All Forum Posts by: Maggie Nickerson

Thanks For the tip Ed, the toughest part for me is to walk away, I'm very tenacious and persistent  I need to learn to take the emotional equation out of my  Negotiations 

Thanks Brian, if owner becomes the bank will the owner remain on title/deed as lien holder?  

I have a few other deals to be had, I just need a seasoned investor to guide me along the way, I am not up to speed on all the creative purchasing strategies and what solution best suits each deal, as you well know each purchase has their own unique strategy. Do you, or do you know of any Investor that offers strategic advise and what would this type of advise cost?

Hello fellow BP's ,   I believe that my brain is on information overload and I cannot seem to figure out the best strategy for a purchasing situation that has recently Been presented to me.  

Scenario : my real estate agent presented me with a property that has been on the market 328 days recently the spouse has passed away and the gentleman just wants to sell his house that he owns free and clear. I presented him with a lease purchase offer and he was open to the idea however the seller wanted 50K deposit , so I did not counter and walked away. 90 days has passed since and still no offers on the house. This is a beautiful piece of property 6 acres waterfront boat dock main house guest house three-car garage shop beautiful gardens ARV is $879 he has it listed for $975 needs updating house was built 1986 , repairs 30 K.

 I would like to come up with a win win financial strategy, he wants to sell the house I would like to purchase the house, do the repairs and flip it in 3-5 years. I plan on making the main house my primary residence and renting out the 2 bdrm apt. 

I would like to take title as I am spending my money for the repairs, and be able to sell for a profit in a few years.

My thought was  to offer to purchase the house on a land contract,or lease purchase with 3 year differed payments, so that I am paying interest only, I would be allowed to upgrade and renovate the property, take title of the property, after the 3 year term I could sell and split the profit with original seller, or keep property and extend the term or..... I'm at a loss of how this strategy would work much less write up an offer!   

 Can anyone out there in the BP world help me figure this out and understand lease purchase strategies so that I can make an offer to purchase this property 😀

Thanks in advance,

Maggie

Good morning,

When wholesaling a REO property, can I assign my membership rights of a Delaware LLC that includes a Maryland property or do I need to have a LLC created in the same state as the property is located?

Thank you in advance,

Maggie

good morning fellow real estate  investors and bigger pocket  enthusiasts !

I'm looking at purchasing a Fannie Mae REO during their first look period, yes this will be my primary residence, this is also a historic registered home in need of a well-deserved restoration which will probably take eight months minimum, absolutely no way anyone could move into the home in its current condition .

Q:    Fannie Mae has a  document that needs to be signed by the buyer who will be residing in the home that they have to take possession of the house within 60 days of settlement, otherwise it is a $10,000 penalty to the new owner, Ouch!   How do I get around this, there is no way the house will be ready to move into within 60 days of purchase this is an eight month restoration project .

 Thanks for your advice and advance,

Maggie

great, thank you for the clarification

I have in my possession a warranty deed signed sealed stamped ready to be filed before I file the deed signing the property into my name there is an existing mortgage on the property in the sellers name I want to know if I file the warranty deed will I then become responsible for that existing mortgage which is not in my name but the property is.

Thanks Brian, the property is free and clear, and definitely an AB area.  I have never heard of "installment sale" I suppose this is the same as owner financing, I will check it out!

Hello all Bigger Pockets enthusiasts! I am new to this site so please be kind :)

Question:  As an Investor would you prefer to purchase a property from a motivated seller through owner financing or lease purchase and why?

An opportunity to purchase a property has recently presented itself to me, the seller is offering owner financing at 3.5% and I'm wanting to know if a lease purchase would make more sense.  I plan to lease the property out for a few years then sell.

Thanks in advance,

Maggie