All Forum Posts by: Account Closed

Hi Chris, I was able to get a 3 bed 2 bath in Sun City on a Lease Option for $185,000 on a $10 Option, $850 a month and $850 deposit. 

I Sandwich Lease Optioned it out for $209,000 getting a $10,000 Option fee for $1250 a month making $450 on a positive cash flow. 

What I wasn't told by the Landlord/Seller is that there are about $4300 in transfer fees in Sun City, I was not given a CCR (only later to find out it is a 55+ community) and that the A/C was going out. ;-) Because of the State's Landlord Tenant Laws, the Landlord/Seller is on-the-hook for the cost of the A/C.

I could have sold two more if I had the inventory.

What would you like to know?

Hi Sean, I know the Seattle area very well. Anybody that would mentor you and split the deal would expect that you put up the money for the transaction. Why else would they need you? It has to work both ways. When I left IT, I tried real estate investing on my own and eventually got it right, but it would have gone much faster and more profitably if I had a mentor. I applaud your awareness.

Sorry, not nearly enough information to make a good strategic decision. If you have unlimited money and unlimited time, sure that works. But, you said you have a 30 to 40 month lease. You didn't indicate that you also have an Option. What happens if you miss the Option date? Are the houses you would build "in demand"? Can you sell them fast enough? And on, and on, and on. Contact me off line and I can help you sort it out a little bit better. My info is at my Profile.

The Con is not having one and getting sued. I would form an LLC, move my properties into the LLC (taxes get passed along anyway so no worries there) and "keep on truckin'"

 David, I learned this one a long time ago and it has served me well>. "

1 Timothy 4:12 Let no one look down on your youthfulness, but rather in speech, conduct, love, faith and purity, show yourself an example of those who believe." 

I have been training my son on real estate since he was 17. He just bought a house for $100 down and it has $45,000 in equity. Age has nothing to do with it. You can do it David. Get out there and Make Offers!

 Yes. It is what I do along with Subject To and Wraps. My info is at my profile.

Phoenix is a Seller's market; I am told. But, somehow I keep coming up with No $ Down and Low Down deals using "Subject To" and Wraps. I guess that, since that is all I have ever done, (literally) I don't know any better. But, my Joint Investors seem to like that they aren't subject to the vagaries of the marketplace. No tenants, no toilets, no fighting the MLS for buyers, and I don't have to wade through contractors and rehabs. Recently bought a 4 bed 2 bath in a reasonably nice Mesa AZ neighborhood for $100 down and took over the mortgage. Got $25,000 down a month later when I sold it with owner financing. I clear $750 a month. My Joint Investor and I split the proceeds. I've got a pocketful more looking for the right Joint Investor. Yep, the Phoenix market is HOT!

If you mean after a properly done foreclosure; most liens in Washington State are wiped out after the foreclosure but not all liens. The Title Co. can tell you if the Title will be clean. Why not ask them? They are the ones who are going to insure the Title. What we say here isn't going to be definitive on that. Don't chance it, ask the Title Co or a Real Estate Attorney. 

 Contact me offline (link is in my profile) if you have an interest in getting a jump start. 

 It's a very dumb law, but legislatures rarely understand real estate. 

if I put in the link Bigger Pockets gets upset 

so (use w instead of v ) v v v . atg . wa . gov / mortgage-and-foreclosure-scams

There are "Social Justice" attorneys just itching to sue you and get the 3X's damages. 

Not worth it. I stopped doing them there when the law changed.

Look for better deals and there are many. If you want to joint venture in Washington we can look into that but save yourself the grief and avoid foreclosures in Washington.