All Forum Posts by: Jay London

I've been in the real estate business since 1997. I build, flip, wholesale, develop ect. More than likely I've done it. I may be looking for a few team members in the OKC area that would like to trade work for knowledge.

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Jason if you didn't get your answers let me know. I'm a Broker and can help you out.

Jay

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I bought one last month that had the deed restriction and did a double closing to a cash buyer. Have anyone else tried to sell the ones with deed restrictions to cash buyers. What I was told by the closing agent was that the only ones that care about a deed restrictions are the lenders for the new buyer.

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Originally posted by Nick Ye:

Do you guys buy insurance on flip properties? My insurance company Allstate won't insure vacant properties and the agent got a quote from another company that runs $1400 for 6 months. That seems awful high to me but since it is the first flip job I'm doing I'd like to get some advices from you pros what I should do next. Should I eat that high premium or forget it and take the chance? Overall the property is in a very safe community so I don't worry about theft as much. I mainly want to cover any personal liability in case the contract got hurt on jobsite or something happen to the neighbors during the construction. Any advice will be greatly appreciated.

Thanks!

Check with all insurance companies. Your local independants can usually write it through someone like Graham Rogers and its called a builders risk/ rehab policy.
I just bought one for a New spec house with $230,000 in coverage and it was $589 for the year, but builders risk does not usually cover general liability (trip and fall insurance) workers comp is what covers your workers. Make sure all your subs carry it or carry a policy yourself. If you have both of them you'll be fine. If a person sues they are only gonna get the policy limits anyway unless you own half the city your live in and the plantiffs attorney knows that.

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Originally posted by Ibrahim S:

I just found out that the only heir/owner of a vacant and abandoned property I'm tracking is in prison. My thinking is that he can likely only make collect calls. I'm going to initiate contact via letter. Is there a cheap way for him to make collect calls from prison with me footing the bill? It's been a while since I've purchased anything from someone in prison and I'm just wondering if technology has advanced much to make the process easier and cheaper.

Thanks in advance!

Ibrahaim,
I'm gonna bet that if you get in touch with his attorney, it will be a slam dunk. That attorney is gonna go after any proceeds of the sale to be paid for services.

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Originally posted by Bill Gulley:

LOL, he was an attorney who owned about 40 properties that I had done business with and he was later convicted of conspirecy to commit murder, so he went away for some time.....I think he's still there....

This is funny! Guess law school didn't teach him HOW to cover up the crime just how to defend someone.

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Man you guys got the beat down yesturday!!!!!!! Hope everyone is ok.

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Did you make it through. I'm 4 hrs north of ya in OK and we got some serious thunderstorms last night. No twisters though.

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All Forum Posts by: Jay London

Jay London has started 3 posts and replied 38 times.

Post: Builder, Flipper and all around real estate king pin.

Post: Land values in rural OK

Post: Fannie Mae deed restrictions and rekey fees

Post: Insurance on Flip property

Post: How Do I Communicate With A Prison Inmate?

Post: How Do I Communicate With A Prison Inmate?

Post: Multiple tornadoes on the ground in Dallas/Ft Worth

Post: Multiple tornadoes on the ground in Dallas/Ft Worth