All Forum Posts by: Sandra Bivin

Can you send over the repair budget and let me take a look??

Please and thank you 

Sandra

Did you close already?

In my training, they teach you to ask that your "partner" see the property... Your buyer knows you are wholesaling, so explain to him that all negotiations need to go through you, and not the seller.  You're not lying, because you are partnering with him to buy the property.

Your accepted contract should keep you from losing the deal.  

I would bet that if you got a bite that quickly, that you could find another buyer pretty quickly.  

I am new to the game, so I would verify with an expert, but I think this will work.

HI Bill,

The reason I didn't opt to do a double close was just to keep prices low.  I am working with a company now that might void the whole process and just cut me a check - but I am interested in what this RE attorney has to say about it -when I called my attorney - she lectured me about how DORA will figure me out, and that I can be penalized for earning commissions on property without a license.  I couldn't get her to understand that I am not selling property, I am selling a business that has control of a contract. I have also heard that this is a very creative way to avoid nonassignable contracts.  It was pretty cost effective as well.  I already have this particular property under contract, so the seller (who is his own agent) accepted that.  And to be honest, I am not sure that he wouldn't accept an assign-ability clause, but my agents supervisor told me he probably wouldn't.  What do you recommend in that situation? Would you have tried?  I was told that if I tried and he didn't accept, he wouldn't accept anything from me...

Thank you for your response - I am soaking all this up - I am so grateful for this site!!!

Sandra

Linda,

That sounds exactly like what they explained - I didn't think about the "other assets/liabilities" issue,  I will ask.  My question was more along the lines of what (other than the Colorado registration) needs to be done before I can sell it.. I read that I do not need an EIN, but is there anything else I need? 

Colorado requires you to add it as a clause, and the seller would not accept the clause. The contract is already accepted under the LLC name, so I guess I need to know what my options are for offloading the property. Ideally this would be at no more cost to me...

I am in desperate need of advise! I have a call in to my attorney, but I don't know how long that will take. I wanted to put in an assignable contract on a house, but was told that the seller wouldnt accept assign-ability clause, - so I was given the advise to buy an LLC, then put a contract on the house under the LLC, then instead of assigning a contract, selling the LLC.

I have a buyer looking today and need to know what all I need to do with the LLC before selling it - I filed for it with the State and have the articles of Organization, but nothing else.  I need to know what else needs to happen before I can sell...

Please and thank you!

Sandra

I have so many questions I dont know where to start... one thing I cant figure out is why these "good deals" arent good deals... all the numbers work on this, and its still not a good deal?  I just dont get it... what am ai missing>  Can you share your spreadsheet so I can use it to move forward?

Thank you so much!

Sandra

the price was just reduced...I  thought  maybe the lower price was helpful...

This property is listed at $270K, plans are already drawn up to cost between $130-170K rehab (it has extensive fire damage and will be expanded from a 548sqft 2/1 house to an 1800sqft 3/3 trilevel. Comps show it could go for somewhere between $575k and $625k ARV. I want to offer $250 (up to $260K) I want to sell for $275 (no less than $270k)

600000 * .75 = 450,000 - 170000 = 280,000 - 10000 = 270,000   as minimum allowable offer... 

the training program taught us to use .8 for buyers margin - but in this case, i assumed it would take a bit longer to complete reno - so I changed to .75 - giving them a little more room to breathe... I also used the midrange ARV amount. I believe that the only reason this house has sat on the market for 5 months is because of the holding costs... but I can't figure out how to move forward..

The RE agent I am working with told me that they don't broker owner will accept an offer from an LLC and/or its assignees, so they said I should either do a double close or buy with my llc and sell my llc...

I AM DESPERATELY SEEKING ADVISE FROM EVERYONE WHO READS THIS - PLEASE HELP ME!