All Forum Posts by: Jason R.

@Alex Aguilar For the 10 page GLVAR contract that Realtors use here in town, you are correct. For buyer name, just have them put your name or your entity's name followed by "and/or assigns." For example if you have an LLC named Alex A LLC then the buyer name on the contract would be "Alex A LLC and/or assigns"

This is based on personal experience, but I'm not an attorney and this is not legal advice so if you have any legal questions just make sure to always check with a legal professional.

@Eloisa Gil Villafuerte @Travis Shelton I've read them and believe I understand just about everything. There are a couple parts where they refer to the city code like fire-related items that I didn't dive into but I think I'm up to speed on everything. What are the different interpretations you are finding that aren't clear?

Thanks @Ross Denman

Any recommendations for an investor-friendly agent in Indianapolis?

@Erik Schneider It can definitely be intimidating but we know that everyone has to start somewhere. There are plenty of markets where you can get much more favorable margins from wholesalers but I know that doesn't help much for people who are living in Vegas and want to make it happen here. 

My personal thoughts for newer investors that want to begin flipping in Vegas are that they need to go out and source their own deals. Talk to neighbors in areas that are ripe for flipping to see who in the neighborhood might be good prospects, buy lists to door knock and call and mail, find a hungry agent that will submit lots of offers on your behalf. The best deals starting off typically come from relentless efforts. In order to obtain favorable margins, it takes work but it pays off when all those efforts lead to tens of thousands in profit from a single deal. Then those profits can make it much easier to find the next deal since a lot of the efforts can be outsourced. 

It's wonderful when the hustle keeps snowballing positively but most people underestimate the initial efforts needed to get there and/or are unwilling to be tenacious enough.

@Jason Vo I've only gone through the process in Vegas which, as previously mentioned, is quite different than TX. If the bank tried to foreclose on us, we would have an attorney block it and were 100% successful with that, but this is because at that time there was a valid argument that we had a legit interest in the property. You wouldn't have that same argument but you could likely get an attorney to submit some sort of reason to argue your interest so that you could delay the foreclosure long enough past that 180 day mark. It sounds like you're asking around for attorneys so hopefully you can find one pretty quick that can help you out

@Alvin Goo I agree that you can't rely on appreciation but it certainly helps the ROI when you do get it. One thing that goes along with this is buying properties at discounts to have instant equity. The issue is that since it's such a strong seller's market, it's very difficult to get any meaningful discount when purchasing properties from the MLS. If you are interested in some off-market deals that don't ever see the MLS, please feel free to reach out as that is my specialty

@Jayson Manuel You might consider selling on terms so that the "tenant-buyers" would have to put a significant amount down and be responsible for all property expenses (from maintenance to taxes & HOA dues). This would allow you to both cashflow and not have to deal with any of the typical tenant headache calls. Plus, they are much more likely to treat the property as their home so it shouldn't be as bad if you have to take it back.

If they don't pay their monthly obligation to you they forfeit the deposit and you can evict them. You just have to structure it properly so that all of these terms are legal. I would certainly recommend verifying that they can afford the monthly payments as you do want them to purchase the property as soon as they can qualify for financing; you're just safeguarded in case they don't end up purchasing.

https://www.reviewjournal.com/business/nevada-supr...

Very interesting as I was very skeptical of the properties that were federally insured. I didn't even think a ruling would be made anytime soon regarding the pre-emption.

"The primary issue was whether state law was pre-empted by federal law when a mortgage is FHA-insured. But the pre-emption doctrine "does not apply in these circumstances" because the FHA insurance program "specifically contemplates" that lenders may be subject to higher-priority liens, Justice Lidia Stiglich wrote."

@Cory DeGuzman Just wanted to add a note, not to deter you, but just so you're aware. With the market already being so competitive amongst buyers, it's important to be aware that DPA is something that can make a buyer appear less favorable than other buyers. If I were a seller and I had two offers that were the same, but one was using DPA, I would choose the other. DPA transactions are more likely to get delayed due to the additional steps that lenders must go through and the waiting times for approvals and such. This doesn't mean that the potential negatives can't be overcome, but it just means that you really need a solid lender and agent on your side that are familiar and experienced with DPA. Not all listing agents will advise their clients properly, but many will know the potential downsides with offers from buyers using DPA.