All Forum Posts by: Guy M.

"Wealthy People Dont Own Anything. They Control Everything"

How many sq. ft are each of the units in this property?

My response was:

"Thank you for the prompt response. I feel like this is something we can come to a mutually beneficial agreement upon. Did you have a counter to our offer?"

Hopefully she suggests something close to what I am willing to go up to. If she flat out says no and thanks for your time. Then I'll give her best and highest. I don't have anything to lose at that point. 

I'm curious about the 585 potential rent. I did some quick searching and the highest 1bedroom I could find was $550 for an 1100 sq. ft 1bed/bath unit. There are plenty of 2 bedroom units for the low $600's, some even $550.  How are you arriving at the $585 potential rent?

Contract Assignment and consent

Is not even necessary in Mo, saying you don't need consent is redundant to the law and points out that you're probably going to assign it which may contradict what you let a seller believe, that I don't know, but most seem to not be upfront. Even being upfront, it's unnecessary to mention it.

The second sentence is the same issue, it's already the law, unnecessary, redundant and shows that the contract was not likely drafted by legal counsel.

Every time investors want to play attorney, trying to save a few bucks, they end up saying things that are not necessary, things that can be questioned, things that may not be clearly stated, things that skew the fairness applicable to a transaction. Writing contracts goes deeper than just writing down understandings, it shows intent, practice, knowledge of legal aspects that are often best left alone so they may be debated or simply cured by custom or law.

In Mo. or in fact any state unless intent to assign was required to be disclosed I would make it a contract issue at all, and in all states if I were the initial buyer, I will have contract responsibilities to the seller, regardless of any assignment unless that seller agrees to release me of liabilities and agrees to contract with the new buyer/assignee.

Don't dream up your own stuff when usual and customary already addresses what you want to happen. :)    

@Guy M.

Go to FilePlace , contracts, and then organize by clicking on downloads.  There will be many different purchase contracts.  You can take your pick and download the one you like best and customize it how you like.  That is what we have done with the contracts we use.