All Forum Posts by: Robert Reynolds

Hi all, I just started listening to BP Podcast about 2 months ago. I first read David Greene's "BRRR" and then I read "Never Split The Difference" by Chris Voss since starting the podcasts. I am currently reading Long Distance Real Estate Investing. Looking to get started by House Hacking. I am also looking for someone who can benefit from my extra time I have daily to do some analyzing or whatever work they may need.

Look forward to networking with everyone on here!

I am a critical care nurse practitioner who understands the potential behind real estate. I've learned a lot from the first house I bought low and remodeled over 5 years and made a good profit from. From there I bought and gutted my current home and have done well with the equity over the last 4 years. I am ready to take the knowledge I gained and pull the trigger on my first fix and flip. I am looking to learn and absorb as much as I can from other investors and help them as much as I can as well. The last piece of the puzzle to make well informed offers is to understand the cost of construction and rehabs in different markets. I am currently looking for my first deal in Bakersfield/Kern County, San Bernardino County/Inland Empire CA but open to all areas!

Backstory: I moved into a house about 4 years ago that was not lived in and in pretty bad shape (but in a good neighborhood in the hollywood hills). I made a verbal agreement with the owner (a family friend) to fix it up, then buy it at a set price when I was ready. He passed away 1.5 years ago, the house went into a trust, his niece was the trustee. She's like a second mother to me, and she's honoring the terms I had with her uncle. She recently (8 months ago) took the house out of the trust and its fully in her name.

Now it's time for me to buy, and she's agreed to do a seller financed sale. I've spoken to realtors who want a percentage of the sale to do the deal, and I've spoken to real estate lawyers who will setup the contracts/paperwork. I don't think I need a realtor for this? One realtor told me I need to go through escrow and the title goes under my name now, another said we can just file the paperwork and then in 5 years, when the final balloon payment is due and the deal is done, is when the title goes to me.

A lawyer friend said he'd set it all up for me, but when I told him about the house being in a trust, he said it may be smart to go through a realtor just to be sure it's all done properly, the chain of title is clear, etc.

Any help here? Do I need to pay 20K in fee's, paperwork, realtors, escrow, etc, when the terms have already been settled between myself and the buyer? What's the standard when buying on contract, as far as the title goes? What exactly do I need to make this sale legit but not give 40K to a realtor?

I am learning a lot of info and one of the things I stumbled across is the 1% or 10% rule for holding real estate is this still applicable in California? If not what are the metrics you care the most about for investment properties or multi family?

@Robert Reynolds Thank you for your reply. Do you have any lenders to recommend?