All Forum Posts by: Reginald S.

I have a seller that's helping her parents sell their home to me. She has power of attorney over them both. My Questions is:

1. Whose name do I put on the purchase-agreement? 

2. Who signs it?

Thanks in advance for all of your valuable advice and expertise.

Wow OK thanks. So is it OK to go ahead and get the property under contract as it is? I'm scheduled to meet with the seller to get it under contract on Monday. 

Hello all! I have a property that I am getting ready to put under contract (via a wholesale deal). However I am not sure how to put in place the correct easement provision to protect my end-buyer once purchased. The house is landlocked but the property that is blocking the front entrance side belongs to relatives of the seller. It appears that the current easement rights are based on a verbal agreement between the two and is secured by their kinship relationship only. My question to BP is what do I need to do to get a legally binding easement right provision from the neighboring relative for future excess to the property? Who do I contact first? Do I need any particular forms? How much does it cost, etc.? Please help? Thanks to all in advance for sharing your valuable advice and expertise!

Hello all! I have a property that I am getting ready to put under contract (via a wholesale deal). However I am not sure how to put in place the correct easement provision to protect my end-buyer once purchased. The house is landlocked but the property that is blocking the front entrance side belongs to relatives of the seller. It appears that the current easement rights are based on a verbal agreement between the two secured by their kinship relationship only. My question to BP is what do I need to do to get a legally binding easement right provision from the neighboring relative for future excess to the property? Who do I contact first? Do I need any particular forms? How much does it cost, etc.? Please help? Thanks to all in advance for sharing your valuable advice and expertise!

In South Carolina attorneys close all of the real estate deals. However they work closely with title companies to get them done. When I first approached the attorney that I close my wholesale deals with now, he admittedly explained to me that his response in getting back to me was delayed as a result of him having to contact his title company to see if wholesaling was legal.  

OK guys I have an embarrassing update concerning this hotel deal. It turns out that the hotel that the birddog took me to was the wrong building. His history of the property that he showed me was accurate, however it wasn't the building that was for sale. The building that he was actually supposed to take me to was further down the road. Well after my meeting yesterday with the seller himself I was showed the right building and could actually understand why he couldn't give me an exact count on the number of rooms the building (which was a former nursing home) had. He was totally embarrassed about the mix-up but is glad to have gotten it all straightened out now. Thanks again guys for all of your valuable insight and readiness to assist as it is because of you guys that this experience has not been a total waste of my time and energy. My apologies. Reggie.

OK thanks Chris

OK thanks again Chris, will do. However what do you mean by "land costs"? are you talking about the county's land-value assessment? Oh and FYI there is also 12 additional acres of cleared land that may be included with this deal. I have been communicating with the seller's birddog and have only talked to the seller himself a few minutes over the phone thusfar. I have a meeting with him (the seller) 9:00 tomorrow morning though and will do my best to find out more then. However could you help me prioritize some critical questions to ask via some sort of a list? Thanks.  Also I totally agree with the 'option' route. That was my strategy from the start as I feel it is the safest way for me to proceed given my lack of experience in this particular area. In closing, If anyone know where I can get a purchase-agreement that would allow me to get the (commercial) hotel under contract via an "as-is/option," (if that even makes any sense) please let me know. It would be greatly appreciated. 

Thanks to everyone! I really appreciate all of the experience, valuable time, and expertise that you guys graciously share.

Reggie

Wow Chris! Your obvious high level of knowledge about the hotel biz is very impressive! Unfortunately for me though as you may have anticipated already when you were replying to my post, most of what you said went right over my head. lol. However that's no fault of yours though, the fault is all mine. In fact I actually learned a lot from your post and really do appreciate it. I will take all that I did comprehend from your post though and put together something that is a little more detailed for you guys. I'm walking a fine line here with the sharing of the location info as I do not actually have the hotel under contract yet. Thanks, Reggie

Sounds like you got it to me Shannon! Much success with school and your REI biz!