All Forum Posts by: Shanker Nair

@Michael Quarles  Thanks Michael for sharing your document with us.

@Wendell De Guzman Thanks Wendell, as always, great advice!

@Deborah Hill @Wendell De Guzman I think this is an interesting strategy - is there typically a period of time that you will need to hold the HUD property before being able to resell it, unless this does not apply to investor buyers? If there is no minimum holding period, are you wholesaling/ assigning through an LLC which you 'sell' to your end buyer or by doing a double close? BTW, Wendell, I loved your podcast.

Hi Steve,

I am certianly no expert but I believe the P&S agreement on a Sub 2 is not necessarily entirely different to a standard P&S agreement but I have seen Sub 2 versions to have verbiage such as the excerpt in the sample below, in addition to all the other standard clauses/ sections - as with anything, I would suggest you run this past your attorney to confirm it works in your state/ for your needs. Hope this helps.

==========================SAMPLE EXCERPT ONLY=====================

This Agreement entered into on the_______day of ___________ , 20_______ by and between, _____________________ and or their assignee(s), herein after referred to as the "Buyer(s)", and _____________________, Herein after referred to as the "Seller(s) ".

Seller agrees to sell and buyer agrees to buy the following described real property together with all improvements and fixtures and the personal property described below:

Property Address______________________________________________________________________________________

Legal description: ____________________________________________________________________________________________________________________________________________________________________________________________________________

County _____________________________________________________________.

Personal property included: ____________________________________________________________________

The purchase price to be paid as follows:

1. EARNEST MONEY to be deposited with licensed title company or attorney within 48 hours of acceptance by seller. The buyer will take title subject to the following loans on terms agreeable to the buyer:

A. Loan to _______________________________________ Balance $____________________________
Interest rate: _________ %, Monthly Payment $___________________ Loan Number _____________
Date last payment made____________________________ Loan current through _________________

B. Loan to ________________________________________ Balance $___________________________
Interest rate: _________ %, Monthly Payment $___________________ Loan Number _____________
Date last payment made____________________________ Loan current through _________________

Other liens: ________________________________________________________________________________________________________________________________________

Any overstatement in the above loan and lien amounts will be added to note to seller. Any understatement will be deducted from balance due at close.

========================SAMPLE EXCERPT ONLY========================

@Scott J. I am certainly no expert in handyman type matters but it almost looks to me that this might be a 'Molly Screw'. I had to contend with a whole bunch of these when we moved into our 'older' home last year where it seemed the previous owner had a strange fetish and affinity to these when attaching things to walls, frames etc. He must have had the foresight 30 years ago that NJ was due for a Hurricane at some point in the 21st century and wanted to be sure his bloody blinds don't fall off the window frame! And they were/are ugly blinds at that! These 'devil' screws have additional pieces of metal or plastic that act as anchors and designed to expand behind whatever it is screwed to (drywall, wood etc), to spread out the weight n the hanger or the screw reventing the scrw from slipping out through the hole (and in my case with little chance in hell of ever trying to remove them). Your post made me look it up on google and apparently if I had bothered to research how to remove these before drilling holes around it and trying to remove it (with the end result looking like a bazooka shot through my wall), I would have saved myself much anguish, frustration and choice words for the previous owner - this link may help - http://www.ehow.com/how_5607858_remove-molly-bolts-wall.html

I guess I will try and remove the rest of those stinking blinds this weekend now that I know how! Thanks for making me research this......

Thanks @Darren Sager I plan on being there and meeting everyone.

Thanks @Estevie Gee for the welcome. Nice to meet you and hope we will get to meet one another at the May meetup. I am going to try my hardest to be there but may be travelling that week so we'll see....do stay in touch as I am sure there's much we can all learn from one another.

Thanks @Account Closed for the welcome. Always great to meet another Monmouth county-er. Happy Easter! Hope you are having a good one!

Thank you @Scott Demots , @Paul Timmins and @Darren Sager

for the warm welcome. And thanks also @Darren Sager for the invite to the next meetup. I will most certainly try and make it. Happr Friday all!

Thanks @Mussa Kiroga - I look forward to seeing you around and hearing of your success. Such a wealth of information here from the real experts in the trenches.