All Forum Posts by: Scott Wolf

@Stephen Pearse, 100% speak with another (or a few more) attorneys, specifically a securities attorney. 

Congrats! Eliminating your housing costs is a HUGE win!

@Andre O., any title company will be able to give you a quote with the location and purchase price.

@Sean Monahan, yes.  A title search should unearth any additional liens.

@Christopher Corso, her best bet may be to sell the property on the open market, clear all back taxes/liens and find something more manageable for her to live in.  Perhaps there is an opportunity for you to wholesale it, or sell it on the open market if you have a license.

@Joseph Guidry, I gotta disagree with the first comment.  No need to register with the SEC when investing with family.

That being said tread very lightly and if you do decide to move forward, make sure EVERYTHING IS IN WRITING.  This could be an absolute minefield.

@Celest Southwick, are you looking to develop it yourself, or form a JV of some sort? A JV may be your best option if you don't have any development experience. I'd try to find some similar sized developments in the area and find out who did the development and see if they'd be willing to partner and share the upside.

@Brady McClendon, I think you should advise your father in law to sell with a broker.  I think leaving $200k on table is a huge mistake.  Additionally, a good broker will make sure someone buying a $1.2MM property is not a tire kicker, and has a preapproval or proper proof of funds.  He can then use that additional capital to invest with you to help kick start your RE Investing career.

@Aidan Salzer, having an agent involved on your end won't affect your closing costs.  The seller pays the brokers fee, and that will either go completely to the sellers agent if you have no agent involved, or split between the sellers agent and your buyers agent.

The purchase price, loan amount and lender fees will determine your closing costs. 

@Jordan Formicola just met a roofer last night at a REI event. He was recommended by a few people there. PM me your info and I can pass it along to him.