All Forum Posts by: Eric F.

@Shaun Palmer I am just curious where you are getting those rent numbers.  They seem low to me.

For what it is worth, I have a singlewide, not doublewide, in a park, not on land, and I rent it for $775 a month (of course lot rent kills me at $385). The park is very nice and so is the home but that $385 could kill me with a single vacancy. Once my tenant either buys it (I hope) or moves out I am selling it. This tenant is great but the lot rent is killer. 

I imagine if you are buying homes on land they should be doublewides a bit out of town on an acre. I feel like you can rent those for $800.

@Tiffany Clay I don't remember the details of this because it was a year ago, but basically the person who did what I described was clearly dishonest. He created a fake deal to get my information and I saw right through it. If he had been straight up and said "hey I am a wholeseller and would like to add you to my buyer's list" that would have been fine, but instead he just lied about a fake deal.

@Charles Williams I express no opinion on the beliefs, it is the cultural war itself that I consider stupid. Stupid might have been a bad word as it generally is in any situation and I should have used something else. I do not want to engage in any political debate involving actual beliefs so I will leave it at that.

Less than 4 years ago this exact same thread could have been made about our new gay marriage law. Imagine if you stayed away from investing in Raleigh because of that! When was the last time you even heard that issue mentioned? It is done and settled. My main point is this will pass, no business is going to leave North Carolina, and I would not make any real estate decisions based on this law passing, unless perhaps Patrick does not want to invest here because of his own personal beliefs. 

Four years ago, imagine if SAS decided they were going to move all their operations to another state because Amendment One passed, banning gay marriage and civil unions. By the time they made the decision, figured out target areas to move, and found office space the laws would have been overturned. 

edit

Has any major company ever actually moved out of a state because a law similar to this passed? I am sure many have moved because of tax laws or labor laws but I am not sure any company has ever actually moved because a law along these lines passed. Does anyone know of one? 

Patrick,  no business is going to leave. The exact same scenario happened with Amendment One (2012 - banning gay marriage). Most big businesses did not approve, but none left, laws like it got overturned by the Supreme Court, and now gay marriage is legal in North Carolina, and nationwide. All that happened is we had a pointless cultural war for a year and wasted 100 million dollars of taxpayer money fighting over it. 

This will get overturned or adjusted and then it will be on to the next stupid cultural war to steal headlines and accomplish nothing. 

You can do it the hard way to get a ballpark. Go on Zillow or Redfin and find every house nearby that sold. Compare them and create your own.

@Jay Hinrichs

Thank for the reply. We close with attorneys in NC. I spoke with the one I am using Friday and explained the situation. After I spoke with my attorney the seller called about taking his father off the contract and also refused to give me the housing authority's contact name (he did not outright state his refusal but I asked twice for it and both times he just told me what she said to him), which is when my alarm bells went off. I have not spoken with my attorney since but I will Monday morning.

I have not done the title search yet but I did send everything to my attorney to start it. Before I pay to do that I want to get these issues ironed out.  Once I have my facts and action plan I will call the attorney to consult then tell the seller's son what we have to do to feel comfortable. I did do a basic search for liens and judgements myself with no results, but a lot of times the attorneys find stuff I cannot find.

If myself or my attorney is not comfortable with the situation after all this I will just take the hit and move on. 

Really? The nursing home can veto it? Holy moly. 

I am going to talk to my lawyer Monday but I might need to chalk this up as an L

To make things clear, the house is the father's. I realize I referred to the son as the seller a couple of times when he is not. The son has no title interest in the property.

I am under contract to purchase a house. I have been dealing with it for 3 months. I have only dealt with the seller's son.

The story is the father is on Medicaid and in a nursing home. When we wrote out the contract (the son and I) he took it to his father to sign. I have been told the proceeds are to go to the son to help pay for his father. Their plan is to put the house in a trust and make the son the beneficiary. There is a lot going on here which is making me a bit hesitant. 

The son now wants the contract rewritten without his father's name, only the trust. I don't think I am going to do this. What should I do? 

There is a city housing loan to fix up the house which is now in foreclosure since it is no longer the father's primary residence. The son said the city housing lady called him saying a few things in the contract needs to be changed, but won't give me her number. I want to talk to her.

We asked if he had power or attorney for his father and he said no, then got kind of defensive about why would he do that?

I have been dealing with this since October. Two times the son disappeared on me for 3 weeks only to call and be like "Eric we need to get this done now!" 

How should I handle this Medicaid thing? Whatever they want to do with the money is their business, but I really do not want to buy the house without the father's name on the contract. 

My plan is to figure out exactly what I need to do to make sure I do not participate in any shady activity and tell the son it is this way or the deal is dead. They can do whatever trusts or money shifting they want, but I'm not helping. They are only going to get like 7k in proceeds when the dust settles anyway which is under the taxable gift amount from the IRS.  If it makes a difference the deal is pretty thin for me also. It is not terrible but if I knew all this trouble was coming when my phone range I would have hung up hah

Can I just do a contract with the father and put as part of the contract the proceeds are to go to his son? 

thoughts?

I listen to Sean Terry's interview with Eric Thomas at least once a month. I've never bought his programs or anything but that interview is great for motivation.