All Forum Posts by: Larry Lee

once again, thanks wheelhouse. That site gave me all the info I needed.

Had a question, If I have the address of a property that was purchased by an investor is there a way to look up the property and find out the buyers name and #? I tried checking the tax assessor's website and also the recorder of deeds website but couldnt find any place to input a property address. Is there something in particular i should be searching under. For anyone with the time to check the site is http://www.co.guilford.nc.us/services/index.php What should I be looking for? Thanks

quick question about putting a house under contract with a seller. I understand option contracts and flex option contracts, what about using a purchase contract with a contingency. I've looked into several types but the inspection contingency would seem to work the best to me. I'm assuming this is just a regular nc offer to purchase contract accept i'd add the inspection contingency to it for 10-15 days. If I cant find a buyer in that time i'd simply pick something I found wrong with the property and use that as an excuse to void the contract. Is that about the cut and dry of using this type of contract? What happens if I assign the deal to an investor and they end up not closing for whatever reason. Would I be liable in any way to the seller or once i assign it my risk is gone?

Thanks for the advice wheelhouse, I'll give your methods a shot.

Almost forgot, Found what seems to be a pretty easy way to build a buyers list. I'm sure most people in here have allready heard it. Join your local REIC, I kept hearin this but didnt pay it any mind, then after I got interested I couldnt find a local one. Well I recently found my local reic, happens to be in the next city over but pretty close. I talked to the president of the chapter and come to find out there are 20-30 rehabbers that are members, The presidents gonna give me their names and introduce me at the next meeting. Those business cards I ordered are gonna come in handy :D and so is the website I built where they can view my properties and join my buyers list. Point being theres a good chance a large number of your local cash buyers/investors are member of your local reic. Cant hurt to join and check. Just my opinion

Hey e. jacobs,
I'm a complete newby an since no one answered your question i figured i'd give my opinion. Personally I plan on moving any deal I get under contract as fast as possible, My minimum right now is 5k so once someone makes an offer that atleast pays me 5k im assigning it ASAP. Again thats from someone thats never done a deal but at the moment I cant afford to wait for the highest offer. Investors with the ability to buy with cash have alot of options an it only takes a moment to get a call saying thanks but no thanks, i've found something I like better. My opinion, strike while the irons hot, while you have their interest. Who knows my opinion may change after I actually complete a couple deals.

Wanted to give another update on my progress. The seller ended up gathering the money to pay the note for another month, but then decided he wanted to refinance the property instead and keep it. Im sure I could of been a jerk about it and made things difficult since I had 30 days left to market it but I just let it go and wished him the best. I got a call today from him saying that he wants to keep our original agreement and asking how soon I could get it sold. Not sure whats going on wit this guy but its my first deal so im just going with it. I'm gonna call the investors back that were serious about seeing it tomorrow and try to get them in there asap since I have the key lock now and dont have to pick a time when the sellers available to open up. I'll update again after I do my walk throughs.

Another update on my first deal. Just got a call from the seller. says he doesnt have the $800 to pay this months note and asked me if I could pay it or help pay it as he's already behind and the banks ready to foreclose. Wasnt sure what to say, I convinced him to ask family for the funds and he's gonna let me know tomorrow if he's able to save it. Now I just hope I can get someone in there to buy the property ASAP if he can get the funds together to hold the bank off, after hearin the stress in his voice im extra motivated to get him outta the situation and he's extra motivated to let me. On a good note I got a positive response from 2 investors and they want to see the property. Turning out to be an interesting first deal tho im sure most of you guys deal wit this on a daily basis. Anyhow I'll udpate once I find out something...

Wow these companies are charging no less than 2k to do a back to back closing. Am I missing something, because it seems to make more sense for me to just assign the contract and keep that 2k in my pocket. Maybe it makes more sense when im making more than 6 or 7k on a deal. Maybe this is normal and im just new to it, but am I missing something? Is there a cheaper way to do a back to back closing without paying over 2k to use the funds for the a to b transaction?

Yes shes getting a conventional loan. I think ill disregard her offer and wait for an investor to show interest. Thanks