All Forum Posts by: Kevin Kaczmarek

Hi Lynn,

I think it all depends on what the contract that you signed stipulates. Whenever we purchase a property we do not pay for any searches as we purchase on a warranty deed with title insurance. That is picked up by the seller in most cases.
With regard to what happens to the contract until you get a buyer, you might want to give me more details as to what you are looking to do. Sounds like you want to line up a buyer for a double close, correct?

Try Jack Kaufman, CPA, PC
248-543-7700
Ask for Jay. They are excellent at doing in-depth work on your taxes and creating tax strategies!
I use them for us and as we grow they have a great network to help you grow your business.

Hurley? :-)

I have not used Larry's course but I highly recommend his Brain Pick a Pro Free Teleconferences. I download them and listen to them in my car and generally get 1-2 new ideas each week for free for my business. Worth it!

Sergio,

Welcome to BP! Let me know if I can answer any questions for you on buying. I operate out of Michigan but can be available to answer general questions as you get closer to "jumping in"

Buddy,

What city are you looking to purchase properties in? We do all our business in the Detroit area at [LINK REMOVED]
I know of several wholesalers across the country as well. Let me know!

Ryan,

to give you some more insight on Quit Claim Deeds (or QCD's), we use them almost daily for we own five companies and to get the property into the right entity we perform a quit claim deed, and for the consideration of $1.00.

We sell approx 50 properties a year on a QCD and what we provide to our buyers is a copy of our title policy, that although it doesn't insure them, it shows them the outstanding liens, water or taxes on the property. Title companies generally do not give title insurance for QCD sales.

Now the other thing you mentioned were utilities. Remember, in Michigan at least, utility bills follow the person not the property so if you buy a property on a QCD you can get gas and electric turned on and not be responsible for any outstanding bills on the property as long as you show them a copy of the deed and a HUD-1 settlement statement.

Hi, my name is Kevin Kaczmarek. I am a princple owner of Customer First Homes, LLC. We have done over 1200 deals in 8+ years as a wholesaler and land contract financier. I specialize in land contracts and self directed IRA investments. I have established partnerships with Equity Trust for self directed IRA components. I am here to help!

Nick,

We love doing land contracts (have done over 175) for the simple reason that it takes away the headache of landlord/tenant issues and we put a value on said property at time of closing on the land contract.

In Michigan the average forfeiture proceeding is 4.5 months and it costs me less than $500 in attorney fees to get the property back. I can take the property back for reasons such as the buyer not current on taxes, insurance or payments.

We have done lease options as well, and to me there is too much potential liability with the lease period.

My model is simple. The first five houses should be rentals. After that, you want 1 land contract for every rental going forward. It takes some burden off you, while getting the cash flow, and if you write your contract correctly, you can be in for some accelerated paybacks on your investments.

I might be biased because in our market land contracts are the only way to get close to a market value with no banks lending ,but I have to say, I have run financial model after financial model and the fastest way to build wealth is land contracts for me. I am sure its not for everyone, but for my dollar it creates immediate value!!

[PHONE NUMBER REMOVED]

Kevin

Dustin,

You can use your own HUD-1 and have the buyer and the seller sign off on it. You can download a pdf version on HUD's website, or email me. I have a PDF copy in our office here that we use daily.

Josh,

We would love to do an interview. We are Customer First Homes, LLC based out of the Detroit area. We have done over 1500 deals (300 in 2009) and have a reputation in the industry for having great inventory at great prices.