All Forum Posts by: Account Closed

I actually purchased this and I am pretty psyched about it. It does not involve the sub2 or anything illegal. It's a clever way to allow you to get paid to get out of the way so the short sale can go A to C if the lenders require the 30-60-90 day hold. I am a investor and broker in NJ and I plan to put this program to action as the B buyer/investor. If you want to try it, do some research first; it may not be for everybody but I believe for me it was a worthwhile investment. Just my two cents. :)

Yes I agree w you all. There is just too much liability to mix the two. I have not heard about the series LLC. Thanks for the heads up.

I have just completed my real estate broker course and am waiting to take the state exam. I already setup an LLC a couple of years ago to buy and flip properties. If I do set up my own real estate brokerage office as opposed to working with a non-licensed partner, will it be ok to use my existing LLC to buy sell and broker properties, or do you recommend setting up a new separate LLC? Thanks in advance for your suggestions.

The house was on the market for over 6 months and had two rejected offers before I came along. After I made an all cash offer to close in 45 days and got the seller to sign the contract I aggressively marketed the property, and there had been some interest but no offer that meets my price. I was looking to assign the contract and make a quick buck, but if I have to close on it I will need to sell at a price close to where the seller left off when the listing expired. It does not make any sense for me to close on a property only to lose money after paying the closing/attorney costs twice, plus transactional funding fees and the taxes at the higher sale price to the end buyer, plus realtor commission if the buyer came from the MLS. I may have to walk away if seller would not agree to extend the closing and especially the assignment part. The seller and the attorney are fully aware that I plan to flip and resell for a profit, only the attorney is insisting that I close first, then resell to whoever I want.

This is an estate sale. The attorney likely is more general practice than real estate specialist. He even told the seller "if the buyer's paying cash why can't we close in two weeks, instead of 45 days?" Jerk.

In NJ there is a 3-day right of recission period for standard real estate contracts. I'm using my own which didn't give the 3-day. Although I wouldn't have objected if they did want to take the 3 days. The seller's attorney got back to me over a week after signing, and on top of that I haven't much luck getting a buyer and I'm running out of time before I'm supposed to close on this deal.

Come to think of it I don't even know if the seller is aware of what the attorney is asking for. If the seller still wants to proceed, would I tell the attorney to get lost? At this point I would most certainly need to push back the closing date which would probably mean needing a new contract.

To correct my original posting, I put down "AND/OR assigns" and there was a separate line that says this contract is assignable.

Hi Thomas. Where in NJ are you? I'm in northern NJ and my investor group uses Metropolitan Title & Abstract in Rutherford. Real estate attorney we use are Christopher Goodson in Montclair and Peter Caplan in Verona. Google these names for their contact info. Good luck!

I'm working on wholesaling this property, where I put down my LLC "and assigns" as the buyer. Seller and I both signed and the contract was forwarded to her attorney. The seller's attorney wrote back changing some languaages in the contract, but specifically indicated that the contract will NOT be assigned and that my LLC must close on the property.

Would this constitute a counter-offer? I can't accept the changes if I can't assign the contract--it wouldn't be wholesaling right? If I refuse to accept does this mean I have to get the seller to sign a new contract or can I proceed with the original contract as long as the seller is willing? Or should I just walk away from the deal?

I tried Joomla before switching to Wordpress. That was three years ago. Now I do everything exclusively in Wordpress. It's just more popular and easier to use. You have more free or low-cost resources such as themes and plugins available to expand your site features infinitely. Wordpress 3.1 with the multi-site capability absolutely is a must for setting up your own single-property web sites. You will find lots of real estate gurus out there are using Wordpress to set up their sites too. Just be aware that your hosting company must be able to support the demands Wordpress puts on the system. A few years ago I had to switch from GoDaddy to another host because GoDaddy shared hosting came to a standstill with Wordpress sites. Now GoDaddy actually offer Wordpress hosting so it's worth checking out.

I bought a single family rental property in York PA last year. In October the original property management company "changed their business focus" and switched me over to another company. The new company has been lackadaisical and I'm not entirely confident they're doing a good job. For starters, the tenant stopped paying rent in November but I just found out in February, in addition the place is trashed and now requires about $5500 in repairs and makeready. After I responded by requesting two additional bids they came back with $2500 in repairs estimates.

Is there anyone in PA who can recommend a decent property management company in the area?

Thanks in advance.

I'm in NJ so this may not be helpful, but before you sign any agreement to list even Flat fee, why not just ask them for a copy of all the paperwork? In NJ no MLS will allow you to list without filling out their listing agreement, and every MLS has a different form. Most MLS listing agreement has language about agency relationship, compensation, dates the agreement begins and expires, and most importantly how many days after the listing expires can you still owe the broker a fee in case someone tries to go around the broker. Many Flat Fee brokers also add additional agreements to protect themselves. My brokerage offers flat fee and our agreement is 2 pages long. I met an investor who used one of our competitors and their agreement is 29 pages long plus they charge for every little change or extras. You should find out what the paperwork is and what exactly they will do for you for the flat fee before signing on. Good luck!