All Forum Posts by: Silvio Brigliadoro

An attorney will probably recommend to use an LLC, I like Title Holding Trusts to hold title, is an entity that does not cost anything (or very little) to set up and it works very well with JV's. I would also make sure I was the trustee and I had a JV agreement.

There are options.. I would try to find a licensed contractor that would be willing to give you a written bid of the MANY EXTENSIVE repairs needed, hopefully making that bid substantial (more than 6K) and submit it to the seller along with a repair request credit to cover the difference needed to close and the copy of the appraisal.

You could also find potential mistakes in that appraisal and submit an "appraisal rebuttal" the appraiser could potentially be willing to revise that appraisal.

You could try a 3rd. lender.

@Edward Powell, why is there an attorney involved? Some Attorneys have the tendency to complicate things, specially if this is a BK attorney. IMHO if the seller does not cooperate with you from the get go, this is not a deal worth pursuing. You could have the seller sign a "3rd. party authorization form" so that you may contact the lender(s) directly in behalf of the borrower and get the story straight. If this is a good short sale candidate and you have negotiated a short pay off, some lenders require many signatures from the borrower(s) at different times, you will also need them to sign the grant deed, if he left the country are you going to be able to get to the finish line ?

My take on this is that if I buy rentals in blue collar neighborhoods I am more likely to face these issues on a regular basis, and if I was going to do a lot of business in that area I would consider hiring a part time bi-lingual employee and train him/her to perform property management duties, which we all know are not just limited to screening and signing leases; I want to maintain good communication with my tenants to make sure the property is well maintained. In California the landlord must give the tenant a written translation of the proposed lease or rental agreement in the language used in the negotiation before the tenant signs it to be binding, I am not sure if this a requirement in other states.

@James Noll, specifically in OC or are you looking in other areas?

I would try to find sales with that same room count as your subject, even if you have to go a bit beyond 90 days, and compare what those sold for versus 3/2's; then use the data to calculate the adjustment for that extra bathroom and any increases. I would also look at the actives and pendings, and may be call on a couple of pendings to try to find out info..

I'm under the believe that in order to be successful in what you do you have to TRULY believe in yourself and your ability to provide a BENEFIT to someone else. You have to clearly understand and explain the true benefit you can provide to that seller.

Realtors can provide great service and may be a great asset to your business model, but I would not have these types of conversations with Realtors about wholesaling, 40% under market, etc. IMHO that would be the wrong topic.

Wholesaling is not as simple as many think, it requires a set of many skills. Good luck.

I would look at the floor plan, make sure it has a good flow, also I will look for possible location problems and other inadequacies which may affect value... I would look at what properties with similar issues (near shopping & next to condos) sold for versus others without these issues to see if that has an impact in your market.

It would all depend on the agent and/or who is negotiating the lien(s). Knowing more about the process may give you an advance and develop a method to peruse them.

You could, but you are way better off exploring all other money sources first. Transactional funding is typically more expensive than hard money and typically reserved for specific type transactions.