All Forum Posts by: Kevin Barker

I can get past the profit because it is still a deal, but i just do not like him hiding a fee from his seller. Also the HML stated they would not do the deal because everything should be on the HUD.

Thanks for all the advice!! This is what i love about BP, you ask a simple question and you get all this great feedback from seasoned investors. I would like to provide an update though. This was a property i was looking to purchase with a HML as a flip. Come to find out it was being sold by a wholesaler who had been working with the seller for over a year. When i ask for the assignment contract it proposed an assignment fee which would be on the HUD and a marketing fee outside of closing that i would pay. THis way for him the seller did not see his big profits. THe assignment fee was close to 3k and the marketing fee to be paid by me outside of closing was close to 13k!! Wow nice profits. Anyway when i sent over to HML he obviously stated they would not do a deal where all disbursements were not on HUD. I did not agree with wholesalers practices either so i decided to walk. NOt to mention the uncertainties of a tenant who had 8 months left on the lease

Thanks for the info! I will ask to take a look at the lease during my due diligence and speak to the tenants.

I have a property i am considering purchasing to do a renovation but the property has a lease agreement until June of 2013. I had heard that a landlord can give 60 days notice at any point and can take back possession of a property. Is this correct?

There are plenty of seasoned investors or real estate attorneys here that could comment on what they may have done in the past.

I have a cheap house i want to sale to an individual AS-IS, but do not want to spend the money to have an attorney draw up a contract and do a closing. If i am not mistaken, i can just Quit Claim Deed the property to the individual and sign a simple sales contract correct? Is there anything i am missing or be concerned with?

Thanks

Thanks for the insight i forgot about that stipulation. Do you know that Freddie MAc deed restrictions are the same as Fannie though?

I know that Fannie Mae has the 90 Day deed restriction, but was not sure if Freddie Mac's restriction is exactly the same as Fannie? Also this potential flip opportunity is being sold by a wholesaler. When i asked would he be assigning the contract he said no and he would be double closing. Im confused because he also mentioned the deed restriction, so i thought he would not be able to double close???

Thanks for the info everyone. I went back over to the house to serve a 3 day notice and house was vacant with door wide open!! I guess they thought the house needed airing out. LOL! Anyway now that the tenant is gone i am trying to decide whether to go after my $500. Not sure how long this process would take and what real bearing a court decision would have for some that cannot afford to make a payment?? Any advice?

Thanks for the info. Jay i know you have flipped a lot of property here in ATL. What is the closest you have had a closing to the 90th day? Just curious.