All Forum Posts by: Chris Colvard

If you have the cash and credit to make the plunge, go for it.

You can work seller finance deals and make the jump.

It's almost as easy to find small MF (8-20 units) deals that are seller financed.

Sherry,

You are talking about the wrong POA. Look up a durable POA and you will understand the difference between a springing (what happens if) which goes into effect if they are incapacitated and a durable POA which is basically invalid if the person is incapacitated.

If the person is not incapacitated and it is a durable POA it is the same as the owner signing the agreement.

Bottom line is title insurance will cover this before closing anyway.

Why let the lender know anything? You are just creating a can of worms by notifying the lender at this point.

You may very well move back into this property.

Adding a landlord policy will certainly give notice to the lender that this is not a temporary situation.

If you don't want a negative response from the lender then DO NOT notify them or name them as insured on a landlord policy.

Make sure the payments are made, taxes are paid and insurance is in force.

Mike,

Would you buy a deal without looking at the inside?

I'm not saying it is impossible, but it is risky at best. Perhaps some other BP guys can help you with this objection.

You could certainly do it if it is at some unreal low price, but why would leave that on the table?

The bottom line here is that you need to overcome this objection. Call them contractors or whatever but you will need to show it.

You will probably never wholesale it.

Only though that I have is maybe video everything during your inspection period.

Hard money is an option, but costly.

Do you have or know anyone who wants to make 10% on their SDIRA?

You have a first lien position that is perfect for this.

Try your local rei club and network there.

What is the price of the property?

How are you funding the deal?

They can do a lot.

Absentee owners, out of state owners, free and clear, etc...

Recent cash sales (no recorded mortgage) for buyers list mailings.

Raul,

PM me if you need to understand the strategy behind these contracts. There is more there than is obvious at first read.

Here are the actual links in FilePlace:

Wholesale Purchase Agreement

Wholesale Assignment Agreement

Ben,

Have you joined your local rei club? This would be helpful as you move forward.