All Forum Posts by: Kevin Lewis

Thank you for all of your responses.

This clause was actually in one of the contracts I pulled off of the Biggerpockets File place.

At no point was this ever thought of being a deal breaker as I was pretty sure that it wouldn't stop stop anything. I just wanted to get advice from others that may know more about the situation.

To speak more on the type of deal. This is a regular wholesale deal. Free and clear from DM absentee out of state campaign. Worth $80k-$85k. We agreed on a figure @ 70% arv- (est repairs+profit) and everyone seems comfortable with the number. 

Exit strategy for me is to wholesale. Thats the niche I focus on at the moment. 

@k. Marie p. Was there a more specific question about the deal you needed answered?

Thanks 

That's what I thought. Thanks

Hello everyone,

I have a Seller that wants her contract to exclude the Insurance clause per addendum.

Clause:

INSURANCE: As consideration for this purchase the Seller will assign all insurance policies on the property to the Buyer and Seller will grant a limited power of attorney to the Buyer to deal with the lender(s) and insurance provider(s).

The issue from what she explained to me was that she has no lender's because she owns it free and clear... (I explained to her that she is automatically exempt from the lender portion of the clause due to that fact) she also does not want to grant the POA to buyers to deal with the insurance company.

She just doesn't want to because she doesn't think it's necessary.

I have a Risk of Loss clause which allows for an option out if the property were to be damaged

Clause:

RISK OF LOSS: If subject property is damaged prior to transfer of title, Buyer has the option of accepting any insurance proceeds with title to the property in “as is” condition or of canceling this contract and accepting the return of the deposit.

so I didn't  necessarily see an issue with excluding it in an addendum, but I'm not 100% sure.

Does anyone see this as being a issue the may come back to bite me?

Thanks in advance

Got a lead that wants to sell, but they recently within the last week before they saw my sign listed with an agent on an exclusive right to sell contract. How do i go about making an offer? Through the seller or agent? The seller has told me they need to move away and want out asap. This would be a wholesale but with the property listed already, how do i move forward with this deal without any legal troubles?

Got a lead that wants to sell, but they recently within the last week before they saw my sign listed with an agent on an exclusive right to sell contract. How do i go about making an offer? Through the seller or agent? The seller has told me they need to move away and want out asap. This would be a wholesale but with the property listed already, how do i move forward with this deal without any legal troubles?

Say no more. Passed! Thanks guys!

A lead gave me a call wanting to sell his house. Its a 4/3 with a pool in a cul-de-sac built in 1998. He says he still owes about $179,000 with 2 mortgages. He took out the second mortgage in 2008 for upgrades to the house. The original mortgage is about $52,000 with a 3.81% interest rate and a $424/mo payment. The second mortgage is about $127,000 with a 8.1% interest rate and a $1137.93/mo payment. I don't have access to MLS so I took last 6 months "comps" from zillow and redfin which put the house between $160,000-$170,000. Zillow estimates that his house is worth about $201,000. According to rentometer.com, the average rent in the area is about $1200. (Not a very creditable sources, I know, but gotta use what you have right?...) He is retired military that wants to move back to Panama with his wife since his children are adults and on their own now and he just wants out of the property and out of the country with cash to move. Is there any deal that can be structured to benefit all parties? I haven't closed a deal before and I'm still pretty new to REI, but working hard to find deals, so all feedback is welcome and greatly appreciated! Thanks in advance.

Initially we were looking to flip it but with such little margin for profit thats not going to happen. Really want to make something work for this family. Any advice on how i could make a deal like this work? They aren't looking to get anything from the deal except cash to help move the things out.

That's what I was thinking. Thank you gentlemen