All Forum Posts by: Account Closed

@Garrett Blanchard ..and then when that happens.. "hopes" their lawyer doesn't do some digging.. find this post.. and take you to the cleaners. 

You can still make good money without intentionally screwing people over. 

Ditch her, and fast. 

@Michael Prim I've been battling it out with the worlds toughest seller (88 years old, retired Army CSM, Korea/Vietnam vet and also a retired real estate broker) for 3 weeks now on a portion of his portfolio. We finally came to terms (part cash, part seller financing) with a few other moving parts.

Instead of jumping right to contracts, i wanted to get the terms in writing in order to line up the financing so I put the meat and potatoes of it in a letter of intent.

He told me to take that letter and shove it where the sun don't shine..and come back with a contract or don't come back at all lol.

So take from that what you will and good luck!

@Natalie Harper Maybe counter with a higher interest rate, but interest only for 2-3 years?

@Dan McGrew If the interwebs fail ya, try asking the neighbors! 

 It seems as though you're implying that people with jobs with a lower barrier of entry are "lesser than" people with jobs requiring the generally useless and overpriced piece of paper you call a degree. 
Everyone has their place and purpose in the real estate industry. I wouldn't personally choose to be an agent, and for the most part i'm not a fan of wholesalers, but i would never look down upon someone for their choice of careers so long as they're productive members of society.  "People who have a degree" should strive to do whatever makes them happy.

Maybe consider seeking career advice from "professionals" who aren't pretentious a$$holes. 

@Andrew Marzec Probably just cut your losses and walk. You could be the investor that sues a seller, but at the end of the day, it wont change anything except lining your lawyer's pockets, stressing you out and potentially damaging your reputation.

As the urban poet and entrepreneur Shawn Carter said.."On to the next one.." 

@Samantha Klein Lot's of good points above.  I would suggest getting a dedicated number (Google Voice, etc) just for your tenants. I don't speak to my tenants directly unless its an emergency and that's reinforced from day 1. They call the GV #, it goes straight to voicemail, i get the message transcribed via text/email. 

As far as your situation. Text or leave a voicemail via Slydial to the effect of: "Thank you for the heads up regarding your situation; however, unless you're calling to inform me that you'll be breaking the lease, i do not care to be involved in your personal issues."

Good luck!

@Danny Pollard It all depends on what you negotiate with the seller. 
Is the agreed upon price $125k? If so, are you coming to the closing table with $10k (i sure hope not, unless it's got enough equity to justify it) Are you taking the difference between the $125k and the $115k as a note (seller carryback)? 

I generally don't pay a penny over what they owe, and they pay closing costs. If a seller is willing to sell Subject To, they've most likely exhausted all other options (that they're aware of) and quite frankly you're doing THEM a favor. Going a step further, since you're helping them (likely save thousands in 1. agent commissions 2. closing costs 3. repairs, etc) I ask that in addition to closing costs, they come to closing with equivalent of 2-3 months mortgage payments. 

As far as learning Sub2 deals, Go to @Brian Gibbons page and just start reading his posts..when you think you've got a grasp on it, read some more..then when you're ready to execute, go find out what title company/attorney does Sub2 deals in your area (someone at your local REIA will know), write down every REI related question you have, pay for an hour of their time and get everything answered by someone who knows/operates in your local market. It'll be the best couple hundred $$ you'll ever spend.

My suggestions for ya if you're going to do Sub2 deals:
1. Understand seller's motivations

2. Understand the costs associated with selling, and how your offer will benefit them

3. Understand the risks associated and the legal ramifications if you screw it up

4. Have multiple exit strategies; be able to refinance, pay cash or have enough equity to sell FAST.

5. Be well capitalized. Just because you CAN, doesn't mean you should. Do you have the credit/cash to do the above if the loan gets called? Do you have enough cash reserves to cover several months of mortgage payments on an empty house? 

Good luck!

@Account Closed "What should I do next" Is probably a question you should've asked and had answered BEFORE you tied someone's property up with a contract.