All Forum Posts by: Mike Nelson

Hi All,  

Was hoping to get some advice from experienced wholesalers on how to write up a contract for you end buyer. I am currently looking at wholesaling a HUD home and would like the terms to be something like, $2500 EMD , 0 day inspection, $65k net to seller. By this meaning I need a $2500 dollar deposit, cash only sale, no inspection contingency ( inspect before signing contract of course), and all $65,000 net to seller, so they cover all closing costs. I just want to keep it simple.

I have an REO I am buying and the permit records in Pasco County FL show this house having a roofing permit pulled in 2001 and the status is "Statute of Limitation". Does anyone know exactly what this means? I can only guess 20 different interpretations of this. I couldnt get a hold of anyone at the building dept this afternoon, but will try again tomorrow. Any Pasco County Florida guys dealt with this before? New Port Richey Holiday Spring hill areas?

Hi Paul,

Thank you for the reply,  what would be the best way getting there email?  I only have addresses from cash buyers pulled from the county record.  I have mailed before using this route in a different county with a decent response.  

Can anyone recommend a service for mailing wholesale flyers?  I usually do my own, but its too darn time consuming as I now have a buyers list of over 650 buyers in my state but only physical addresses.  I would prefer something that will get their attention. I used Word to print cursive addresses on standard envelopes.  I am looking for something I can put an address with a picture or two and some details.  

Seems most of the homes in my area I find on homesearch.com are listed as occupied.  Is this simply the result of the bank foreclosing and passing the problem of either an owner who was foreclosed on or a tenant to another buyer/investor?  I noticed some of the rehabbers in my area have been buying occupied homes off homesearch and keeping them for some time.  Is the strategy to try and do a cash for keys arrangement or move into an eviction process, or even try and cash flow the thing for a while?  I have been thinking about trying to do this, but havent pulled the trigger because I would want them out,  I dont want to wait.  Wayne Brooks, comments?

I have a flip i bought in October 2015 that was suppose to close on the 31st.  But we now have an issue that is pushing it a week. I have never had this problem, but is there any tax law that allows for accrued revenue for year 2015 vs having to claim it in 2016?

If I transfer title companies, wont there still be an issue with the title (if there really is)  Can you explain the purpose of the claim and how that would work?

Well I used my title company when I closed with HUD. I never had a problem with them before. They underwrite all my closings which have all been REO or HUD. But now its been 2 days since I presented this to them and they aren't returning my phone calls. So Im getting a little ticked off.

Thanks for the advice Michael Mcghee, Im not familiar how the Back Policy thing really works, but it was my hope to switch title companies (if i can get the buyer to agree)  and close with My title company that issued me the first policy.

I bought a HUD home to flip awhile back that was foreclosed on a deceased person. My closing from HUD went fine and I was issued a policy. I am now in the process of selling and the new Title Companies underwriters are saying the foreclosure "was not done properly" and needs to be re-foreclosed.... are you kidding me? They state because there is no documentation in the public record for the attorney to find heirs or interests. How did my first title company miss this? How long should my first title company take in researching this and getting back to me? Does HUD hire fly by night attorneys to do their foreclosures. I tried contacting the Closing attorney listed in the public records through phone and email, and as you would expect, he is not getting back to me. However, I researced him, and he appears to work for a reputable Law Firm that deals specifically in foreclosures. There was also probate documents not available online in public records, and you have to visit the clerks office to verify them. Possibly the underwriter was lazy? I dont know, this just seems like underwriter ridiculousness at its finest.. anyone dealt with this?

Understood.  Thank you.