All Forum Posts by: Andy Cross

Hello folks...

Quick and easy question. Found a probate listing on the MLS. In the description it says, "court confirmation required."

Would I, the investor, be responsible for obtaining court confirmation? Or is this a step for someone else, and the listing agent is just disclosing?

Thanks!

Definitely following this thread!!

Hey, Alvin. I guess I'm not understanding what that means. Would that be considered good or bad? I just can't wrap my head around 3% CoC Return vs $1900 Monthly cash flow. (this is why it seems that buy and holds would drive me insane)

 Potentially $625K

HELP!!

I'm having a hard time understanding what a good cash on cash return would be on an SFR in Los Angeles, CA.

There is an SFR in LA where the seller is interested in cashing out on it. However, when I run the numbers, It would only get a 3.5% cash on cash return.

It's a 3/2, and can rent anywhere between $3000 - 3500/month. I used the rental calculator and based on what I inputted, monthly expenses would be around $1340. Leaving an average Monthly cash flow of $1900+ (without a mortgage). That doesn't sound like a 3.5% cash on cash return. 

I'm so confused and these numbers aren't making any sense. Can someone help me make sense of this?

Quick question...

If another wholesaler is looking to do a JV with me to help them unload a property, should I have in my hands the Purchase Agreement before I sign the JV Agreement?

I'm looking to do my first JV. Just want to make sure I have everything I need in my hands before I sign and market to my buyers.

Thanks!

@Quinten Jones

Hey, Quinten...hopefully you'll get this message. It's been almost 2 years since this post. Interested to know how things are going? What worked, what didn't work?

Funding has been an issue, even when I had a smoking deal. Ended up having to wholesale it.

 Hi Katrina...I believe it's #181 with Lauren Hardy. 

@Levi T. @Christine Mwai @Tyler Warne @Chris Mason

Thanks for your input. It totally makes sense now. If I may regurgitate what I understand you all saying...when making offers be sure to disclose that the offers are subject to an "acceptable inspection" (AKA contractor bidding the rehab costs and the numbers work). Make sure the contract terms have a clause that will allow an adjustment to the purchase price after the inspection; or allows an exit if the seller and I cannot come to an agreement.

@Jeff B. ...you know, I hear this notion of "just do it" from "reputable" podcasters without any other context; and when I hear this, I cringe (then I get mad out of frustration). And perhaps since they are so experienced, they just fail to say "you should have clauses in your contract...blah, blah, blah." What others have mentioned on this thread totally makes sense to me. But to just say "just get it under contract" with no other information is questionable indeed; and/or reeks of ignorance.

Hey folks...

Within the past month, I've heard on a number of occasions "just get it under contract." To give it a little more context, pretty much these people were saying don't worry about how much the rehab costs are, just get it under contract, then renegotiate later. 

If a contract says you are going to buy the house for a certain amount, how is it even possible to go back and renegotiate? A contract is a contract, right? Sounds to me that it's a recipe for disaster.

As a newbie, it's confusing, yet frustrating when you hear one side say adamantly say "just make an offier, get it under contract and renegotiate later;" then the other side says "never make offers without knowing your rehab costs."