All Forum Posts by: Lee Fahy

Great observations, I'm not sure where she is on the path toward foreclosure. She'll have to give the specifics for the amounts owed so I can structure this properly, C4D may not even work if the amount owed is out of my cash reach. 

Maybe it would be a better move to just buy the property outright and rent back to her, that way it's a more straight forward transaction. 

I have a duplex in south Minneapolis with an owner that's in a bind, she's elderly and not able to care for the property in the manner she would like.

- She has no money 

- main unit was trashed (not sure how bad) so she can't rent it

- Social security is $700 a month

- doesn't want to move 

- heading to foreclosure

I spoke to her about possibly buying the place and figuring a way where she would not have to move and I would care for the property. I have a contract for deed on another property so this isn't my first rodeo but I'm not sure how to structure this. My thought was:

- Buy the duplex on a contract for deed (10% down) and the monthly payment is discounted from her rent? Example: rent is $1000 a month and the contract for deed payment is $950 a month, her monthly rent due would be $50 a month. 

Any thoughts or recommendations would be greatly appreciated. 

I think you better concentrate on finding a rental that will accept a pitbull and two cats. That in itself is going to be a tough task, nobody in their right mind is going to take a pitbull with a history of cat murder.

Seller financing isn’t going to happen, they don’t need to. The market is so competitive for multi family right now they can just ask for crazy money and they get it.

@Tim Swierczek; he'll get you squared away

@Michael Noto, I agree the long term return outweighs the short term payment if I can get more deals.

I appreciate the feedback everyone. Thank you!

@Lori Greene I agree, the question is how much? I’ve bought two prior houses from her in the past three years.

@Charlie MacPherson that’s a great point, I feel like she text me with a deal however it wasn’t her who made it THE deal and she wouldn’t be doing any of the paperwork or closing, negotiating and so on. So how much is the text worth? I’m honestly asking because I’m not sure.

@Charlie MacPherson realtor text me a deal, I declined on the deal based on the quoted price. I investigated further and was quoted a different price.

I have no issue paying for services rendered but a random text doesn’t fit that criteria to a tee.

@Ned Carey thank you Ned! I appreciate the information.

Situation:

I have a realtor who I've worked with on several deals in the past and she text me an opportunity to buy a 16 unit apartment building. I do not have a buyers contract with her and she does not have any investor/investment experience or knowledge. The deal she described was out of my range and I decided to pass on the spot. 

Weeks go by and I decide to off-hand call the owner and leave a message to give me a call. He indicates an entirely difference price that he needs to be done with the building and this price is in my realm. I go see the building and he says he's dealing with a realtor but the relationship was coming to a close and the price he quoted me was without realtor commissions.

1) Being I do not have a buyers contract in place with the realtor who text me the information am I under any obligation to her in this deal?

2) As an apartment building and commercial deal how long after the seller's obligation is over to his realtor does he have to wait to sell the building to me?

The deal is a COD with mutually beneficial T's and C's but this only holds if the commissions are not involved. Any help would be greatly appreciated.