All Forum Posts by: Brandon Gadish

If you have a relationship with a title company, they will likely run a preliminary title report for you for free. it wont insure the title, but you will have a real good idea of what is encumbering the title.

You are welcome Ben. On the forms issue, I would recommend just having a Real Estate Attorney draft an assignment form for you for the state you are in. Generally if you are dealing with an attorney that is proficient in real estate, they will probably have one already drafted, and will likely only charge Less than $200. Plus for that fee you will probably get an hour or so of advice on any other questions you have specific to your state.

I have used more generic forms before, but once I got the ones specific to the type of investing I was doing, I felt a lot better about it.

On this particular property, I live in the same city, full market value of the property is in the $320,000 range. I generally work directly with the listing agent on these types of deals, however in this deal I wound up with another agent in the same office as the listing agent. Because I'm not a realtor, I'm just interested in knowing if the listing agent will generally have a greater likelyhood of successfully negotiating a GOOD deal versus any other agent considering they are already in direct contact with the seller which happens to be the bank in this case.

On your second question; If you are assigning a contract, let the asignee work out the details of where they want to close the deal. Unless you plan on getting paid your fee out of escrow, there is no need to even find a title and escrow company. You can do it with a one page assignment in most cases. For example you complete the assignment form, collect the cash and turn it over to the buyers. They will find a title company to colse the deal.

If however you are establishing an escrow account in order to facilitate the transaction, I personally like to use the same one over and over. Once you establish a relationship with a title and escrow company there are some nice things that you can get from them. For example if you just need a preliminary title report for a property you are looking at, generally a title company will charge you a fee for it if you are a one time customer. On the other hand if you have used them before and continue to bring them business, they will likely run those for you for free.

When purchasing an REO property, have you had more success getting a better price by working directly with the agent that listed the property with the bank, or do you feel that the negotiation is equivalent regardless of which realtor you use?

Alex/Jon,

Thanks for clarifying. The way I read that sounded like you were making $2500 after all expenses. Good luck!

Regards,
Brandon Gadish

Hi Alex,

I'm just interested in why you would want to sell a $150000 property that cash flows $2500 per month? That sounds like a gold mine. Simple math has it payed off in roughly 60 months if you pay down a $150000 loan with money this property cash flows.

Regards,
Brandon Gadish

Hi Vik,

What is your strategy for the property? Long Term hold, fix and flip, lease option, etc. It will probably make a difference on if it is a worthwhile investment for you.

Regards,
Brandon Gadish
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I figured, and yes i do have liability protection of my own. It was advice from an insurance agent, but I was skeptical that it would protect me from a liability perspective.

I have never required renters to obtain renter's inturance, but recently it was suggested that I require them to obtain it for my own liability protection. My first thought is if someone is injured on my property they will likely come after the owner, and not the renter, but does anyone have any experiences with this?

Brandon Gadish
Landlord Technology LLC