All Forum Posts by: Gursewak Singh

Hello BP Family. Question for seasoned investors or Developers.

Is it normal for new build(quadplex) to have Earnest money goto developer company instead of Title company? Off course, it’s non -refundable which I’m not worried unless I back out which I have no intentions to do so but my worry is if this developer goes out of business for any reason?

I would appreciate any help with pros & cons. They already have my 6k option money (lot hold) which I will loose, if I back out now. I have call setup tomorrow with developer to speak to him regards to this. Just want to do my homework.

TIA

@Guifre Mora combined. 

Hello All,

  I hope everyone is staying safe in this crisis. I do have question, many of you prob have went thru this, hope someone can help.

I own 2 investment properties free & clear. I bought one 2 years ago & other one 1 year ago. They are worth per appraisals $ 434,000. I am going thru a commercial lender to get a Business/Portfolio line of credit. They want to give me 70% of appraised value for 2 year property but only 70% of Purchase price for 1 year old property at floating interest 5.75%-6%. They are willing to give me as a line of credit for $ 271,000 for both properties. It's a small bank here in Texas. Closing cost would be for both around $ 1700 including appraisals etc. Thoughts? 

Thanks

@Sara Ratliff look into mysmartmove.com I use all my tenants to screen thru Mysmartmove. They charge $40 per application, you just register preferred tenant on their website with email address & they get link to fill an application. They would check their Credit & back-round check. Very seamless process, hope this helps. 

@Lavar Harden  Were you able to figure out 6 months Seasoning period? Any feedback would be appreciated. 

@Sehun Kook. Welcome to Frisco. I live right down the street from you. I been an investor for few years now, have few SFH. Let's connect.

It was a 1st lien. I have attorney involved in this now, We should able to get this lifted from bankruptcy court. Thanks.

Hello All,

I bought a SFH from county Foreclosure sale earlier this month. I finally received Substitute trustee's Deed under my LLC with Trustee affidavit regarding foreclosure which is already recorded in county. I was also notified by Lender that person declared bankruptcy but they were 4 mins late & property was already sold. House is vacant to my knowledge but I still need to get lock smith to get it re-keyed. They also gave my phone number for bankruptcy lawyer that other party is dealing with but I feel like, I really don't want to get involved in this?

- Do I need to do anything before I take possession of the property?

- Do I need to go to foreclosure court for any reason, I don't see it why? 

Any help would be great.  TIA. 

I appreciate it. I guess it may be common in Texas but I am not desperate, I will wait for the right deal. 

@John Woodrich, @Thomas S. @Jordan Moorhead @Bjorn Ahlblad, @Jerimy Justice Thank you all for reply & courage. 

Here is another one at you guys.

Duplex property In fort worth, TX

Asking $ 225,000

ARV $ 205,000

Year 2006

SQFT 2226

Both side occupied $ 1250 Each(Section 8 tenants for 3+ years) 

Owner only want to do owner financing only for 5 years @ 10% with 20% down. I offered all cash, he doesn't want to do it due to Tax issues. How would you guys able to tackle this? Is this even worth it too look? 

Been on market for ever Since may 2018. Actually he bought it for $171000 in May & listed 2 days later for $ 225, 000. 

TIA.