All Forum Posts by: Account Closed

@Paul McCann 'fraid not mate. Word on this side of the pond is that you have some unruly immigrants that keep wanting to blow things up and some kook in London Town that wants to let them. My people came to England in 1066 so UK is dear to me. Hate to see it go down like this but I don't get to vote and it seems the locals don't care. Why would we take the chance and invest? Nothing personal mind you.

@Justin German Astoria is a wonderful place. But, I would make it through the first twelve months of rain and grey before I would call it home. The area was pretty hard hit by the Spotted Owl scandal that plagued Oregon & Washington. (The world is coming to an end, so they said, because they found that Spotted Owls like trees ) so logging slowed down/stopped maybe 30 years ago and the economy tanked with it. I mention that to make you aware to do some research to see what the current environment is for selling houses and what the growth potential is. Portland is red not. Astoria maybe not.

@Ray Burrola You should draw up a Purchase & Sale Agreement and have Escrow record the Warranty Deed. It is possible that the lender could exercise the Due on Sale clause, but that is very unlikely. In the event they do, you can Deed the property back to your sister for a time, to cure the default. Use Great American Title. They are very experienced in doing exactly what you want to do.

@James Allen With Owner Financing specific to a Fix & Flip, the Owner gets paid off when the property sells, so it is somewhat open ended. It depends on how the Agreement is written up as to what payments you have to make. Normally you would be able to sell with no prepayment penalty regardless if you got it done the day after the ink dried. If the seller asks what you are going to do with the property, it might be appropriate to answer. They probably couldn't care less unless you make an issue of it. I would not use the same agent. If the agent brought you the opportunity they deserve to paid. If you found the property I wouldn't introduce an agent to the transaction. I would use a closing attorney instead. Any change in ownership (regardless of the amount of equity) can, but probably won't trigger the DOS. If you are concerned about DOS (I certainly am not in my transactions) then you might consider a Lease Option. However with a Lease Option any fixing you do to the property is not yours until you exercise the Option.

@James Work The new Washington pre-foreclosure law is the most punitive in the country. Up to 6 years from the sale you can be sued for three times damages and the then current ARV. The seller only has to say they "think" you took advantage of them. Nice, eh? I no longer even think about them. Besides, there is more money to be made with Subject To with a lot less hassle or liability.

@Zach DiFilippo I would try to maintain a "buffer" of $5,000 at all times. Real Estate is fickle. Some months are good and others are not. Once you have money above monthly expenses and the mentioned buffer, buy down your debt. Also, there are companies that refinance student loans at lower interest rates. See if you qualify for that. I heard ads on the radio that Sofi or some name like that refis student loans.

 My partner and I do "fast flips" in & out in Austin & San Antonio & Cedar Park, etc.  Your partner sounds like he likes those too. Right now, we have more going on than we know what to do with.

@Jennifer Nguyen @Kendall Green Do you currently have a partner or are you just beginning? First have a Master Agreement concerning what your overall objectives and definitions are. Secondly have a Joint Venture Agreement for each property by address. Someone has to have the responsibilities for day to day operations. What is your exit strategy? What if one of you passes (dies) before the property is sold. Is there a spouse of one or of the other that has some sort of legal interest? How will you split distributions? And the list goes on. I can provide more detail if you PM me, but it is really too involved for a short post. You get the idea though. And Yes, there is more money around than deals so it is a good idea to partner up with someone who really knows what they are doing to be properly taken care of.

@Mel C. Sorry Mel, you've either got the wrong architect or the wrong project. How do you expect to make money with your GC sitting on his thumbs? I feel for you. Lesson learned.

@Cathy Henderson FLEE!!