All Forum Posts by: Account Closed

these are all great questions that should definitely be followed up with a professional or two... have you taken the time to sit with a tax attorney and/or tax accountant/cpa?

we wasted a lof of our time asking everyone but the ones in the know when we started out long ago... hopefully, you can get some substantial/authoritative answers on your questions and setup. it's definitely worth the money and time to do so!

good luck!

masterminds from 50k feet always sounds like an interesting idea, until you get to the nitty gritty details...

what did you have in mind of how this could work?

I think this book is a good approach and partial answer to your query:

http://www.amazon.com/The-ONE-Thing-Surprisingly-Extraordinary/dp/1885167776

(no affiliate link...direct link to the book on amazon)

Quite frankly, if your offer is primarily based on embarrassment and less on numbers, you can get yourself into a lot of trouble. Making an offer (and getting it accepted that) you're not embarrassed about won't get you out of trouble when you find the numbers don't work during your flip or buy and hold (only to find out you're subsidizing your renter's living space instead of making profit)!

know your numbers first... market rate in a seller's market can put you at a lot of unnecessary risk if that's your basis for an investment. better to put your money on black at a roulette table in vegas! ;)

... just my 25cents worth...

Hi Thomas Elam,

I'm curious about what you want to get into. Do you know all your costs, ARV, and how much the subject property will comp out to?

i suspect that your lending your money will be the easy part. the seasoned private money lenders ALWAYS know all the numbers (costs, time, and profit) before they lend money. do you already have terms in mind and how you plan on working this deal?

re: county records...

have you tried calling the county clerk and asking them the cost for downloading (if that's an option) or at least getting mailed a list of records? I know the counties I've looked into provide that to the public for sale. You can also look into going into the county clerk office and manually looking up/printing a list of properties for your reference for a fee as well, if you needed to.

lastly (in the realm of free-to-low-cost ways of getting county records), you might try going to reia's and/or connecting w/agents or title reps to see if they can help you out as well. i know ticor title (google them) can give you online/mobile access to look up properties, but you'd have to talk to a rep and/or establish a relationship with an agent who might be able to get you that access.

anyway, congrats and keep at it!

congrats Jimmy!

had a few learning (for me/bp readers) questions for you if you don't mind my asking:

1.
When you purchased the property, what did you expect to sell it for (min, med, max prices)?

2.
What were your estimated costs before purchase?

3.
How much were you off for est vs. actuals?

4.
When did you purchase the property?

I'm sure the current market really helped make more solid your original resell estimates! Again, congrats to a great success!

the easiest way is to get a real estate agent to do a comp for you. "fair market value" changes depending on when you buy (where you are in the cycle of a market) along with a bunch of other factors. FMV will now be best estimated by the comps your real estate agent will pull.

take some time to search the forum and get familiar w/the options and ways to determine FMV.

that's too bad... and I bet even if u reported that to the association, they might b able to get around that. is there any legal consequence that u can bring on to the broker in this situation? or is this a sticky issue that can have backlash? these types of situations just should not happen nor the brokers who condone such behavior get away with this...

on mobile device, so will keep short for now. some observations to discuss/consider:

1. Mao includes holding costs
2. how did u determine rehab cost?
3. if u have a decent ballpark est from a contractor for the est, u shud b able to also determine rehab period
4. if I understand ur ps correctly, most likely the wholesaler has the prop under contract n their purch price would not be on record until the final purchase by the ultimate sucker, I mean buyer :)
5. is the subj property off list?
6. u cud find money from private capital (here or rei club) as well as hml (here, auction, rei club etc) if ur deal is truly a deal.
7. holdg cost includes tax, ins, cost of money, utils, hmmm (BP will fill in anythg I'm missg here I'm sure)
8, how bad is the mold? how does ur area deal w mold remediation? u sure u est enuf for mold?
9. is ur market a buyer or seller mkt?
10. good luck to u!