All Forum Posts by: Gabriel A.

A family member is having me sell two properties for her. They are part of an estate which she is the administrator of, but there are multiple heirs. She wants to pay me a percentage of the total sale, is it possible for her to do this even though I am not a realtor? Otherwise I would only receive a percentage of her portion of the proceeds.

If it's possible for me to act as an agent without being one, can someone point me to a contract outlining my fee structure?

Thanks

I have the opportunity to purchase, from a family member, a home for $90k that requires roughly $30-40k in repairs and has an ARV of $240k, as a conservative estimate.

I have no credit, no income, and could only put down $5k. Is there any way, aside from owner financing, to make this work?

Also, can I expect to pay anything out of pocket or will that all come from the proceeds of the sale?

Hello,

I found a cash buyer for a home I'm FSBO-ing. The home is located in Missouri.

Can someone guide me to an acceptable purchase contract, and briefly summarize the necessary steps from here on out? Do I choose the title company or does the buyer, and if so, what do I need to tell them? Can I just send them the purchase contract and they do the title report, escrow, etc?

Gabriel

Also, if I choose an FSBO option, should I have people sign a waiver upon entering house? Back deck isn't sturdy, and mold could be potentially dangerous.

Hello,

A family member died, leaving behind a 4BR/3BA (approximately 3500 ft^2) fixer-upper in Southwest Missouri. The house has not been taken care of for the past decade, and hasn't even had electricity in 3-4 years. It will need a complete remodel and has mold in the basement. It seems structurally sound aside from a rotting deck. It is located on a highly desirable cul-de-sac. I'm not even sure if a realtor would list this, given that it has no utilities turned on and the mold may be dangerous.

Should I attempt to list with a realtor or sell directly to private investors?

The dream scenario would be that a rehabber with cash buys it quickly.

Note: This is not a commercial listing, or an opportunity for wholesalers.

Thanks for your input!

I now have an EIN!

Thanks, as always, for your help BP.

I submitted my information and filing fees to my Secretary of State through their online filing system. They e-mailed me an automated receipt confirmation.

Anything else I need to do? Do I need to file the Articles of Organization or is that just for my own use?

Do I need to register with a fictitious name?

I am hoping to open a bank account in my LLC's name soon, so let me know what additional steps are necessary for that.

Thanks!

Jeff,

My wishing to make this work serves two functions; neither of which is slimy IMO.

First, it reduces the seller's counterparty risk. He doesn't know who I am and has no reason to trust that I will send him the check after I receive the assignment of lien.

Second, it makes my offer more enticing. The only clause is that the lien is assigned to me for $x. No trickery whatsoever.

It seems as though restrictive endorsements are legitimate claims. Like when paying a credit card, if I write a check and say "Full Payment for Account #XXXXXX" that's valid?

If so, couldn't I just write "Full Settlement For Assignment of Lien #..." ??

Is there another way to send a cashable check with a restriction on it? I feel that my offers are much more likely to be accepted if the seller can cash the check upon receipt/signing.

Gabriel