All Forum Posts by: Bill P.

@Mark Cohen

Assuming that you got a great deal with the short sale, I'd wouldn't let it kill the deal. However, with that said, I would try to get something for the fridge as a reduction or something else as a bargaining chip. But in the final analysis, investors should expect small things to go wrong.

@Moises Rosario

Not enough info to help. Need things like value, loan terms, rental payment, etc.

@Dustin DuFault

@Crystal Smith is correct. But as someone that has plenty of investor deals, the easiest way is to make 1 investor a first mortgage holder and the other a 2nd mortgage holder. However, this comes with a little risk if things don't go well as the 1st mortgage investor gets paid before the 2nd mortgage investor. To compensate for this risk, after explaining the details to both investor, see if 1 will be a 1st mortgage lender at 9% and the 2nd mortgage holder at 11%. You still have a blended rate of 10% but you have explained the process to them and allowed them to choose. Just an idea.

We use LLCs now for most of our investment props but you need to know the additional costs for tax prep, filing fees and ongoing expenses for that option. With my background of being a public accountant, this part is a whole lot easier than it is for most people.

@Chris Thigpen

Glad you got things to work. You told us the specifics of what you were doing when it wasn't working; how about telling the steps you took to make it work?

@Alex Holt

Wholesaling is under attack I the State of Ohio by the Division of Real Estate. Remember to sell your contract, not the house. To do otherwise might be construed as practicing real estate without a license if you get the ire of the Division. Just make sure to word your contract correctly and don't hang out your sellers to dry. Use a reasonable period of time to find your cash buyer but using a long time for your benefit doesn't benefit the seller and they could start a complaint at the Division for your unprofessional contact. BTW, most wholesalers focus on the property and not the contract and that is their Achilles' heel if they every had to go to court. Of course, this is not legal advice; only something to think about and to discuss with an attorney.

@Andrew Jones

@Evan Kilbourne

 has hit the nail on the head. Good explanation.

@Account Closed

There is lots of ways to sell your property especially if you are willing to owner carry. But it is important for you to know what you want to accomplish. While we have bought properties in El Paso, we have bought nothing in your neck of the woods. But usually, I also buy homes with minimal down as there are a lot of owners that just do not want the headache of managing a house and renters. We typically have a balloon clause 5 - 8 years in the future and take care of the home completely as we re-lease but take care of all maintenance and repairs.  The only reason I mention this is to show that you should be able to find a reputable person that could do the same for you locally as sometimes you just have to think outside the box. Sometimes you just have to focus on your goal and not get hung up on the money for the deal to work. Of course, it also depends on the type of neighborhood your house is in and the condition of it as you show it. Both are intangibles that I do not know. 

@Assaf Furman

Anybody they can get to do it. Investors reach out to eviction services, real estate agents, process servers to name a few. But anyone will do as long as they understand the job and are willing to act professionally in their duties.

@Sharon Powell

I have had zero problems with rentpayment dot com and their predecessor rentmatic dot com over a period of 8 years. Had some simple set up issues but the problem fell squarely in our lap with rentpayment calmly walking us through the issues we had caused. 

@Kelvin Schaeffer

As I read this, the current owner will finance the balance of the $870,000 purchase price if you come up with $87,000? How much of the down payment are you contributing? What class neighborhood is this in? What is projected exit plan and how long?