All Forum Posts by: Willis Seng

How would we show proof that the signatures wernt my parents? Is there a way to do that?

Ok.. well, my parents originally wanted to sell a commercial property. They signed a contract agreeing to close on may 31, 2007. May 31st has passed. My parents decided to tell the broker that they will think about it. So they thought and thought and thought. Broker was at the same time being very pushy to close. So my parents were like.... ok, lets say august 6th, verbally. The broker writes august 6th on the new contract WITHOUT any signatures, so it is ineffective until they sign. The contract was not shown to us until we went to the title company to ask for the contract. There, we found out that both of my parents signature was on it. BOTH said they did not sign it and was clearly not their hand writing. My parents got pissed and decided to not sell now. Broker AND buyer gets pissed are going to sue us for expenses and damages (loss of wages). Broker does not know that we recieved a copy of the contract. They said we were the ones to delay the closing, which was true, and they thought we were going to sell. So... my parents are going to a lawyer to talk about the signatures they never signed. Should we just show the forged signatures to the broker and tell him that we can sue him and put him in jail to avoid the lawsuits? Need help quick guys, closing is on monday, aug 6th, if nothings done.

If the purchase price of the place was 185,000 and the rent was 3700, I think there would be positive cashflow. Lets say the mortgage was 1500/mo ($1411.86 to be exact according to the calculator). Expenses should be 50% if im correct. So, to breakeven, the rent should be 3000, but if your getting 3700, you should have 700 positive cash flow right?

It seems like almost every investment property listed on this site is a good investment property. The latest one listed is a 4 plex for 149,900. Each unit rents for 1700 if i remember correctly. So... 4 units times 1700 is 6,800 which should cover a few months of mortgage and expenses am I right? If im doing my math right, wouldnt this be a great investment property? Maybe the neighborhood isnt great or maybe building is old. But 6,800/mo. minus expenses is gonna be crazy cashflow. It seems like every investment property listed is a great one. I think im doing something wrong here. I dont want to make the mistake of jumping into a property too quickly. Can someone enlighten me here?

well... the land is worth 400k. The offer was unsolicit. We did not list it with a broker or anything. My dad, being a motivated seller, signed a closing agreement which was effective until may 31. It has expired and is ineffective. They are having second thoughts about selling to their first offer. The area is pretty old, but the city is doing new projects in the area to modernize it up. They just had 4 modern condos go up and a set of townhomes.

what do you think an investor should do? and how long do you think this will last?

I was reading USA today and I read that there was a 70% drop in first time buyers. They said that less people are buying and more people are moving in with friends and family. According to this statistic, prices are going to appreciate alot slower. What do you guys think about this?

Ok, well... I have a liquor store and someone offered me $890,000 with inventory and everything. An unsolicit offer. I also had another broker that said that he could sell the business ONLY for $500,000 which I can possibly rent out for $4,500/mo. But heres the catch, he's charging 10% if he could find a buyer thats willing to pay full price. Do you guys think thats kinda much for a commission? Im trying tell the buyers to give me some time because theyre being kinda pushy. Just curious, what would you guys do? Sell property for 890k or sell business for 500k and get 4500/mo rent?

Ok well, heres my plan. First of all, I want to do rehabs for capital build-up. Maybe 2 rehabs a year for a couple of years. I will save all the money I save from profits and then reinvest it to a decent sized apartment. Should I start of with an apartment or should I invest in a few rental single family house first to get a feel for tenants? I really want to build wealth as quick as possible which is why I want an apartment ASAP. After I purchase an apartment or a few single family houses, I will go back into rehab until I have enough for another set of rentals. Any suggestions? Thanks

Ok, well... I have a liquor store and someone offered me $890,000 with inventory and everything. I also had another broker that said that he could sell the business ONLY for $500,000 which I can possibly rent out for $4,500/mo. But heres the catch, he's charging 10% if he could find a buyer thats willing to pay full price. Do you guys think thats kinda much for a commission? Im trying tell the buyers to give me some time because theyre being kinda pushy. Just curious, what would you guys do?