All Forum Posts by: Nixon Vayupak

I need some assistance here and would like to know how should I make this work.  A group of private foreign investors approached me and would like to invest on any current and future house flips that I am working on.  They indicated that they are very happy with a set percent return off of their investments in a year.  They are open to being in first position on a lien or not be on any liens, deeds or real estate transactions besides having my company pay them out.

What type of strategy should I approach this if I do accept their money.  1. What steps are needed when accepting their funds? 2. What is the best way for structuring a payout?  3.  What are the tax implications here for a foreigner and how should that be approached?

Upscale La Quinta Community Property

3 Bed and 2.5 bath - 1980 sq ft - built 1994 - 5227 lot size... 

ARV 360K and estimated repairs 30K....

I have an interesting Probate situation and I need some creative thinkers to help me find a solution. There was a mother who lived in southern CA  and passed away last year.  She has a son who lives in the east coast and an ex husband who lives in northern CA. Ex-husband and mother (decedent) are both on title. The son informed me, that after his mother passing, he was given her share of the property and been given the wonderful task of being the Executor of her estate to handle her affairs.  The son would like to sell his share of the property to me at a discounted price to avoid future headaches dealing with the ex-husband. From what I was told the ex-husband did suggest that he is willing to buy the son out, however he changed his mind and communication completely halted.  What should I do in order to make this a win win situation for all?  @Rick H. I am pretty sure you came of across this type of situation numerous times in this niche arena.  Would you happen to have any interesting tips I may use? =).  Thank you all in advance.. Nixon

I would sign up for TLO.  You will be able to obtain all the information you need about the person, however it can be costly.

@Christopher Brainard, @Jennifer Lee, @Jim Genis, @Jay Hinrichs, @Mike D'Arrigo, @Jeff Robert, @Shane H. and @David Greene. Thank you so much for your inputs and advise. I was able to contact a few local real estate agents around that area of town and property management. As a few of you already has expected, home sales in the area are down and movement has been very slow. The true expected ARV on the property is 39K assuming that the kitchen cabinets are up to date. So my original ARV findings are blown out of the water. Now on an interesting side, agents and property manager all indicated that the house location is in a good area especially on that block, where people are seeking to rent $400 to $600 a month. The only thing I would need to find out is how much repair would be required to update in order to have a descent rental.

At this moment, I would really need evaluate the numbers to see if everything would make sense.  Even though I currently do not have anyone on the ground in that area as of yet.  I have do admit, I am entering and doing something out of my comfort zone since this a property is not in my backyard.  Once again, thanks for your input.

Call me crazy and dumb just for pulling this trigger. My territory is usually here in Southern California and I do pretty decent here wholesaling. Anyway, I just recently made an offer on a property out in Iola, Kansas with out seeing the property but just gathering simple brief description based from the seller. This is my first out of state property deal ever. The only thing I know is that the seller is motivated and I was able to pick up the property for 11K down from the original asking price of 20K. My guess is that the ARV is around 55K to 75K and cost of repairs is about 20K. Since I do not have MLS access for that state, I had to just used trulia, zillow and remax online system to guess the ARV. I know guessing is the not correct approach in this business and hopefully someone can provide me a better insight on what other proper steps I should take in order to secure myself and avoid getting hit with a loss when working on out of state deals. By the way, I would really like to flip this property, if not, I will just try to rent it out to students since there is community college near by, which is about 1 mile away.

Anyway, if anyone can please provide your feed backs and insights if possible.  Negative comments or positive are much welcomed.  Thank so much in advance.

**NOTE** I do have my "Subject to Partners Approval" clause in place.

Nixon

Welcome to BP..... Feel free to ask questions and please don't be shy... =)

@Chris Simmons I have to agree with you on every point you have indicated.  This one will be ugly straight til the end. Since this is a relative who everyone in the family gave up on,  seems like hiring an attorney will be the only option for this situation.

@Jonna Weber this will be challenging. =)

How does one evict a family member who has been living in the back house for more than 15 years and has not been paying any rent but only pays partial utilities when they are in the mood.  We tried offering cash for keys, but that did not work.

Trying to purchase the property from a relative. but every one is concerned about the dead beat who will not budge and not move at all.  This property is located in Southern California so I am not sure what would be the ideal approach to make things go smoothly with the law here.  Any guidance will be helpful.