All Forum Posts by: Matt Rathburn

I agree, why are these things so difficult to find? I am starting to do wholesale and also I'm looking to take over people's mortgage payments and then owner finance the homes. I have searched pages and pages of google result and I can't find a PSA that I can type entries into. Am I blind? lol. 

Hi Joshua, 

I signed up for John's program this spring. So far it's been great. The material in the course is invaluable and will save you lots of time. If that's not enough, the access to John is the best part. He is always available to talk and his perspective on things has saved me tons of time. I probably wouldn't be investing in mobile homes if it wasn't for him, because I've hit some roadblocks and without his help, I probably would have become discouraged and quit. I totally recommend his program. Feel free to send me a message directly if you have any questions.

Great thread, I'm in the same position now but I"m in Florida. I am having so much trouble locating an editable purchase and sales agreement. 

@Stephen R.

The PSA you linked to seemed so basic, with no mention of surveys, closing costs, etc. Would you complete a more detailed contract at a later date, after securing the property with this form? 

Hi Riccardo, Right now I'm working with a title company and they are helping me. This is my first investment property so I am searching for a real estate attorney. I'm in the panhandle outside Pensacola if you have any recommendations. 

I contacted the title company I plan to use and they will provide the forms and works with the sellers to get all the signatures together. So I won't have to pay the attorney. Thanks for all your advice, this forum is great. It's my first time going through the process of buying a multi family and I really want to do this correctly. Thanks so much everyone! 

I have a unique situation wherein the property I want to purchase is owned by 5 siblings and they have all agreed they want the oldest sibling to sign everything on their behalf, so they want to complete a power of attorney form to give him the right to sign. I am having trouble locating a form for this, although I have found plenty for one person. I contacted an attorney and he will create the power of attorney forms for a $1,000 retainer as well as $250 per hour for the legal work involved. I thought that sounded pricey, but I've never done this before so I wanted to run it by you all. Does it sound like a fair price? Is this form something I could find somewhere and basically create it on my own, or would it be better to have an attorney complete this? This is my first multi family purchase and I want to do it right, but I also don't want to pay loads of money for things I can do myself. What do you all think? 

Thank you both for your responses, they  helped a lot. It's the silly little questions like this that drive me nuts! Wayne, I liked the gasoline analogy, that was helpful. What were you referring to when  you mentioned the 3-6% closing cost and prepaids?  Also, I noticed you're in Florida (I am outside Pensacola). I have a unique situation wherein the property is owned by 5 siblings and they all agreed they want the oldest sibling to sign everything on their behalf, so they want to complete a power of attorney form to give him the right to sign. I am having trouble locating a form for this, although I have found plenty for one person. I contacted an attorney and he will do it for a $1,000 retainer as well as $250 per hour for the legal work involved. Do you think that sounds like a fair price? Thanks 

Good morning! I've located the first multi family property I would like to purchase. The property has 6 mobile homes and one 2-family home.  I can purchase the home at a 20% discount of the value, and I have $20,000 to put down as a down payment. My question is this, how do I pay for all the due diligence ie the attorneys fees, survey, sewage tank inspections, etc. I could just put it all on a credit card and try to pay it off over the next few months with my personal savings, but I could also try to either borrow or add it on to the purchase price. What do you all think? 

Great post, thanks for sharing! It helps to hear that your started with nothing, it gives me hope!  Keep up the great work. 

Thanks for the reply. Yes the property (home and park) is zoned correctly. The zoning allows for single family, two family and mobile homes. The home is currently listed for usage with the county as a single family, so I would have to change the usage to two family. The county stated in order to make the home a two family I would have to install a firewall between the two halves. I want to call again and make sure it's not more complicated than that, I'm wondering about fire escapes, etc. I guess I'm not sure where to start. I want to know before my 90 days due diligence is up, but I'm unsure how this all works. Will I ask the county to inspect it before the sale or would I read the rules and regs on my own before purchase, then work it out with the inspectors afterwards? So confusing!