All Forum Posts by: Nick G.

@Armand Arellano I have one for you, but you would be much better off asking a realtor for that guidance, you can find one who’s willing to offer you some advice without representing you. Attorneys may be great at what they do, but even the good ones aren’t generally experienced in the nuances and norms of putting together an RPA for a transaction.

Feel free to PM me for more info. 

@Jim Cummings Slight correction, Thousand Oaks and Ventura County as a whole don’t have rent control, I don’t believe we ever have.

That said, I agree with you on all points. It’s a scary thought, but I agree with @Amit M. and don’t believe it will pass. Keep fingers crossed.

@Mathew Collins @Adrian Lopez Hey fellas, fellow VC investor/agent here - there's an excellent meetup tonight in Thousand Oaks at 6:30 at the Mimi's Cafe off of Moorpark Rd. if you can make it. Best investor meetup around in my humble opinion. Third Thursday of every month, run by @Jeff Greenberg and Pat McCormick. 

It kind of makes sense to me, but it also doesn't - but maybe that's typical in your area and I don't know what I'm talking about. 

If I'm a seller, and your offer is competing with other strong offers, that language may actually annoy and disincentivize (is that a word?) me if I've got other strong offers close enough to yours. Maybe try it a few times with and without and see if you have better luck? Either way, keep it up.

@Vernell D Watson Alright, escalation with a cap makes it better from a risk standpoint, but it makes it much worse from a negotiating standpoint. If you tell a seller you're offering them $100,000... buuuut, you're willing to go up to $115,000 in a pinch... all you're telling them is that your offer is $115,000, and to a seller, the negotiating starts at that number. Make sense?

Good, stay persistent! Good luck to you.

Hey @Vernell D Watson, you've just got to stay persistent. I've listed many properties that wound up in "bidding war" situations, that's just the market that a lot of places are having these days. Three thoughts for you:

1. To answer your questions, a strong down payment, seller-friendly terms, and - I hate this last one for many reasons - being represented by the listing agent, all can contribute toward having an offer accepted. 

2. Stop it with the escalation clause, that's a terrible, terrible idea. You're exposing yourself to a lot of risk there, depending on your state's real estate laws. And even more importantly, how the hell are you supposed to know and control your numbers on a potential flip property when you don't even know what your maximum offer is!? I'm ending my rant, but seriously. Knock it off.

3. Are you using an agent? If you're not, you should be. If you are, ask them for their advice - at the end of the day, a good agent will know what it takes to win a listing. It's not rocket science, it just takes persistence.

Keep up the good fight man! You'll get one soon.

@Dan Roma Good question Dan, and I really want to emphasize this - good for you for doing your diligence.

I'd wait for some other reputable TX attorneys or wholesalers to chime in here, but I'd be getting a license if I were you. Wholesaling without a license is indeed considered illegal in various states, and that language you posted is tough to exempt wholesalers from, in my opinion.

Hi @Charles Giovanniello. You asked the question: "Am I doing this right?" The answer is yes, with a couple exceptions. 

The first and most serious: starting out your real estate adventures by committing loan fraud is foolish. If the property you are intending to buy is a rental, do not buy it as a second home. Second homes have occupancy requirements that qualify them as such. If you want a lower rate, put 25% down, or don't buy a townhome, or improve your FICOs, or buy down your rate, etc. 

Secondly, and you probably weren't going to, but don't base any serious decisions or projections off of Rentometer. Automatic value estimators of any variety are inaccurate at best, far too sketchy to be making a serious business decision off of. While you're researching your loan and forming a lender relationship, you should also be forming a relationship with a local investor-friendly agent - try to find one here on BP who's been around a while and seems legit. Good agents tend to have the best pulse on values, both rental and sales, along with the trends that impact them.

With all that said, it sounds like you're doing this right in my book. Research first, implement second. Keep it up.

Hi @Samantha R., did you use a California Association of Realtors lease form RLA with your tenant? I'm not familiar with any such thing as a "babysitting license," but there may be terms in your lease that would help you, especially if the kids are not related to the tenant.