All Forum Posts by: Mike Stahlman

Ok I will review the contract better and check that.  The seller says the contract covers that so I will specifically find and underline that so I know what I am looking for from now on.  I am so glad we got in to this and I am looking for a great success but I know it takes a lot of hard work, training, DD, and planning.  There is much to learn.  No Do = No Learn.  Do =  Learn Much.   I have heard you either make money or learn from every experience.

Thank you. I appreciate your input. I will contact our lawyer to represent us. That is good advice. Although probably too late since we signed the contract and paid the EMD. Even still that could still be wort while.

Thanks @James C 

@James C. Right but we are under contract, so If we get to closing and they say the title search uncovered an issue, it is not clear... is it too late to back out of the deal?  

Thank you Christopher. This is a piece of mind thing. We want to protect our selves and keep the risk at a minimum. Should we offer to pay for title search and title insurance? So it sounds like, if an a to b seller closes, the title should be clear. When we do the b to c close, there should be no issue with the title. If anything comes up later and we have purchased title insurance we should have no issues.

Hello,  We are purchasing a house through a Wholesaler for the first time. They are using a standard Missouri contract and are doing a double close.  They say the title company will not close if the house does not have a clear title.  Since they are doing a double close, if there is a lean or loan against the house or property, will they have to settle that with the first seller prior to them closing?  Could that pass to us as the end buyer?

Thanks for any information.  I wanted to add a contingency on clear title but they say it is built in to the contract.  Just being cautious.  

I did go and did a through inspection of the home.  I did not see anything I was afraid of and the house is in good shape for the most part.  It needs little repairs and I will call the city and verify the city inspections are complete or find out what we need to do to complete them.  Thanks again.

Thank you, I have asked for them to add a contingency of a clear title to the contract.  They said since this is a house in Missouri, and I am in Missouri, the title company makes sure the title is clear and provides title insurance.  But not all states are like that.  The title company is closed today so I will call tomorrow and verify.

We started our Real Estate business in October with a goal of purchasing 30 houses in 3 years.  With an income of at least 250-300 a month clear from each rental after expenses (including management and not doing any of the maintenance ourselves).  To get there I took the idea from one of Brandon Turner's YouTube videos.  If obtaining 30 houses in 5 years seems impossible, does it seem possible to get 5 in year one, then 10 in year 2 and 15 in year 3?  This seemed like an attainable goal.  Purchasing homes that are nearly rentable for under 30,000 for cash in our area is possible.  In three months we now have two.  After the first year then we plan on leveraging our properties to continue.  The other income source will be to purchase at least 2 houses a year to flip and also using income from those.

So that plan so far is on track.  We have purchased two homes for rental in the right price range.  The two are basically both now ready to rent.  Average Rental will be $7-$800 a month.  The houses should pay for them selves in 5 Years.  

The First house we purchased to Flip we got at a good price and on a 9 month interest only lone from a local bank @5.5% for the Purchase price and cost of repairs.  

Three months ago it was a dream, we had a plan, and listened intently to as many podcasts and online information we could find.  That and the rehabbing of our own home was all the experience we had.  There are great resources out there.  Thanks to first to Flipping Junkie for getting me fully interested, then to my wife for her desire to help and be all in with me.  To Bigger Pockets for an abundance of podcasts and Youtube videos to give us confidence and motivation.  Then to all the other hundreds of resources that are out there we have listened to and learned from.  

I am looking forward to being highly successful.  This will require our due diligence, our team of people we put together, (contractors, lawyer, accountant, bankers, etc.)  There will be pitfalls and learning experiences, successes, and failures.  But we were willing to find the first deals and take the chance to make the offers that got us the doors.  

Believe in your self.  Take everything with a grain of salt.  It's all good information, but not all things will fit your model so use what you can and give back as often as possible.

Hello, we are buying a house from a wholesaler double close. This is the first time for us to do this from a wholesaler. They want a fast close 16 days. We're cash buyers and I have evaluated the house. Everything looks good. This is our third deal. Others were through realtor. I want to know what I need to do to protect us. I think we should order a title search. Anything else? I'm ok with no inspections and they said the house passed the city inspections for occupancy. Thanks for any advice.

Thanks, for now I called a lender, they did pull my information and had the letter of approval back in just a few minutes.  Much easier than I thought.  Before I actually Finance the house (if we get the offer accepted, the inspection is ok, and it works with the numbers) I will shop some local banks for a short term interest only loan or check out some other options.  Like I said I am new to this financing from a Flip/Reno side so I am looking for the best way to fund short term without getting burned on financing.  So much to learn.  I think they ran a credit check but said it would be good for a few months if this house fell through.

Thanks for the input.