All Forum Posts by: Julian Linton

Thanks Brian, on me the contact info for both when you get a chance

Im looking for a RE attorney in Brooklyn to handle the seller side of the transaction. The owner of the property lives in Florida but the house is in Brooklyn NYC. Any recommendation?

Good idea to get a warranty deed Instead of a quit deed

Hi guys, I have a motivated seller who owes $80k loan on the property. He wants 30k cash so total purchase price $110k. The arv with about 20k in repair cost is about $155-160k. I have 11 townhouse units similar to this one so I'm confident of the arv/retail price. Renovation should be less than 30 days and the property should be under contract within 5-10 days based on the market (very hot). Option 1. Seller quit deed to my LLC and I'll repair and resell for $155-160k then pay off mortgage at sale. I'll be out 30k+20k repair cost. Option 2. Keep property in sellers name and do a option to purchase for $110k giving me rights to make repairs and upgrades. Then I can list property on Mls, then assign the contract to the new buyer. I'll then pay seller $30k, payoff note of $80k and keep the difference. Option 3. Something better than what I posted above. I have lots of experience flipping and even buying and hold, but I'm trying to spend the least amount of CASH to make this deal happen.

Hi guys. I had a similar situation. Purchase for $52k two months ago spent 70k in rehab and house appraised for $225k. I'm in south Florida. Luckily I accepted a cash offer from an investment group. I had no idea it would've been a problem to sell to regular FHA or conventional buyers because of the short time and price increase.