All Forum Posts by: Damien Hall

Anybody have any dealings with assigned contracts? What are some potential pitfalls of assignments? Is there anything I need to watch out for? :shake:

I have a property that someone as an assignment on. I viewed the property and minimal work will have to be done on it. It looks like it's a good deal, but wanted to understand more about assignments. The assignor said that the ultimate contract will be with him and the seller. That doesn't make since. I figured that once he gets his upfront fee then he will leave the deal and it will be between me and the seller.

Thanks for the info! The comps are for owner occupied properties. The tenants are long term tenants that want to stay once the property is sold.

What do you think about the idea of selling it to the current tenants? They may be willing to buy. I could make minor repairs and that may be good enough for them.

I have an investor selling a house for $210K. The house has a tenant that pays $1,500/mo. The comps in the area range from $275K - $330K. I was going to finanace with hard money lender with 75% LTV and 6 mo terms. The plan is to do minimal repairs as a tenant already lives there and flip the house by the 6 mo deadline.

Does this sound like a good deal? Any thoughts would be helpful!

Thanks a lot guys. I was thinking about Quickbooks since I am familiar with it. I was hesitant because I wasn't sure if it accommodated to the real estate industry as far as investing is concerned. I'll look into it again. My company is small and just starting out. Have you heard anything about Timberline or MRI? I just want a system with a good G/L and can also provide forecasting and job costing for various projects.

Wanted to know if anyone knows a good, affordable accounting software for a REI company.

I would like a copy of the worksheet as well. Thx! [email protected]