All Forum Posts by: Jarcelyn Dorsey

Jarcelyn Dorsey has started 18 posts and replied 51 times.

I'm looking to start marketing for homes to wholesale. What other lists are out there besides absentee owners, Notice of Default (NOD) ect ect.......

I'm trying to see who i want to target first...

Jarci

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Originally posted by Financexaminer:

Originally posted by Steve Babiak:

In Bill's reply, where he has the word "Member" you should substitute the actual title held by the person who will be signing on behalf of the company. The escrow / title company will want to see the company's operating agreement to be certain that the person who is signing has been properly authorized to sign in that operating agreement. If your operating agreement does not grant authority, then you should look into changes.

Good point Steve, but your title might just be "Member", the title company will likely want to see a certificate in good standing as well, at closing.

BTW, anything you do in the name of the LLC should be executed in that manner, signing something in you name means you just did the deed in your personal name. You need to transact all business that way. In fact, to properly sign a draft (check) is should be; BY: Gottago Now, but the teller won't likely care. Have a good one! Bill

Ok so on the first page of the PandA where its says buyer I will put Real Es. Invest, LLC but when it comes down to sign sign my name.

Ohh ok Jon i will den . try that co. out i went trough the cite and it pretty much answered all the questions i had. this will help me out when i head back to school so itll save me and my realtor gas money.
thanx you guys

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Originally posted by Steve Babiak:

With my LLC we have to members me and my mom I may add my dad. and our titles are members. So all of use should be authorized to sign correct?

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Originally posted by Jon Holdman:

A person always signs in their name. If you're signing as an agent of a company, you would put your title and company name, too.

I've used eContracts extensively. I can sign electronically. Once we had the basic template set up it took about five minutes work on my agent's part to get the offer ready, then just seconds to sign.

Thanx Jon

this is the co you use: https://www.ctmecontracts.com/eContracts/wp/index.htm

Also seeing that u purchase it u sign first, email it to your agent and he/she sent in the offer.

Also with addendum some banks require. Do u sign them before or after the bank accepts the offer?

Thanx both of u guys for your input!!!!!!

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I made offers on two homes today and is hoping to make more in thurday. I finally feel confident enough to make moves! I had a small buyers list from when I started but is continueing to build more via bandit signs and going str8 to the mailing address of the properties if they are different.

But I have two questions:

1. When placing your offer on homes that you are making in the name of your company. do i just sign the compnay name? Or do u have to sign an actually persons name?

2. I'm working with a realtor and we have to meet up evertime i want to place an offer. Is there anyway that this can be done electronically? Like an e-sign or something. Will banks accept that?

The reason why i ask is because in Aug. I'm heading back to school to finish up my degree. The school is an hr away and its not feasible for me to drive down and back up each time. My plan is to e-sign everything (if possible) or have my mom who is registered as a member of my company sign with the company name and not her own.

Thanx in advance.

Jarci

1 Vote

Originally posted by Federico Ramos :

X Guy wants $174.000.00 for a duplex. He owes 105.000.00. he's had 8 back surgeries and doesn't want to be a landlord anymore. montly house expenses come to $868 (mortgage, insurance, taxes) first floor rented for $750 second floor rented for $775. that's $657 cashflow! repairs stimated to be at around $5000. i haven't been able to find any comps that relates to this particular property. any thoughts and/or suggestions on this deal? i want this deal to be a win win win... but hesitant about how to approach the owner with a deal.

So Jon

If Federico take over the payments of $868 and he put $5,000 into the deal. Would one analyze it this way:

Rent @ 1525
Expenses @ 762.5
Mortgage payments @ $868
NOI is 762.50
So Cash Flow is 105.5......correct??

Im i missing anything?

1 Vote

Originally posted by J Scott:

Generally, yes you can...

For the most part, you can wholesale them the same way you wholesale any other REO properties -- using a simultaneous/double close, a land trust, an LLC sale, etc.

But, keep in mind that FNMA will often put a deed restriction on their properties that disallows the property to be sold within three months for more than 20% above the purchase price. So, if you buy a property for $50K, you won't be able to sell it for more than $60K within the first 90 days.

As a wholesale, this is probably okay, but it's something to keep in mind.

Other than that, they can essentially be treated as any other REO property...

hey thanx J scott

is that the 90 rule that has been lifted for a yr?

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Can you wholesale Fannie mae or freddie mac homes????

Jarci
Thanx in advance

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Originally posted by Joshua Dorkin:

We've also developed a Facebook widget for our Mortgage Calculator.

If you're interested:
Add our Mortgage Calculator Widget to your Facebook

I;ve been meaning to ask this for a while. But how accurate is the mortgage calculator??

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Trying to get a understanding on this. I don't want to get black listed because i didn't do my due diligence. Please help me.

I have listings that are being sent to me. I also search through realtor.com.

Now, when i just use the listing agent: would i just call the up and ask them to put an offer for me??

Ex. 2 different listing agents A,B

A has 4homes im interested in. Ill call up "A" and ask the listing agent to put in an offer lets say 15k below listing price.

B has only 2.-----I would do the same process????????

Just call them up and say I would lke to put in an offer on 123 Main st.

Can a buyers agent get both sides of the commission??

Ok. I spoke with a realtor (buyer;s agent) today and she is sending me listings. I didn't tell her my wholesaling plans, however when i've done a few deals with her, should i tell her or keep it to myself??

Can a buyers agent get both sides of the commission??

Once i have it under contract will she know that i resold it? will she be there at closing??

Will she still be in the picture once it's undercontract???

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All Forum Posts by: Jarcelyn Dorsey

Jarcelyn Dorsey has started 18 posts and replied 51 times.

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