All Forum Posts by: Michael Evans
Michael Evans has started 17 posts and replied 186 times.
Post: [Calc Review] Help me analyze this deal
- General Contractor
- Palm Desert, CA
- Posts 188
- Votes 79
Why is there a minus sign in front of the purchase price in the calculator?
*This link comes directly from our calculators, based on information input by the member who posted.
Post: I am trying to help a friend figure out some home buyout options.
- General Contractor
- Palm Desert, CA
- Posts 188
- Votes 79
I would not touch that existing 2.5 loan. It's like gold!
Post: Seller Finance - Wrap
- General Contractor
- Palm Desert, CA
- Posts 188
- Votes 79
Did you offer a balloon? I would never even bring up a balloon. It's like a ticking time bomb. If the bank calls the loan because the deed was transferred, you can deed it back to the seller and get a lease option contract or contract for deed. Make sure you have an experienced RE attorney and a transaction coordinator do the paperwork
Post: Single family seller financing offer
- General Contractor
- Palm Desert, CA
- Posts 188
- Votes 79
If you're going to ask them to sell to you on owner financing, you need to do the research to determine the remaining balance, the interest rate and how much the house needs in repairs. It's ok to pay a higher price if the existing rate is low enough. Also check what other properties are renting for on Airbnb. Make sure that the seller understands in writing that you are not assuming the existing mortgage, that it will still be in their name and deed will transfer to you at closing. Good luck
Post: What I wish Pace Morby would have told me
- General Contractor
- Palm Desert, CA
- Posts 188
- Votes 79
Quote from @Account Closed:
Quote from @Michael Evans:
The agent commissions and the closing costs that are negotiated, come from the SELLERS proceeds and become part of the purchase price. As a SubTo student who has been through quite a bit of the training, I have never heard anyone suggest to pay over listing price.
Pace Morby says 30 minutes in at www.youtube.com/watch?v=vDoRITXplC8
And he says that often in his videos.
Very foolish gamble.
Post: What I wish Pace Morby would have told me
- General Contractor
- Palm Desert, CA
- Posts 188
- Votes 79
Subject to is NOT an assumption. You don't even need to talk to the bank. This deal could have been closed in 30 days or less by a well trained creative financing transaction coordinator.
Post: What I wish Pace Morby would have told me
- General Contractor
- Palm Desert, CA
- Posts 188
- Votes 79
The agent commissions and the closing costs that are negotiated, come from the SELLERS proceeds and become part of the purchase price. As a SubTo student who has been through quite a bit of the training, I have never heard anyone suggest to pay over listing price.
Post: What I wish Pace Morby would have told me
- General Contractor
- Palm Desert, CA
- Posts 188
- Votes 79
Quote from @Zachary McDonough:
Quote from @Scott Gaspar:
A non military person can fully assume a VA loan, it can create an issue though for the seller getting another VA loan depending on loan amount
Exactly, that's what my seller is up against. As a civilian, I can't full take it off her hands. So she won't be able to use her VA
It depends on how much the VA borrower is try to use. The current limit amount is $726k depending on the location.
Post: List price above budget...what options do we have?
- General Contractor
- Palm Desert, CA
- Posts 188
- Votes 79
You say you've "had your eye on it" so why haven't you made an offer? Sounds like analysis paralysis, like you've already done a lot of research. Don't waste your time if it's not going to work. Make an offer, get it under contract and then IF it's accepted, do the due diligence. Only then will you know if it's worth pursuing. My take...Good luck
Post: 1st investment issues! Need some insight.
- General Contractor
- Palm Desert, CA
- Posts 188
- Votes 79
Be persistent, don't give up! You have to keep calling the contractors until they respond. Try to find their reasons for ghosting you and be patient. It's a marathon, not a sprint. Have you thought about contacting a wholesaler to see if there is any interest? If it's a good deal, you might be able to get an assignment fee if nothing else.
Good luck