All Forum Posts by: Edwin Brown

I was just at the National Real Estate Investors Association Leadership Summit.
Almost every group there said the attendance to meeting and seminars is really dropping. To get people to these meetings you really have to be creative. It's not as easy as it used to be.

1 Vote

A friend of mine that manages over a 100 units only accepts direct deposit or deposits to his bank. He actually gives them deposit slips and makes them drop it off at the bank!

0 Votes

I wonder what % of people that live in China or India would be unable to answer a similar question about their country.

0 Votes

Do you have contact with the owners? If you don't already, you'll probably be wasting your time to pursue this deal any further. The chances of finding the owner, negotiating a short sale and lining up a buyer before the auction is pretty low.

0 Votes

Originally posted by Ryan Webber:

Delondon, I would guess that you haven't done any double closings then. That's how assignments are structured but not double closings. A double closing is actually 2 whole and separate transactions. Two sets of fees are incurred.

1/2 of costs of 1 transaction and 1/2 of another transaction equals 1 full transaction paid for out of 2 transactions needed. You would still have a whole nother transaction to pay for.

Even if your title agent doesn't charge you twice, he or she will probably charge you once. So you would still owe for 1/2 of a transaction.

Some agents may not even charge you once, but that still doesn't take into account the title policy difference (if you're paying for a title policy, which in my area is customary when you are selling). You buy a house for 50K and get the seller to give you a title policy that costs lets say $500, but when you go to sell for 55K the title policy costs $550. That cost difference has to come from somewhere.

Now if you make the seller pay for all closing costs (yours and theirs) on the buy side and the buyer pay for all closing costs on the sell side(yours and theirs) then you would have no closing costs on a double close.

I personally have never set one up that way or ever heard of a wholesaler setting up a double close that way, but you could.

Good point. Big distinction between assignments and wholesales. But everything is always negotiable

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Our company's tool allows you to screen your clients credit and run What If Scenarios on their credit. It will actually tell you how many points certain actions will add to your score.

Might be able to help you.

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Cash is king! Although many folks may vehemntly disagree with this, i am always in favor of keeping more cash in my account. If you can buy with less downpayment, i would do it. Conserve your cash. The more you have the more banks will loan to you without you having to use it. Also, in this business, you never know when you'll need to replace an air conditioning system or something else expensive.

Cash is King

2 Votes

Have you looked into your local reia? I recently met Kim tucker the President of the local reia. She really knew what she was talking about.Here's their website http://www.mareinet.com

0 Votes

Originally posted by Lily Chen:

Happy 4th of July! USA rocks! Thanks for all your input. According to my broker, the issue seems to be how you as B investor present your lowball offer to the bank while trying to market the same property to a C buyer at a higher price. He said it's fraud if we don't report the higher price offer to the bank, and as Realtors we are held to higher standards and scrutiny, and that even if we're not the listing agent or principal, as long as someone out there is willing to pay more for the property, we have a duty to "disclose" -- tell the bank; failure to do so is fraud. This flies in the face of common sense and agency rules. I can't wrap my head around this. I agree on full disclosure, but I think this is going too far.

It does make you wonder if they are going to come back on us when times are better and say we were fraudulent in our purchases. They sure appreciate it now.

0 Votes

Kim,
One way i've found helpful when dealing with this issue, it to tell the seller that assessed values are often out of date. In my area they are only done every 4 years. Many houses are worth 50% less than their value 4 years ago. Most people acknowledge that fact so you should be able to dismiss the assessed value and only deal with recent comps.

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All Forum Posts by: Edwin Brown

Edwin Brown has started 7 posts and replied 127 times.

Post: Proper Promotion for Seminars?

Post: Rent payment direct deposit

Post: 26% of Americans Have No Clue

Post: Auction Question

Post: closing costs in wholesale deal

Post: FICO Suggestions

Post: How much of a down payment should I put on my primary residence?

Post: Greeting Everyone From Kansas City Missouri

Post: More bad news about SSs :(

Post: Appraised vs. Assessed Values