go ahead and spill the beans.... and I will tell you if it is possible or not.

Waiting to read from you...

Thanks 

Nii

@David Gore

Yes David, I see 2 approaches -

1st scenario. Try and locate the owner of the property. Yes, get the owner to sign the PSA at the as is value, approach the bank as the potential buyer and would want the bank to finance the works - (you will need to get a full estimate of works to be done, comparables, and income projections etc.) They may be relieved to see something going on and probably will be happy to work with you. You never know until you ask.

2nd scenario - As of now, before the bank can do anything with you on this property, the bank must first of all foreclose on the property to take over ownership - it is only then that they can talk with you - when this is done, it will be a little more expensive because of the attorney fees which will be added. Then as an REO, the likelywood that they will sell it to you without any serious money out of pocket may be a challenge. Who knows, maybe the bank will be willing to sell it off very cheap, The only way to know will be to go and talk to somebody at the bank to know what their plans are.

@Christian Nunez  - Before you present your offer, make sure you create a good rapport with the sellers.

Good luck ....

@Christian Nunez You send them letters of intent (LOI) spelling out your offer to purchase. Once your LOI is accepted, then the real Purchase and Sale Agreement with terms and conditions acceptable to the two parties is executed

@Tony Hale

Welcome to the Investor World. 

To estimate if a purchase is worth it. It is the same everywhere - check the comps and you will be good to go. However, being a newbie, investing in Baltimore. I will invite you to read and re-read the pieces of advice posted by @Ian Barnes and @David Fernandez - 

Baltimore is a peculiar place to do business. As such, you would be better off teaming up with an experienced rehabber/flipper/investor in Baltimore to do at least a deal. You would learn more by doing than just by reading answers on BP. 

A few years ago I was in a similar situation in Baltimore City. It was an ordeal trying to figure it all out on my own - I learned my lessons (oh how many? I have lost count) and I am not ready to revisit that chapter. 

Remember that you can never learn how to ride a bicycle by reading books. 

Wishing you all the best

Nii Okai

@Ryan Blake 

The issue here is not about the double closing per se. It is about using money from the seller to pay the buyer. This practice had been prevalent in the days of simultaneous closings (SIMO). Nowadays, title companies require the two transactions to be separately funded - and luckily with the abundance of transactional funds it is not a difficult thing to do. And it keeps everybody happy. 

@Mark Enriquez 

Thanks for sharing. 99k is a heavy load - 

Is this a beautiful house? 

Does it need any work? How much is your estimate?

How many loans are there?

Do you have any wholesale buyer ready?

Can you get the husband to sign a quit claim deed on the property?