All Forum Posts by: Vanessa Brostovski

I also work on REO flips in California. The Title Company, Old School Title, which is the ONLY company who will work deals in this area for REO / short sale flips (back-to-back closings). They REQUIRE that we disclose to the bank that we are seeking the RIGHTS to market, list, or sell the home immediately for profit and any documents related to the sale can be presented to the bank upon request. This is what they have you add into your addendum with the bank. we're not telling the bank we're going to flip it. It's not worded exactly that we're telling the bank that we are going to flip it, but we are simply seeking the RIGHT to sell. Is this something I should add to my purchase & sale agreement when I submit my offer or is it something I should add to my purchase & sale agreement after it's been accepted and I add it to my addendum. I just feel by putting this in there that the bank would look at it and deny my offer because they don't want me looking for an end buyer. Apparently, Old School Title closes on deals like this all the time. What have you done or encountered with this?

Hi guys, I was wondering if anyone has tips other than looking for paid off loans at the county courthouse OR using the MLS for finding homes that people want to seller finance out OR that they OWN outright. So far, I have heard of county courthouse records, MLS, calling rental signs, and old folks homes. Any other tips, advice, good places to advertise that you buy homes? Thanks!

Hi there!! Thanks for your help, I am taking an upper division econ class called Economic History of the U.S. , which normally wouldn't have much math but the professor wanted to do some review! Appreciate the thought you put into your answer!

Hey guys, anyone out there available to chat for a couple minutes about Economics? I have a problem I'm working on w/ a supply & demand graph. I'm trying to calculate a problem where Quantity demanded=9-P and Quantity Supplied=2 x P. The Price is $3 for equilibrium, but I'm trying to calculate if there is a price ceiling of $0, what will be the deadweight loss?

Hey guys, I'm working on a deal and need some help. Got a call today from another wholesaler who has a property under contract for $175k (short sale). ARV is $291k. About $10k in repairs or less needed. Even though it is a short sale, this contract IS assignable BUT agent said that the end buyer (I have the end buyers) cannot purchase the property for more than the contract price of $175k. However, the end buyer can pay us in another form. Wholesaler called me because I have end buyers and his money is all tied up in a deal so he has no earnest money which is due by tomorrow. He wanted to use my end buyer's earnest money and I can't get ahold of them because it's so late but I have looked at the deal and there is a lot on the table so I would like to put the $1k earnest money up to be part of the deal.

He made a contract for my earnest money deposit which I haven't signed yet until tomorrow morning saying that I would loan the $1k and it's due back by or before 9/18 and has interest and a higher interest rate if not paid by that date. I just want to make sure that I'm covered whether the property closes or not and that i get my $1k back. What do you think?

He has a partner and they have an S corp which they put their offers in with. I have my own LLC and I'm trying to figure out how I could partner in a way that if my end buyer comes through I get x amt of dollars or %. I don't know what contract to use or where to find one. I have a simple finder's fee agreement which makes good sense to me and allows me to find a buyer and collect X interest or X fee. Should I just use this?

Thanks for your help!

Thanks so much all of you. I am starting right away with my letters!

Hi Guys, I was wondering if anyone has a sample or some advice on how to word/address homeowners in mailers? For example, I am trying to contact homeowners who own their homes outright in my area to see if they would be interested in selling their homes. I have to mail these people something because often I can't find their phone numbers but I can find their addresses at the county recorder's or assessor's office. How should I word my letters without sounding like a scam or a big company? I want to keep it simple, REAL, and interesting. Thanks for your help! :) :D

M Read: Thanks so much for that info. It will help me to do some "Do it myself" numbers on material I can get at Home Depot to get rid of the rest of the cockroaches. It was funny because when the realtor showed us the home, of course she said that the seller had gotten rid of all the cockroaches. :) I guess that's just how selling works:) My partner and I noticed dead cockroaches and thought we'd definitely need to make sure they are eliminated successfully. Thanks for your tips!

I recently looked at a home that I'm doing numbers on. The only problem is, how do I estimate pest control into my repair costs unless I get an inspection done? Is there any other way to estimate it now or should I go ahead and get a pest-control service out there for an estimate so I can have real numbers. I've just noticed some dead cockroaches lying around in some of the areas in the house. What is your experience with factoring this in your numbers? thanks

Hi guys. I found a home FSBO in the area of Sacramento CA. The seller is willing to finance, and I am still researching her terms, but seller is asking $239k when the estimate range for this area is anywhere from $123-$141. Seller has fully remodeled the place, i.e. new hardwood floors, tile, granite, stainless steel 'look" appliances, ready-to-use backyard, etc. The house is 3/2 and 1337 sf, which is decent around this area for size. Is it worth it to negotiate and negotiate, esp if the seller is an investor who is trying to pull out as much profit from the place? It is a nice home and it is HARD to find unconventional financing in this area, so it is something I want to look into. As an investor, I can't help but feel like homes that are remodeled already have the profit eaten up because the sellers always ask much more than a home that still has older interior.