All Forum Posts by: William Johnson

@Larry Turowski There is no earnest money deposit on this purchase contract.  I suppose I could just ask him for 10,000$ up front because the lender will be giving a mortgage of 20,000$ more than my purchase price so, he will be able to recoup the 10,000$ at the notary (equivalent to closing company here).

@Bryan Watson Thank you!

I have a great contract locked down and I have a buyer and the hml (who also wants to buy property if buyer cannot). They are both ready to give me 20,000$ for the deal.

I have until 22nd of april to lift conditions and closing is on 29th.

What next? How do I guarantee that nothing goes wrong?

@Brent Coombs I have an accepted offer of 193k that has become complicated (see my post seller reneged).  I do have several partners or funding. Gross return on income estimated at 40 percent. 

@Bob Beeler @Wayne Brooks Unfortunately, in order to file it in the land registry I have to waive all conditions on my end which includes an inspection that I have not yet been able to perform. I have no idea what seeking specific performance means.

I have a signed deal on a property. 

Closing date 22 April 

Inspection 17 April 

Purchase price  193k

repairs 150k

Arv 490k

I signed on Tuesday and they haven't responded to any phone calls. I have looked into legal options and have called numerous times. 

What is the standard response in this situation? I know that I made mistakes that I can correct for the next time but I wound line to correct this one now.  My next move is to go to their house. 

I like toodledo is very easy to use and is highly customizable. Gtd changed my life. 

I have a second appointment tomorrow morning for a four-plex.  Here are the cold hard facts:

- ARV 500,000$

- Renovations (I will not know completely until tomorrow but I estimate it at 100,000$)

- Apartments are empty

- He owes between 60 and 70k on the mortgage

- He is extremely motivated

- He needs between 50 and 200k from the deal

- He is open to the following:

sub2 and partnership and, to a much lesser degree a straight out purchase at 250k

- I have also communicated to him that I would probably bring a partner into the agreement.

Thoughts from the BP community?

Hi Marc,

It is nice to hear from another investor in Montreal.  PM me if you want to meet up it would be nice to discuss Real Estate with you.

Hi Elie nice to see you on BP I believe you and I have spoken over the phone about a duplex in côte des neiges. If that was you then I found you to be an excellent negotiator (which is more than half the battle in real estate imo). I would love to have a coffee with you sometime and discuss real estate. PM me if interested. 

I have an owner of a distressed property who has almost 160000 in equity in her property and the best usage for the property would be to convert it to a triplex. Her husband and her are too burned out to manage the large project so I proposed that they pay for the construction and I manage the entire project for them. 

What do you think would be a standard, fair agreement to offer them? I was thinking that 10k held in escrow until the construction project is completed whereupon it would be released to me.