All Forum Posts by: John Britt

I am looking for advice and direction on a deal that I have 14 properties under contract.  I have a buyer that I am under contract with for 8 of the properties.  I can get the money to purchase and resale the properties to my end buyer the same day but no longer, but the buyer has terms that the seller is unwilling to help me satisfy.  These are stipulations I do not have in my contract with the buyer.  

Any resolved or unresolved Code Violations

Any Service Contracts

Any Insurance Claims for the last 36 months

Any improvements and major repairs that have been done in the last 18 months

Seller agrees that no new leases written or verbal will be entered into prior to closing without the Purchasers prior approval.

Seller agrees to complete any evictions that are in the process prior to closing including but not limited to the Tenant and all of the Tenants belongings being completely removed from the property.

If said evictions are not complete by closing date Seller agrees to extend the contract/closing until the process is complete and the Tenant and their belongings are removed.

The seller has stated that he just wanted to do what we have agreed to which I just asked for Income and expenses, for the rents and security deposits to be transferred, so I believe my only way to get this deal to work is to go ahead and buy the properties after the inspection period and hold them 20 days to resale to my buyer.  I have not found a transaction funding yet that would allow me to hold the properties no longer than 30 days to resale.  The profit spread is $68k for the 8 properties.Any advice would be extremely helpful.

@Cary F. do you see the entry of the Y generation in our markets having any effect on the housing industry?

@Gail K. you are correct by so many owners not accepting section 8, you basically limiting the choice of section 8 tenants to just a handful of areas.  Which what the government wanted to get away from back in the 90'

@Trevor Rutherford and @Deborah Cano

In my area of Chattanooga there are more and a few owners that do not accept section 8 tenants.  The reasons are many but one of main themes is that our section 8 office is not run efficiently. Example just this past March it took 30 days from the date a tenant was picked for the unit, just for them to do an inspection on the property before the tenant could move into the house and the investor could start collecting rent.  And I have heard of instances that owners doing a re-inspection taking 60 days or more before the issue was cleared up with the office before they got

If your city or area has pasted a local ordinance stating that section 8 voucher must be consider just like cash it is not illegal to not to accept section 8 tenants.  Per the previous example of the local office here.

Just a quick note to everyone in this discussion.  Just like just about everywhere in the country rents have increase significantly in the last year here in Chattanooga.  Including Highland Park area.

@Chris Eaker

I just walked into an attorney's office yesterday that created a note for a closing here in Chattanooga. I know that people do lend money from there IRA often here. If you contact me I will give you the names of a couple of good attorney's or title companies that I am sure will take the time to explain how they do it.

@Account Closed Thank you.

@Kevin Yeats @Jay Hinrichs Thank you for the information.  I was looking in this case since I know very little about this type of investment to act as an agent, and attempt to find a lumber investor or hunting club investor to buy it.  But I do not know where to start.

I do not own the land.  One opportunity a local bank has the other opportunity I had found.

I have a couple opportunities here in the Chattanooga area for raw land.  How do I find investors that invest in 12 to 770 acres?  Both properties are in rural areas.