All Forum Posts by: Bill Gulley

Hi, you're going to need to get with an attorney, because;

You can subordinate collateral to an LLC and the loan can be with the LLC, but you must remain in title so that when the LLC lien is released you can qualify for refinancing in the secondary market, sorry, but you need to see an attorney, you and your lender friend! Good luck :)

My first thought is that she is trying to defend the value as well as the electrical matter, it is illegal to attempt to influence an appraiser, but not to speak to them or even provide them with additional information. Let them talk, and if you have a contract price and they know each other, that will probably come out in your favor.......IMO. 

FHA doesn't like K&T, if it's abandoned and not hot you shouldn't have an issue. :)

You can have a buyer's agreement with your Realtor to pay their fee on a FSBO and this is customary in those circumstances, however, the owner must give the agent a permission to show authority without representation, your agent should know as well as this seller/owner. Neither agent must go through the MLS if the owner goes the FSBO route.

Next, what contract are you using, your agent may be required to use the BOR contract even in a FSBO, consider hiring your agent as a consultant and not as an agent if the seller objects......whatever is usual and customary there will prevail.

Good to see Jon is back and he's right on as usual, buyers don't talk to sellers when they are represented right out of the shoot. :)

Check with your local public housing authority for an inspection check list used for Section 8, then follow that to keep properties in good, safe, habitable condition. Any property that is compliant isn't a slum, it's the function, not so much the appearance or style.......but appearance is important, in any area!

It is an old saying, but not totally correct, that the first rule of RE is location, location, location.....not really, understanding the basics of RE you'll find that the key is functionality which drives desirability; which drives choice locations through our socio-economic spectrum for housing.

Past Commissioner of a "Large Public Housing Authority", Board of Directors Habitat For Humanity and Executive Director of a non-profit housing entity, I understand very well the trials and tribulations of affordable housing. It's all about attitude and social responsibility expected of property owners, the right attitude comes first, the money follows. 

Just concentrating on saving a buck, or trying to make money without consideration of the economic impact to your neighbor or community isn't the way to go long term. Authorities who identify you as an irresponsible owner can change your life and wallet. The main reason real property is a different asset class is because of the social and economic aspects of a community or area. 

This can be a low threshold as to maintenance, a property that is functional and compliant shouldn't have any issues with the authorities. Going into an area that is sub-standard can end up as ripe pickings for eminent domain for a fire station, park or other public use project. Be careful where you go when neighboring owners are not so civic minded.

Low-moderate income housing can be profitable, generally you have a high demand and low initial capital outlay that boosts the bottom line. Understand what predatory means and how you may be seen (by authorities or a judge) in your dealings. 

All segments of our population must be served, housing is not an option and your target market will be unique. Generally, the poor tend to be under educated (formally) and some can be simple minded, you'll have to develop your social skills in dealing with those who are deprived yet may feel entitled. Be fair in pricing what you provide and keep it business like. Best of luck :)

Oh, BTW, learn the real basics of real estate before you jump in!  :)      

An option must be for a stated period of time, try 99 years, lol.

The issue isn't at the state level, it's federal and with the IRS, as well as CFPB then financing if you apply payments to any purchase price. 

Options will be considered an installment sale if not properly drawn giving a reason why the sale cannot be made at that option date, see your CPA. 

All the best :)

Still the same place, guru wannabes, hoop la, seller financing doesn't add value to any real estate, and can go to predatory lending above true values. 

SF deals don't take you out of problems so much until they are paid off, many issues are simply delayed. 

You can buy time for appreciation to play in to your property, keep your fingers crossed. :)   

Hi, buy the property subject to the installment contract, you need to hold title to transfer it to the buyer and get title insurance. 

Then you do an assignment of the note under the purchase contract, this is a personal property transaction.  Your attorney should be able to arrange this in that order. Good luck :)

No, you have zip experience, who you gett'n it from your mom and dad? 

No entity gives you experience or credibility for investors who have money, that's the first thing they look at is you.

Why don't you partner with experience, don't go elephant hunting with an air riffle, take a small interest for managing something you can master, that has value. Earn your way in.

Don't mean to pop your dreams but you gotta wake up...... good luck :) 

Really hated to see you recognize wholesalers as an investor or even as an accepted operation, as you know, most do not follow the rules, regulations, laws or ethics expected in this industry, yet you continue to advance their misguided desires of success in real estate. It's not just the gurus any longer, it is BP by endorsement of really bad behavior. Hope it goes away without you losing post counts, really, is that all that matters now.....site traffic?

Otherwise, good luck :) 

So, do you have all this in your stock offering? 

Might consult your attorney soliciting for investors on the internet.......just say'n :)