All Forum Posts by: Nathan Cross

Hi Jane. I am curious in your lease agreement was is stated that the tenants would be responsible for bug service? If not then, you may have to pay to have a bug company come out and spray the home. Now if your tenants are not doing their part by maintaining the property in a clean and orderly manner, that should have been also stated in the lease agreement. 

At the end of the day there is responsibility of the owner/landlord/investor to make sure the property is taken cared of, not only by the tenant. 

Interesting. I will say stick to your deal analysis, but see if you can speed it up some but not skip over making sure the deal actually works. I myself am not going to rush it, since I am looking at these buys as a business not a hobby. I hope this helps.  

I would look for local REI meetings on your area is a good place, or you can join local Real Estate Investment pages on FB.

That's what I was trying to ask, was it real assigned? Or is that person creating a false sense of urgency for you to get it under contract? Wanting you or another seller to make a quick decision and possible a bad one. 

@Avery Freeman is wholesaling illegal in your state or is it frown upon? Some states have real estate laws in place, where you could be fined and given a restraining order (MO). So I would make sure you have a solid contract and a great title company or Real Estate Lawyer that deals in these types of transactions a lot and can advise you. Best source would be a local wholesaler and get some pointers from them, even if that cost you some of the profit it the deal. 

@Brandon Baker How fast are they moving? Are they actually being sold or are they trying to create a fake sense of urgency? I ask this because I have wholesaled a few deals and I never not allowed some DD time. I even included that in my actual PSA to the seller, so if there was a problem found we could negotiate on the price. Now I am not opposed to have a non refundable earnest deposit down if we never had done a deal together, just to get the tire kickers out the way. 

I have ran into the same thing here in my new market (Saint Louis, MO) and I have told these wholesalers that I am not going to get rushed into a deal, that this is not my first time. If they can not be transparent in the deal, I just keep it moving. 

Stick to your guns and make offers based on numbers that actually work, but when they do work then pull the trigger and do not try and haggle on the price if there is nothing wrong with the property. Because that's how you do not get any more deals sent your way. Trust me, that what I do when a "buyer" wants to low ball me. I just keep it moving to another buyer. 

Alex, I would say you need to show your losses as well. Meaning just show that it's not as glamorous as seen on TV. Just post about what you guys have accomplished and people will start asking you questions and you can bring it up in conversation to them, that if they know someone looking to maybe sell to give them your info or vise versus. 

But yes you should tell any one what you guys are doing and what you guys are looking for! Be obsessed about it, some will get it and others won't. It's life you can not make everyone happy. 

Hi Mena. I would say do not chase a deal and offer more just to get the deal and then the numbers don't work. With using HML, you need to factor in the points that comes with the loan and the added fees with draws during the rehab. All these cost add up to the actual total cost of a project, and could make the property bought not a deal.

IMO stick to making offers to where it makes sense, because you do not want to be in a deal if and when the bottom of this hot market falls. 

@Jesse Cote so with realtors being 1099 earners or contractors you could set up an LLC or not to be honest. Either way you go, you have to track all expenses incurred during the tax year that has to do with you being a realtor.

The reason I am filtering my Future Agent fees into my LLC is because that LLC is being used for all my other transactional deals involving in Real Estate.

I am by no means a CPA, but you should consult one before you make a choice on which route fits you right now.

I hope that helps.

@Brandon Carey true that! Reach out anytime man, and I will help you any way I can or point you to a person that can.