All Forum Posts by: Jimmy Ho

@Gurjeet Brar I have to tell you that condo in Modesto is not your best choice because I've rentals in Modesto and all the renters want to move to SFR. If you can find a 3/2 but ideal is 4/2 SFR in Modesto you can also cash flow. I would recommend you look in an A class area like zip code 95355 because that zip code has the best school system in the area and also it's the safest in Modesto. Good luck with your hunting.

I'm very interested if you need a partner. Let me know.

Hi everyone,

I've purchased a vacant land from a retired lady. I purchased the property a while back roughly 6 months ago for a fair price. The seller lawyer had sent me (2) letters claiming that I took the property wrongfully, and the property was worth a lot more than what I had purchased the property for. 

1st Letter: 

Stating that "...the seller did not fully understand the transaction, and it was not her intention to transfer title..." and since she couldn't drive; I drove 100 miles to go to her place and pick her up, so she can go to a notary place to sign the grant deed. The lawyer also accused me for "...pursue your very unprofessional, illicit and bad faith conduct in obtaining title." The lawyer claiming the seller wanted the property back and she will pay the full amount that I have paid for, along with the delinquent tax that I had paid. If I don't ...they will take it to court.

2nd Letter: The lawyer told me that they had obtained the appraised value of the property at the time of purchased. The seller want the full amount of the purchased price to be the appraised value or else they are going to file court action. The lawyer also wants me to give him the purchased agreement that the seller had signed additionally with the grant deed (I do have that agreement in-which both parties had signed and had gave the seller a copy already at the time.) He wanted to see the purchased agreement and I refused to give it to him. He stated "I do not understand your reluctance to do that, if such an agreement exists". Stating that they will request a judgement against me not only the value of the property, but also for HER ATTORNEYS FEES.

Questions:

1. What should I do? I'm the owner for the property.

2. Do I have to response to his letter?

3. Do I have to provide anything that their attorney ask for?

4. What rights do they have?

5. What rights do I have?

Thanks, 

Jimmy

P.S: Sorry for the lengthy information.

@Charlie Fitzgerald

Thank you for the tip.

@Steve Haight

I did not use tittle insurance when I purchased the property. I used agentpro247 to get the property report and when I'm about to purchase the property I went to the county recorder and pull all the recorded deed. I was thinking about using old republic tittle company what do you think First American vs. Old Republic? The buyer is going to purchase all cash so they wanted to used lawyer but I told them the tittle company is much cheaper and more efficient. Do you know the fee for FATCO to sell the land? 

Best regards,

Jimmy Ho

Hello everyone,

This is the first time I'm selling a vacant land that's close to $50k. I've been able to purchased a lot of vacant land using direct mail and now I'm running out of capital and it's time for me to sell. I have a buyer that want to buy my land and I don't know how to proceed, when I purchased land the seller and myself went to a notary officer to transfer the deed and as well as signed the contract agreement.

This is the first time I'm selling my land for more than $10k. I need help on how to make it safe for both sides. Should I go to a lawyer to make the transaction or should I go to the tittle company? If I do go the the tittle company I need to create an escrow account? Does anyone know how much is the fee for an escrow thats <$50k transaction? Is there anything that I should learn before I'm selling it?

Best regards,

Jimmy Ho

Wow I wish if it's on Friday that would be awesome because I don't mind driving up there but going to work the next day is not so fun. 

@Mike T. Do you use docusign for the first initial purchasing contract than follow with a packet?

Thank you @Mike T. I'll definitely going to give the county a call. Can you share with me how would you create a purchasing contract that's 25% down and 75% after deed was recorded? 

@Jay Hinrichs Thanks for the encouragement Jay! I'm planning to go to the title company tomorrow but do you recommend online title company or reputable title company like old republic? This land purchase is less than 5k. Thanks in adv!

Hi BP members!

After reading and listening to numerous posts I've finally decided to pull a trigger on direct mail. After reading I've decided to go with yellow postcard and it was a huge success. My target are people that owe property tax on their vacant land. Couple weeks ago I sent out a list consist of 250 people and I had received 30+ calls back. There were a lot of people wanting an arm and a leg for their vacant land. 

Out of 30+ returned call I had finally found a needle in a hay stack, the seller whom returned my called was the daughter of the title holder which who had passed away 2 years ago. She doesn't want to pay the property taxes and did not want to jump to any hoops of transferring the property to her name even though the father had left a will letting her make all the executive decision of any properties he own. I had told her I'll figured things out and send all the necessary paperworks so she doesn't have to do anything except to go to the notary and sign the paperworks.

This is the first time doing any deal and I can not let this deal passed because the price we had agreed on is too good compare to comps around the area! I had went to title company to make sure the title is clean and free of lien. Called the county to make sure the parcel is good to built on and there's no problem with planning department. I had also asked her to send me the "will" so I want to make sure it's legit before I proceed.

I'm going to fill everything out and give her to sign at notary place:

_ Affidavit of death

_ Grant deed

_ Preliminary transfer of ownership

_ Purchasing contract

Please let me know what else would I need to give me, much appreciated!