All Forum Posts by: Joe Weh

Hi Pat, I am in Midland if you ever want to meet up.   I only have 1 rental but looking for more.  Make sure you have a nice lease, have them sign paint disclosures and run their background and credit history through resident research.  That's what I did and it worked out great.

Thanks everyone, I am in contact with Manny and will reach out to Jeff Coates.

Hey There,

I live in Midland and have 1 rental property and my main home.  Have done a couple flips in the past.   I can't find much for sale in Midland right now.  Anyone in the same boat? I have been thinking about doing some postcards in Midland or "driving for dollars".

Yes, figured it out today. Deed to me, 2nd deed to the investor and myself. 

Both protected. Thanks for the info and quick responses guys!

I guess I should clarify, should both our names be on the title or just mine? I want the investor to feel comfortable and I want to be covered also. This guy is a good friend. 

I do understand paying off the current land contract with his money, I just need to know what I give him in terms of title. Should he even be on the title?  We are going to talk with my lawyer this week. Just trying to see if anyone had experience here first. Basically he is giving me a hard money loan for a year. 

Hi all. 

Hey, I have a house I purchased on Land contract as a quick 2 month flip. Flip is over and now I want to rent this instead of taking a profit now.  Contract was for only 4 months.

Friend of mine is stepping in and paying the land contract off with cash. 

Should the title be in both our names? I know he wanted it in his name but didn't talk about both of ours yet. I need it in mine also so I can refinance next year and take some equity and repay him. 

Or should he buy it from me and landcontract it back to me? My terms of the original land contract was only 4 months. Still have 2 months to go and I am already done with the flip now just trying to figure out who holds the title if I get this private money. 

Can someone ecplain? Thanks!

fixed costs look here. 

http://www.biggerpockets.com/renewsblog/2010/03/17/calculating-fixed-costs-flip-rehab-wholesale-real-estate-deal/

don't forget you are going to pay a realtor around 4-5 grand in commissions to sell that house plus you will be taxed around 25% on your profit as Income.  Also, title insurance will run you $500-$1000. 

I wouldn't do it, to much work/little payoff with a bunch or risk. 

also "no dogs allowed". *hides barking dog in back room when I come over.

I would think that too George, windows are double pane and the house is well insulated. It's a longer story really.  Windows wide open when it was 10 below zero, all vents in the house blocked (every single one) crawl space left wide open by tenant (I had screwed it doubly shut) and the heat on almost 80. Wonder why the bill was so high, I witnessed this all myself when she said it was cold in the house and I had to "do something about it". I almost fell over when I seen all this. I lived there for 10 years and never had an issue. The window upstairs was wide open, it was unreal. She said she had no clue why.