All Forum Posts by: Michael Junior

 Dude that would be awesome and very much appreciated. Ill friend you and send you my contact info 

still doesn't resolve the issue of being able to get funds to her family members w/o them loosing benefits 

Buying a property direct from the seller. Currently she has two of her family members occupying the home, both with mental disabilities. 

So we came to terms on numbers and pricing. Originally the plan was for us to find her family members a rental for them to move into, she was going to open a special needs trust and release funds monthly from that trust to pay for her families living expenses. 

Problem we ran into is: If she supplements her families living expenses, the state will withdraw any benefits they are currently receiving. 

So basically we need to figure out a way for her to take a % of the proceeds, keep it protected and be able to have an allotted amount dispersed out to them without it interfering with their benefits. If anyone has ran into a similar situation or has any insight please let me know! 

I'll make this short..

We were shown a property, our reno numbers came in around $160,000

So we called the wholesaler and said were all set. They call us back and say hey we have a guy that can do it for $120,000 and we will be happy to provide you with his info. Which technically would make the deal work. So we put our faith in them and said okay lets do it. Signed the assignment contract and wired the $35,000 emd. Here we are days later, closing 10/12 and they have yet to provide us with the info for the GC and to better sweeten the pot, our hard money lender came back with a valuation almost $100k less than our est ARV which screws up our financing.

Long story short we are backing out based off mis-information from these guys. And they want to keep the deposit. I know its a dog eat dog world. and we are responsible for making our own decisions. But ultimately without them saying they have a guy for us, which made the deal work. We would have never entered into this deal. What are the odds we fight this and get our money back ? Kicker they are locking it up with another buyer today, so they are making their money either way. 

Any insight will be helpful. 

And again before I get bashed on here, I know this is my screw up. 

Thank you everyone for your input.. 

The owner is filing chapter 13 tomorrow to buy more time. And truthfully this is out of my league. Ill continue to bang the phones in hopes of locking up a few more flips and wholesales ! Again thank you all, I appreciate it! 

 Balance of the note is $475,000- home worth $617,000

So my cousin is a lender, had a client call him. She has a property in Oregon, she bought with a hard money lender. I'll keep it short. Basically she is in default with the hard money lender, he wants to foreclose on the property this Friday. She wanted my cousin to try to refi her out of this deal in a week which we all know is impossible through fannie or freddie , the hard money lender will not give her any more time to do so and is proceeding with the foreclosure. He will sell us the note for $425k, the home just got appraised for $617,000. 

Not sure if this is a thing,  we are not note investors and not skilled in this. But in my head if we pick up the note for $425k would it make sense for a seasoned investor to pick it up from us for $475-$500k? Or is this a stupid play? 

Side note: She is willing to rent back, and has two tenants in place renting by the room that are current and she has the proof of income. Any thoughts or ideas would be appreciated ! 

Yeah sell it and scale up, comps that you provided on the report look good. You'll turn a nice little profit to roll into the next one if it sells anywhere near those guys.