All Forum Posts by: Michael Mcghee

@Jay Hinrichs You summed it up perfectly. I can start to see some traction back towards the initial downturn in some areas. 

I'm glad you and your family came out safe. Thanks for sharing as well because it allows all of us on BP to reassess our own situations regarding our personal and business insurance policies. Your transparency shows that accidents happen to even some of the most careful or prepared people as well as the unprepared. 

Like @Douglas Skipworth said the deals are there but hard to come by.

If the deal is great the price will most likely be ran up to a higher amount. The owner or redeeming entity only has to pay the starting price plus the 10% interest on your money. Ex. Starting bid is 10K and it goes to 30k and the property is redeemed in say 90 days. The redeemer only has to pay 10K plus interest of 10% prorated for the 90 days. So for rounding measure the interest would only be $750.00. Most deals  would be cheaper so imagine that. If you spread out about $50K to only make a measly 10% prorated amount then you could have turned that money over several times or found a property without redemption. Now I mainly would buy from the land bank after redemption to avoid that issue.

@mike nelson

There are a couple of solutions I would try. First I would ask the new closing company to back their policy to my old policy. This is a common occurrence in title insurance situations. So the old policy would have to cover anything prior to your purchase. The second thing I would do is ask the buyer to close with the previous company I closed with. Hopefully the new company has not scared them away. 

@Tucker Merrihew I tried to download the app and hit a roadblock. It is asking for a login and it does not show where to sign up but only sign in.

Find a good REI group in your area, that would be a good start. They in turn will introduce you to title companies, attorneys, and other investors. Different investors will have their own set of documents that they like to use and you can adapt theirs or add bits and pieces to yours. After a few deals you will end up tweaking it to your liking.

i dont have a real estate license because im more of an investor. I have agents I employ and that will move expeditiously for me because they know the deal will close. Also not being a realtor allows me to have that buffer when I need one. Which is more lucrative for you? Drop the other one and concentrate on that one thing. Ex: A realtor and investor sometimes skate thin lines. If a seller is willing to sell you a property dirt cheap and they ask is this the most you think I can get, as a realtor you have a fiduciary responsibility to advise them according to your knowledge. If you have a buyer lined up for 10k more and didnt disclose it then you could be in big trouble. As a private investor yiure not bound by those same rules and may simply say I dont know but my numbers worked out at this price and I can close in xyz days and you dont have to pay a commission. 

Welcome to BP. Curious to know what part of TN you're from? With being an attorney I'm sure you can barter your skills for some of the skills of the other BP Members. Welcome aboard.

 I do a ton of wholesale deals. I don't necessarily like assignments because I have seen seen fees less than 10k kill a deal or attempt to renegotiate at the table. I didn't know if you were angling for a tax rule or something. Thanks for the clarification. I have left some money on the table especially when dealing with a repetitive investor due to the fact I don't want them to feel gouged because they will eventually see the price anyway after closing. 

Could you explain why he should do a double if his fee is more than 10k.