All Forum Posts by: Tom Gimer

Quote from @Mark Klinkov:

Its a photo of my 11 year old son! And I swear on my mothers life every reply from this community has been: "We love your photo".

2nd my property and you can DM me has appreciated over 3.5% per month, and thats without me getting it reappraised after having completed a very expensive renovation.

This community feels toxic when an admin tells me he does not approve of me posting a photo of my son. I am a single father, we were evacuated from a war zone by the state department. I lost my wife, my houses, my businesses and my dogs. I came to America less than 2 years ago with no money. So, yes its my first deal in America, yes the photo is of my only surviving son.

The picture of your 11 year old with cash bills spread out like a drug dealer sucks… with or without a back story. 

The reasons for this are quite simple. 

Who knows whether or not the documents you have provided are legit or even the most recent? Here's how this plays out... title company disburses to you directly, the true beneficiaries appear months later and their funds are gone. Guess who they sue?

Cutting the check to the trust/owner of record eliminates the potential liability for the title company.

Quote from @Mark Klinkov:

Quote from @Tom Gimer:

Obvious answer: sell it

Reason: subto is not a viable long term hold solution

Based on WHAT? I just closed on, renovated, and rented out a SUBTO deal that cashflows $500/month. I walked into instant equity well over $50K. My CoC is in the double digits, and my property is appreciating over 3% per month. In my opinion, SUBTO, and Seller Finance deals are the ONLY VIABLE long term hold solutions that are scalable.

Based on the reasons I've provided in this thread and elsewhere on this site. Aside from the obvious "due on sale" issues which are in play for the life of the loan, you also have wildcard sellers who can decide at any time to blow up your deal. And the odds are when they discover they don't qualify for a new loan or start whining about the equity they believe was "stolen" from them (rightly or wrongly), they will. My opinions are based upon closing actual subto deals and watching the events unfold, not on speculation.

It also depends upon the CCRs themselves — they can control as to priority — and the date of the assessments in question versus the date of the lien being foreclosed.

Way too many variables for an accurate answer across multiple jurisdictions.

@Suraj Apoorva You need more than a note. The note needs to be properly secured by the real estate being acquired, and perhaps more.

I’m going to disagree with @Chris Seveney and say whether an assignee could force a sale directly would be a state law issue and heavily dependent upon the contract terms. 

Seller financing? Hell no. Cash deal with an express assignability provision? I will lean yes.

Baltimore will also never cut the water off... leading people to simply walk away from a property when a leak creates a lien problem greater than the property value.

Quote from @Steve K.:

Quote from @Tom Gimer:

You can't take an element from state X such as "uniqueness" and try to apply it in state Y where that appears not to even be part of the analysis.

Let's see how this turns out.

 Tom so you wouldn't be as concerned about that element? I defer to your expertise here. 

Does the contract include a monetary damages provision? Don’t know, haven’t read it. But given that it expressly includes a specific performance provision I would not be ignoring it… and neither would a judge or mediator.

Real estate is unique by nature. People should stop applying sale of goods theories to it.  

You can't take an element from state X such as "uniqueness" and try to apply it in state Y where that appears not to even be part of the analysis.

Let's see how this turns out.

If I was in this situation I would hire an attorney and going forward follow the contract to the letter, documenting each breach but also clearly demonstrating readiness to close on the settlement date.

And yes, I would have the lawsuit and lis pendens ready for filing before that date passes.

"I changed my mind" is not a defense and if the seller truly put that in writing and OP doesn't otherwise bungle this by missing a deadline, etc., I sense this could be a winner. Getting that won't be cheap but apparently neither is this investment.