All Forum Posts by: Craig P.

Foremost.
Arcana.
Multiserve

They will all do vacant policies. I would make sure you ask to have vandalism covered which can sometimes be an add on.

Premiums are always more expensive than standard owner occ ones. If you do not get one you are juggling with knifes. Eventually you will get cut.

I have had numerous properties broken into where the appliances where stolen plus the property was damaged.

Make sure you also consider getting general liability policy put into place. We have a 1M general liability to product above and beyond the specific property insurance. If you continue to do flips and or have multiple ones going at a time this is a must.

Thanks Randal. I appreciate the referral.

Thanks guys. I really hate letting this one go being I was very upfront and gave my seller 2 weeks to decide without pressure. He then accepted and signed off. Now he has cold feet.

Maybe I'll go down the memorandum path...

Sean- I fell into it on accident ...as I met a seller that was highly motivated but the numbers weren't extremely deep. I basically told him the only way for me to make the deal work was to avoid the financing costs associated with buying his house.

Once he agreed I called a buddy of mine who has been instrumental in mentoring me and he walked me through the process, and guided me through the forms you need. Honestly it really is not that difficult once you know what you need to get signed. One huge tip is make sure you do a change of address with the lender once the deal closes. That will ensure you get the escrow refund once you sell it on the back-end. That cost me a few grand on a few deals before I figured it out.

All,

I have a deal under contract with a private seller and am scheduled to close in 2 weeks.
Contact price is 80k
After repair value is 175k

I have earnest money in escrow and have a title commitment from my title company.

My seller just notified me he has a higher offer and no longer wishes to sell his property to us as the new offer is 7k higher.

Curious what everyone thinks the best recourse is here when we have a signed purchase agreement, and earnest money in escrow.

Mike,

There were no commissions on the buy side. I just listed the sale commissions as a cost along with the other items.

I hear you and agree this was not the fattest deal ever; however when you use leverage you give up 5% or more to the HML.

Because I understand leverage, my market and the fact this was a basic rehab that I could get in and out. I'll take the $24k all day long.

In this business not all deals are the same. If you seek to do volume you will need to take singles & doubles while you seek the home runs.

Tom, you are correct. Lease option and Lease purchase are different. The option is just that, an "option" to purchase at some point in the future. In the lease purchase the "buyer" is obligated to purchase it. They are different.

Ann-
You asked how we were able to do a double close and I told you via 2 title companies. As long as it is disclosed we are still able to do it. There are forms, that both sides need to sign to disclose that dry funding is taking place.

In the case above we closed at two separate title companies. I had to sign a disclosure on the C-B transaction acknowledging I knew the wholesaler was using my funds to close the A side. After we closed the investor friendly title co wired funds to the A side where the REO closing took place.

I hear you on the case of needing Flash Cash, etc but you do not need it for every transaction. At least not here.

Michael-

Thanks appreciate the feedback. We have a full time crew and many subs on standby that we leverage.

Here are 3 others we have finished this year as well. I have 2 more coming in the next 6 weeks and one in 8 weeks or so.

http://tours.hotshotpros.com/public/vtour/display/46188
http://tours.hotshotpros.com/public/vtour/display/47613
http://tours.hotshotpros.com/public/vtour/display/47613

Bill. Perfect thanks. Exactly what I was looking for.

Hey Ann. It was accomplished using 2 different title companies.