All Forum Posts by: Miles Stanley

@Ronald Rohde,

That's good news, but do you have any input on the other points?  namely, do i need to have these forms, etc drafted up by my attorney or does title company handle all this?  Especially on the note itself and the DoT.  

This is one of the major issues i always see is the actual How-To about getting these creative aspects actually implemented.

Sounds like on the contract i just write it up as a cash offer (easy), but as far as getting all the paperwork done in the background...?

Thanks!

I hope this is the correct forum.

I am trying to get the paperwork in order so that when i find a deal that i elect not to use (or cant use) conventional financing and an agent on, i can use the cash from an associate of mine to fully fund the purchase of a SFR. They would loan me the cash and i would pay them back. i spoke with my attorney briefly about this and he said we are talking about a RE Lien Note secured with a deed of trust. i would front all rehab costs (or maybe work up a separate note for that depending on my situation at the time). Later i plan to rent, refi out and pay off the note, rinse repeat.

I have an agent and work with him on MLS things, but my plan is to ramp up my lead pipeline and potentially make several offers a month, which i don't think is a reasonable request for my agent since most of them likely would not be accepted.

Questions:

1. hopefully not a dumb question, but would this arrangement still be considered as "paying in cash" in the eyes of the seller/title company?  This would definitely lead to a faster closing also.
2. how do you actually get this set up?  do i have my attorney draft up some standard forms that i fill out on each deal or is this something the title company does?
3. related to #2, aside from the signed contract and EMD, what do i need to take to title company to get the process going?

Thanks,

MS

Thanks @Daniel Dietz

That would give me comfort, don't want to make thanksgiving anymore awkward lol

i will give my attorney a shout, i just wanted to be absolutely sure that if we work with a family member, it is all above-board

Hello,

I have a deal lined up and a family member has agreed lend me the full purchase price, interest only, for about 2 years while i make repairs and position the property for resale.

I don't object to using their cash, but my question is how does this need to get handled legally and/or on paper?  I'm on the verge of writing my offer (or my agent will rather), and the deal is cash only.  

How does the private money get factored in at closing?

Is this just a verbal or napkin agreement i make with the family member and it just gets done (surely not), or is this something that gets lawyer-ed to death and recorded in the public records?  

Do they just cut me a check for the purchase price?  

How does the tax man look at this transaction?

I love the appeal of OPM, but i tend to get hung up on the paperwork aspect of things.

Thanks,

@Christina Larios

I might add that the zoning of the property will play a huge role in what you can and cant do.  You might be best served contacting the City of San Antonio Development Services Department (www.sanantonio.gov/dsd) and they will be able to answer these types of questions.  The zoning would need to be amenable to this and I'm almost certain some type of permit would be needed (if its even allowed at all as @Natalie Kolodij said).

Thanks

@Guy Gimenez

I am a buy and hold investor that isn't brand brand new, but I am trying hard to get my first deal closed.  I have made multiple offers, had a few accepted, but they fell apart.

to now, i have been using my agent to make all of my offers for me, and of course he uses the standard TREC forms and is entitled to his commission as a result.  No issue there.

I am doing direct mail marketing and when i start making offers to sellers, it doesn't seem efficient or right to use my agent to write every single offer since most of them will likely not close and he will be working for free.

Not requesting legal advice here, but can you advise me on how i can obtain a contract that i can just fill out and send to the sellers to make my own offers without needing an agent?  OR, as you said above, would it be better to just modify a TREC form since they are tried and true.  What revisions have you made?  Maybe we can PM if this is too personal a question or if it will reveal your trade secrets : ).  I want to avoid having my attorney write one from scratch that is tailored for my use, but if that is the way to go then i will.  i would rather take a draft document to him and go from there to polish it up.

i have gotten some feedback on this type of question from others, but i have not heard from a realtor/investor on the matter yet.

Thanks!

Hi @Abe Macias,

I'm a civil engineer here in San Antonio and we do rezonings on occasion.  When i did the rezoning, i noticed a lot of attorneys seemed to be doing other cases as well.  It can be a fairly involved process.  You have to basically convince the city planning commission that your development is in conformance with the plans of the area.  In some cases they even expect you to canvass the neighborhood (go door to door) to garner support for your case.  There are also multiple opportunities for the neighbors surrounding the property (within 200') to come speak for or against the proposed rezoning.  The commission weighs all public input as well as the case you or your engineer/attorney put forth and they render their decision.  It then goes to city council and gets approved or denied.  If approved, all done!  If not, i think there's an appeals process.

Are there other duplexes in the area? One thing to consider is, if the neighborhood is all SFR, then the neighbors may strongly object to a duplex going up. It really depends. The more facts and data you can use to substantiate your proposed case, the better.

This is the process for the city of San Antonio.  Other city's processes may vary.

Thanks and i hope this helps!

Thanks  @Account Closed!

i appreciate the input!, i will follow up with your referrals as well.

I have family in Houston so who knows, maybe one day?  seems daunting given the size of the city...I wouldn't be sure where to begin in that market!

Thanks,

Miles

@Jonatan Barbera @Kim Meredith Hampton

Thanks guys!  I have seen Larsen all over BP so i guess i will be calling Brad up!

Hi all,

I'm approaching the stage in my first BRRRR where i need to start looking for a solid property manager. Can any super-generous investors recommend a manager or three they have good experience with?

Please!!! I would like to hear from investors only at this time, not property managers pitching their company.

Thanks all!