All Forum Posts by: Christian Marin

@Verna M.

Two of the buyer's are unable to perform as they are under contracts with other houses. I have a few other buyer's that feel it is too much more rehab than they like to do as they like to do easy cosmetic flips. 

The buyer I had found the property for is currently out of the country as he sells overseas.

Thanks for the motivation. I'm just looking for any new ideas that people might have to find additional buyer's that I haven't thought off. 

I currently have a deal under contract that I found that I thought has a huge equity position. Now the buyer's in my list are unable to perform. The worst part is the one buyer I specifically found the property for I can't get a hold off. 

My question is how do I find a cash buyer quickly before my inspections run out?

@David Mitro

 Buy it in a land trust with your lender being the trustee and you the beneficiary. Use a passive trust so that the lender can not do anything without your direction. The promissory note will be included in the trust agreement between you and the lender and no mortgage will be recorded. If you have a buyer that wants to close before the 90 days are up you can just transfer the beneficial interest of the land trust over to the new buyer. After the 90 days they can keep the trust or change it to their name. 

@Joe Villeneuve

Because as everyone else has said on here before like @J Scott and @Bill Gulley as a buyer there is a lot of unknown risk from buying an LLC. Why buy something that can have unknown factors when I can use that same amount of money and buy something that I know I have a legal protection with? To be successful in Real Estate you have to take calculated risk. Buying someone's unknown LLC is not a calculated risk, that's what I call a gamble.

To answer the initial question on this post on how to buy a property with a deed restriction using a land trust it works like this. You write a contract under "Bob's Holdings, LLC" for the property located at 123 Main St. The offer is accepted and you find a buyer but it has a deed restriction. The way we do it is we contact our real estate attorney and have them draw up a land trust. Land trust have two parts to it, a Trustee and a Beneficiary. A trustee is in charge of handling the land trust how the beneficiary has indicated to them. Once we set up the land trust for that specific property we do a name change addendum with the seller. The new name will normally go "Attorney, LLC as trustee; of the 123 Main st. land trust". If the seller complains that this is a new buyer then we leave it as "Bob's Holdings, LLC as trustee; of the 123 Main St. land trust". Now the original buyer name is still included and technically has never changed. The way your buyer will get ownership of the property is that you assign the beneficial interest of the land trust over to the new buyer. This will not get recorded in the deed as the buyer has never changed. This is relatively inexpensive and really quick to do. Our attorney can usually do it in a few days.

Hello Mark,

Welcome to Biggerpockets. May I ask why you chose the Jax area? It's a little far from Daytona. 

Hey Whit,

I have a great painter guy that can do it for a low price. He is our top paint referral person and also a firefighter. Here is his info

I see where you are coming from and where Mike comes from. Buying in lower income areas does have its cons but it also has its pros. You can look for section 8 tenants or account for the higher vacancy rate when doing your calculations. The way I see it is investing in real estate is the same as stocks. You don't just want to buy blue chips stock like wal-mart or apple. You also want to invest in mid-cap and small-cap companies so you get higher returns. The important thing is to make sure you are buying the property at a discount and have a property manager that specializes in those neighborhoods. I have 2 buyers that have over 40 homes each in the Pine Hills (aka crime hills) area of Orlando and they love it.

I went to his free 2 hour seminar when I was first starting and all it was was a sales pitch to get me to sign up for the 2 day class to really learn how to do it. In the 2 day class the 2 day class they pitch you the more advanced course to really learn how to invest. In the end they teach you how to wholesale properties to grow capital to flip a home. I learned way more here on BP and it was all free.

Hello Michael,

I'm a wholesaler in the Orlando area. I'd love to talk to you more about what you are looking for.