All Forum Posts by: Luther M.

Hey there, 

I am getting a property under contract, but the seller who is going through a divorce and has 2 high school daughters is stating that she wants to stay in the property till after the holidays.  Not sure what I should do or structure the deal around this. Our exit plan on this house is to wholesale. 

Thanks  for ur help BP family. 

Great Info here.

@Ellis San Jose @Michaela G. 

Do you guys happen to have a option contract for just land? I have never done one and my contracts are for SFR.

Thank you,

Luther M

I just want to make sure I have the right language in there. The ones I have are for houses and talk about lead paint :)

Thanks you Doreen and Katherine! 

@John Marion @Joel Owens @John Trucano 

Looks like we have a quorum here. Lets meet for drinks. I will buy the first round :)

Hey John,

Welcome to BiggerPockets!

I live in Woodstock. Right off of 92.

I am part of Atlanta REIA which doesn't meet in this area but most of their meetings are not too far.

Text me at 678-953-2594 if you would like more info.

Good Luck!

First off, I am kicking myself for not asking this question sooner on BiggerPockets :)

Thank you all  @Bob Krause  @Dmitriy Fomichenko 

@Loren Whitney Yes I am always available for learning :) 

Katherine, in reference to "the IRA Trust can buy a house and own it. but you can't borrow money against an asset owned by a retirement trust. so if you need financing to do the deal, then the ira trust can't be the sole owner."

Does this mean I or my LLC could partner with my IRA to get financing?

further more can I then purchase my IRAs position in the property at a later time with personal funds?

Hey @Paul S. Welcome to the site!

Are you guys operating primarily in the Charlotte market?

No, you keep rocking it @Brandon Turner !! We love you brother.

@Tanner Trokey 

The following is what I did and hope this helps:

• Network, Network and yes Network! I joined my local REIA and you should too.
• I bought a list and put a mailing out first and settled on a mentor once the phone calls started coming in. So I took action prior to asking for help.
• My criteria was that I did not want to work with any mentor that asked for money up front. So I found someone that was willing to split the profits from the deal.

Every mentor is different. First decide what you are looking for and what you think is a fair arrangement and then go find someone that fits that criteria and your personality.