All Forum Posts by: Ashton Noland

Property is fully renovated, and already has a tenant renting for $750, giving a 15% cap rate. A new A-coil is needed but will be taken care of later this week. I have a full, detailed report of comps, photos, and more upon request. Call or email me if you're interested

816-617-1798

[email protected]

Saw this post and found it interesting. @Rick H., does Property Radar offer data for Missouri and Kansas?

I've had a property under contract with a seller and have opened escrow. I have the closing date and inspection date set for 90 days out (just in case). I do have the inspection clause in the agreement stating that if the property is not up to my liking, I can back out of the contract. I have several interested buyers who are wanting to look at the property but the seller is not answering my phone calls and I don't have a lock box on the property. What if the seller never answers my calls and I am unable to show it. What then? Any thoughts on this would be helpful.

1 Comp in area sold for $185,000, 1 Comp for &165,000 and a few in the 120-130K range. Repairs are basic updating and clean up. Possible 4th BR in the basement with closet already built. Another 1/2 Bath in the basement as well. House is owned FREE & CLEAR. Seller will be looking to move out mid June but can close quickly.

I am wanting to start with Short Sale investing and understand that if you acquire a Short Sale from the bank, you must own it for a minimum of 90 days. After the 90 days, is the property yours to do what you want with it? Sell it to a retail buyer?

Also, while I am holding this property for the 90 days, how is this funded? I don't have the capital right now to fund it out-of-pocket, so do I use private money/hard money to acquire the property and make monthly "payments" to the PML/HML for the 90 days until I sell it?

I know that you can double-close a short sale, but there are some banks that require you to hold it for a minimum of 90 days.

I'm so confused on the timeline of things and sequence of steps!!!!

@Michael Noto, this will be a wholesale property most likely.

@Rick H., so I were to offer anything less than their current equity ($40,000), they would get to keep all of it, correct?

What are my options if I had a home under contract that is under market value but seller had an existing mortgage loan? 

For example: If the house is worth $100,000 and the owner currently owes $60,000 on it and I buy it for $25,000. What happens with the remaining amount that is left owed on the loan?

If there is a way I would like to buy the home, flip or assign the contract to a buyer for profit and the loan balance be paid to release the seller from the home totally.

This information is very helpful. Thank you @Edward B. and @Kerry Baird. Once I figure out if Sub2 works on a property, what are the time frames for the subsequent steps? The seller will obviously need time to look for somewhere else to live and I would need time to find a suitable tenant and/or property manager. Are these dates added into the contract, giving the seller a date in which they need to be out and me a date to find a tenant? How does that typically work and how does that conversation go? Also, how is it normally handled when the seller asks about a down payment to use for wherever they are moving to? Since we are not giving them any cash up front, how is this handled as well?