All Forum Posts by: Jason Hitchcox

Thank you all so much. I feel much better about these addendums after receiving your comments.
My only remaining reservation is with sections 3 and 5, where it states that buyer will apply for a $1001 loan, but this is a cash deal. So I'll be asking them for clarification. Thanks again.

Has anyone else dealt with these BofA addendums when purchasing a REO from BofA?

We've been counter-offering back and forth for almost 2 weeks and finally have agreement, but before the deal formally goes under contract BofA wants me to sign-off on 21 pages worth of addendums:
- a 17-page Real Estate Purchase addendum
- a 1-page Buyer's Acknowledgement and Disclosure
- a 2-page Water Damage, Toxic Mold & Environmental Disclosure, Release and Indemnification Agreement
- and a 1-page Lead-Based Paint and Lead-Based Paint Hazards Disclosure, Acknowledgement and Disclosure.

I've skimmed through it and it appears to be a lot of CYA type stuff, like there's not property condition disclosure, its being sold "as-is", buyer won't hold BofA accountable if problems with property arise at a later date, etc. (I'll be looking through it more carefully before I consider signing and returning).

Has anyone else encountered this?
Any recommendations how I should proceed?

Johann Jells - very nice post and great pics! I love the oak, black and midtone tile scheme kitchen.

Jason

For a new REI business account (LLC), is there an advantage of setting up your business account with a large national bank, or a small state bank, or a federal credit union?
I've already read to avoid BofA. Are there others that should be avoided?
Any specific recommendations (by name) for a good financial institution to use?

Wow... pardon my extacy... BP is awesome: a mind boggling question, fully answered in 10 minutes time, and answered by an expert... did I mention that BP is awesome?

Hey ya'll from Columbia, SC. I am sooo grateful for BP, you have no idea... but I'll try to express.

First, a bit about myself. My real name is Jason Hitchcox and I am 47 years young. I am a South Carolina resident of 12 years and love it. Originally from Lafayette, Indiana, I am a Purdue grad, although a late bloomer. I spent a 4 year term in the Air Force immediately after high school and then worked 5 years in a factory job before I wised up and went to college, graduating in 1994. Since then I've worked as an electrical engineer for the past 18 years at a number of different companies. I finally had enough of desk jobs and the corporate world, and an opportunity to do something different arose, so I jumped. November 2012 I quite my engineering career to start my REI career and started my own business.

The reason that I chose REI as my new career is because I have experience in home repair/rehab going all the way back to when I was about 16 years old, and on-and-off through the years; it is something that I greatly enjoy and I wanted to do it full-time. Nonetheless, this is a big leap of faith for me because I am a newbie to the REI and business world, and I really need ya'll's help!

About 10 years ago I became a real estate agent on the side, but quickly realized that part-time effort wouldn't allow success, so that didn't last very long - I didn't do a single deal.

I look forward to the rehab work and doing as much of it myself as possible. My initial goal is to acquire enough various rental properties for passive income that it replaces the income I was making as an engineer. I am in the process of counter-offering in my first deal in Columbia, SC - I presently live in Union, SC but I am planning to move back to Columbia this year, which is why I am focusing REI upon the Columbia area.

It is all of the "business stuff" that has me a bit bewildered. Also all the active income strategies that I've been hearing about is pretty scary to me. I am smart enough to know that my biggest problem is a lack of knowledge, which is why I am so happy to have found BP. I need your help, I want to learn and I am very humble, so you will not offend me with anything.

I attended a Fortune Builders "Insider's Summit" 3-day seminar last weekend and I was almost convinced to join their Mastery program, but $25k was just way too steep, especially considering my thoughts of their "flip this house" shows, but my ignorance of the business-end of REI had me seriously considering them. During my researching them on the internet I stumbled across BP and I am sooo thankful to be here among so much experience and so many experts