All Forum Posts by: Stephen McKee

You can double close but I wouldn't tell the seller about it. I used to use a double close on my options but it is damn near impossible in California now. I have not been able to find an escrow company that will do it for almost 2 years.

If you are looking for a way out of a contract just put an interest rate restriction in the contract. It's apart of most standard real estate forms and it guarantees you get your deposit back all the way up to the last day.

WOW, that offer would end up in the circular file. A very experiences agent I know (1000+ shorts in 30+ years) writes a preliminary offer for every listing. She checks the comps and submits an offer from Joe Buyer at a realistic value to get the process rolling. The bank then approves the sale, orders the appraisal, and counters the offer. She then lists it in the MLS for the banks APPROVED counter offer price. After she finds a new willing and able buyer she resubmits the new offer (same terms) and informs the bank that the old buyer has moved on. It now only take 2 weeks to get an approval and the buyer closes with very few bumps in the road.

So...in the event that you actually get a short sale approved at an investor price, you better have a buyer and he better be paying you outside of escrow. A double escrow on a short sale is a great way to waste a lot of your time.

As long as you are not in a declining market try. it your self. If you find your unable to find a buyer after a few weeks start interviewing agents. Be sure you listing agreement excludes any potential buyers you meet when selling FSBO.

Know what you are buying. As stupid as this sounds you can use Zillow to do your comp research. Do not use the charts. Just look at sqft, bed, bath, and sales price. If you can not use this site to determine a price you probably shouldn't be buying yet.

Also, Zillow has an IPhone app that locates you and shows you recent sales. You can then drive the block and look at all the comps personally.

And yes, CA.

Within the next week 2 weeks I need to set up a LLC for my flips. My flip business is going to exceed my other income for the first time and I need a tax shelter.

I would also like to set up a LLC for the sake of quazi wholesaling. It is very difficult in this market to get clients to the property and write an offer within the 72 hours or less. I could lock up a lot more deals in my LLC and transfer them internally to the client without blowing the deal with the asset manager. They really dont like when you substitute names.

or something like that.

Hey Will,

I need to set up an llc or lp because I am taking on cash partners. Can you suggest an attorney?

Why don't you just use properties from the MLS?

I know the area. I sold a 3 bedroom over there 2 years ago. As far as short sale prices. They are ALWAYS made up if the bank has not given full approval.

I think this one get my vote.

Hey Josh can you still remember the taste of In-N-Out?