All Forum Posts by: Ben Sherman

@Jim Clark

Hi Jim - when is the meeting held? Also, where in Denver? How many attendees do you expect?

I forgot to mention that the home is around 2,000 sq ft on a 5,000 sq ft lot

Hello,

I'm looking at some properties in Houston, Dallas, and San Antonio that are not worth renovating but the land is valuable. Does anyone have any rough estimates of what it would cost to have a company demo a SFH on a 5,000 sq ft lot and remove the debris?

Thanks in advance!

Ben

@Ricco Teamer

Old Republic Title by the Galleria

TransAct Title is another good company - ask for Mansoor or Salima

@Andrew Taylor

Thank you @Andrew Taylor . What various contingencies would you recommend and how long should I ask for finding buyer?

@Justin Kane

Those are great points @Justin Kane . How long of a contingency should I have in the PSA to find a buyer? Should I include any other contingencies? Thanks again!!

@Saravanan Saravanan

Thank you for that feedback. I like the thinking of doing some on my own at first to be able to show a track record to future partners.

I’ll compare those numbers as well.

If I met an owner of a non-listed property in Houston Texas that wants to sell, and the numbers look good, but I decide not to use my own money but sell the agreement to someone else (whole sale, etc), what documents would I need to have signed between the seller and I? I'm new at this so I just want to make sure I have the right forms and take the right steps. 

1. Found the owner of a property that wants to sell at a very good price

2. Have the owner sign some type of seller agreement agreeing on terms? 

3. Reach out to my network to see if someone wants to buy this agreement from me? 

4. Sign agreement with investor. 

5. Inform the owner that I will not be buying the property but that I have an investor that will buy it? 

What forms would I need to have signed by the owner of the property and the investor that is interested? How do I include my percentage or $ fee? 

If there are any recommended resources that I read then I'd of course appreciate if someone points me in that direction. 

Thanks in advance!

Ben

8-10% makes sense @Ryan Blake. I also like the idea of seeing if I can just roll in the interest payments for when we sell as opposed to monthly payments. I guess that's the difference of having a private lender vs hard money lender. 

Thank you @Ken Vesely. I'll have to see about the option of setting up an LLC and the arrangements that would make the most sense as far as responsibilities and contributions for my partner and I.