All Forum Posts by: Charlie DiLisio

I have done many lease/options that way.  Did the renovation and sold the contract to the new buyer with a double closing using transactional funding or just put it under contract with a set price and assign the contract for the difference.  Some owners love the idea if you give them non-refundable cash down and monthly payment until you sell it.  I would however file the agreement at the court house in the event the owner tries to sell the fixed up home to another buyer.  You won't need any credit however I would make sure the owner was out of the house and aware of what you are doing. Good luck.

My first question would be how much he used of the HELOC? Unless he used the 18k the point is moot. If he didn't execute the line there is an additional 18k of equity. If he took the money the payment for both loans would most likely be a negative cash flow situation and your potential buyer would most likely default on you. Not much meat on the bone left in the situation unless both payments are low. Lots of risk and potential to get caught up in a complicated scenario. I would most likely go with Charles Parish and take myself out of the equation and assign the deal to the buyer for a small fee. Too many moving parts for a subject to for a long term deal. Just a thought. Good luck.

It may be possible depending on how solid your credit is to have the owner execute a QC to you and qualify for a cash out refinance to take ownership in your name.  If he is not willing to do that perhaps a little cash to him will suffice.  Just an idea.

Driving for dollars and knocking on doors eliminates a lot of your competition.  Also have your friendly agent connect you with a list of expired listings.  After a few months contacting them sometimes works and they can lower their price because they don't have to pay an agent.  As for your agent helping you I would offer him some incentive to provide you with the list.  You can give him the listing when you sell the flip.  As for bank owned I have found that many agents have cash buyers lined up and when the property is listed it goes to contingent almost simultaneously.  Good luck and never give up.  

Makes perfect sense.  The light bulb just went off big time.  I love this forum and the helpful advice everyone is sharing.  I'm reading every day now in here and contributing my knowledge to help others.  It's win-win.  Thank you BP.  Do we have an in-depth video on the calculators per chance.  I am old school and computer challenged but learning by doing is the best way by far.

Another question is how many years has he paid on it and the interest rate. He might have been caught up in meltdown and how about the couple who are interested in it. Perhaps he is a veteran and can may be able to assume his loan and get a interest rate reduction. The VA is a great asset for fellow veterans. Just a thought, one of my relatives had an 8.5% interest rate and his payment went down by 50% with the reduction.

I agree on the expireds and also the section for new property's that are posted.  The early bird gets the worm sometimes.  Early on the first day of a listing you can get the remarks and photo's to see if it matches your target.  Good luck.

Both Lowe's and Home Depot give 6 months 0% financing for re-habs. About $166 a week and it would be paid off. Just a thought and you would be establishing yourself with them. Also Crystal's idea about the national REIA connection is correct and they are offering great discounts this year for online appliances. I am in one and have a pro account with Home Depot and they have cash back programs when you spend a certain amount each year for cash back. Good luck.

So if im understanding this  correctly i can sign the contract in my name alone and then add someone later?  seems like the seller can just not agree and cancel the deal.  i have done many with and or assigns but some balk at that as a flipping tool.  

I am making an offer on a tri-plex and not sure which partner to JV with. How do I word this on the contract for purchaser?