All Forum Posts by: Brian Midden

When you all fill out an assignment contract how do you input your assignment fee? Do you input your fee on the contract or do you put your fee with the purchase price on the assignment?

For example: If you purchased the property for 50k and assigned it for 5k. Would you put 5k or 55k on your assignment contract as a fee.

I have always put what my assignment fee is (5k). But i have had a couple buyers in the past request the assignment to have the total of the purchase price and assignment fee (55k)

What do you all do?

Anyone have an recommended books for learning how to invest in probate?

@Dan Bryskin

Yeah I plan on talking to a lawyer I just wanted to get an idea if it was possible or not.

I figure the best route would be to get a copy of the lease and send it to my attorney.

I spoke with a seller today and they are pretty motivated to sell their rental they have. The home currently has a tenant in it and the tenant is under a lease option.

If I abide by the terms of the lease, am I allowed to purchase the property from the seller? 

• (if the tenant decides they want to buy the property a couple months later and I abide by the terms and sell them the property)

Now here is where it gets a little sticky. The seller said the tenant has lived in the property for about 4-5 years and doesn't think they are ever going to purchase (i would say you're probably right miss seller). I asked when the lease term ended  and she said that they didn't think there was an end date. I didn't dive into great detail but to me it doesn't seem like the contract between tenant and seller is a legally binding one, but I am not sure. 

If i can purchase from the seller what are some things I need to be sure of in the purchase and sale agreement?

Any insight on this would be great

I was curious as how everyone tells a seller they want to make the contract assignable? What verbiage do you use to the seller?

I have had a little bit of an issue getting sellers to agree with this.

perfect. Thank you @Kenneth Garrett

@Kenneth Garrett thank you that was helpful!

Now let’s say it’s not a legal addition and there is no way to make it compliant (not sure if that’s a thing) is there any issues with that? Or can I just not include it in the square footage?

Sorry if I sound like an idiot. Still trying to learn

Hi everyone,

I have a pretty rookie question here. But how do you know if an addition is permitted or not?

If not, how do you go about that situation? What exactly does it mean? What things should I be concerned about? Does this affect buying or selling the home?

I know very little about this so any information will be great!

@Mayra Perez

Are you needing the hard money to fund it while you fix it up? If so, then I would call some hard money lenders and get rates and then calculate your cost. Then you can do the BRRRR method.

But the risk with hard money is that it’s expensive. But the risk without hard money is losing the deal.

@James Wise yeah that's what I am concerned about, Missouri is one of those states that  requires a license. But that is a good idea on paying them for the labor of "driving to look for homes."