All Forum Posts by: Chris G.

Chris G. has started 11 posts and replied 121 times.

Welcome Tim!

What type of investor is your girlfriend?

I love Oceanside! I have a bunch of friends that ride stand up jet skis in the surf out there. They ride out of the harbor and hit the surf in front of the base.

Some of the best stand up jet skiers in the world ride there.

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As many have already stated, great job on the rehab!

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Just spent 20 mins reading through the entire post. Good stuff here. Congrats Danny! Let us know the final outcome.

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What about finder and transactional lender that will loan for longer. I have seen some that do it up to 10 days. It will cost you more, but that may be one solution for you.

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Originally posted by J Scott:

Originally posted by Kevin Craig:

Put a renter in it. Put back on the market immediatley and sell for 190. make 20-40 k profit. What do you guys think.. Will work, any unforseen problems.

What makes you think you can sell a property with a renter in it for $190K, when the market value is $200K?

First, it's very difficult for most properties in that price-range to cash flow, so you'll have a hard time finding investor buyers, and second, most serious investors know how to find their own deals at less than 95% of market value.

My thoughts exactly...

Also, unless you have some relationships, you will probably find it hard to get a straight $200k line of credit.

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Originally posted by Financexaminer:

Sounds like you might have something. I cleaned out builder's inventory with seller financing. It really opens the market.

If you are buying a property that has been sitting for a few years, better get a very good inspection despite what the contractor might say. Pipes freeze even with the water shut off. Problems that are usually found by a homeowner in new construction have been sitting dormant and are unforseen. I guess in my area we have lousy plumbers because a primary concern was always poor plumbing connections and clogged drains from construction materials.

Usually state law requires the contractor to be responsible for such items for a certain period, in my state, one year. It's for new construction and the clock begins from the date of the first sale or occupancy. So, do not sign a waiver of gurantees because a home is three years old and never occupied!

Identify how you can market the property differently than the contractor and you might have a deal there. Good luck

Some good info here also...

Think creatively. Try to contact the builder, and like with any other seller, listen to what they need. Try to fix their situation, not buy a house.

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Who owns these houses? If it is still the builder, you could approach them and ask them if they are looking to do a lease with the option to purchase down the road, say 4-7 years from now. You could then sub-lease it to a tenant buyer.

The advantage to the builder is that they are showing income coming in to cancel out some of their debt.

This is usually done with the model homes, but it might work in this situation also.

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What contract do you use for your end buyer? A purchase agreement, and a contract stating that you will sell the PA to them for a specified amount???

You first sign a PSA (Purchase and Sales Agreement) between yourself and the seller. Then, yes, you use a form titled "Assignment of Contract" that you and the new buyer will both sign which assigns you contracted rights to purchase the property to the new end buyer. The new end buyer is legally obligated to fulfill all obligations in that original PSA.

This is essentially the same exact thing as your first question. If you are not going to the closing table, the transaction is going straight from A to C. You use the same exact process as explained above.

Also you mention an Option Agreement in your first paragraph. Yes you need one of those also, to be sign by the seller and yourself. You can record this at the court house. I only do if I feel like the new end buyer is trying to go behind my back and purchase the property straight from the seller.

If you do record the option, you have also have do an assignment of that option to the new end buyer, or you have nullify the option and let the new end buyer record a new option if they see fit.

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Hello Leo and welcome! Be sure to upload a profile picture so that it makes it easier for others to recognize you when you post here in the forums.

I encourage you to attend some REIA meetings. There are plenty of them that meet in the Los Angeles area every month. You will meet many great people there.

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Originally posted by Steve Babiak:

One yellow letter I received used blank yellow unlined paper; the lines were printed along with the message. That is the sort of paper you can then find at Staples and other office supply stores, should you decide to try that.

Was it blatantly obvious the lines were printed?

Also, did the printed lines bleed all the way to the edges? Most home printers won't print to the edge.

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All Forum Posts by: Chris G.

Chris G. has started 11 posts and replied 121 times.

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