All Forum Posts by: Rick Sheldon

Holy Crap! I just joined Sub 2 tonight and I can already tell you how incredible it is. Looking through the materials included, I can tell that it is a complete program packed with info. The Facebook group has tons of value too. Lifetime of value, literally.  

@Jake Thomas I would be happy to connect, via phone, sometime this week. I’ll send you a PM.

I invest in Michigan, from out of state. I’m from Michigan, originally, and I am going to move back in the next few months. I have recently begun a direct-to-seller campaign to acquire discounted properties for a number of exit strategies, maybe wholesaling or converting with a creative financing strategy like seller financing loans, sub to, and lease options. Wholesaling will be the primary goal, with the other options being tools in the tool belt.

I would appreciate any advice as I get started, and please reach out if there is anything I can do to help your business.

Thanks @Dan Weber

I will speak to my attorney, again, but he said it seemed legit before the PSA was submitted to title company. I guess I’m just worried because this is my first deal and I’m not sure how much these binding agreements really matter in these situations. Like if there are any precedents to cancel contracts of purchase price is low, or something.

One thing I forgot to mention, which is somewhat worrying, is that we didn’t catch it until after submitting the contract that the executor is listed as the seller in the contract, not the deceased.

Please let me know if my deal is safe... about 2 weeks ago I submitted a signed purchase agreement to the title company, for the home of a deceased family friend’s father.

Today, I found out that the brother of the woman selling the house (she is the executor) is causing drama about the estate- specifically the house- because he feels that it’s being sold less than it’s worth... which it is, but the executor wanted to avoid the hassle of doing any renovations and paying realtors/closing costs, etc. The purchase price is $19,500, and the house might be worth $30-35k.

The contract we signed said the closing was to take place no later than 8/15, but now the family’s lawyer is getting involved and trying to pick holes in my contract, maybe to get my seller to cancel? Seller told lawyer that it includes verbiage about being sold “as-is” and that I’m not going to come after her if fridge breaks and was listed as operational in disclosures, etc.

Long story short: they are having century 21 out to “evaluate” (appraise maybe?) the house, tomorrow, and I’m wondering if there is any way they could back out of the contract if the appraisal comes in high, etc.? Also, if this gets dragged out beyond 8/15, would that somehow void the contract?

It looks like this chimney might have been built with angle intentionally, but I wanted to see what everyone here thinks:

Follow up question: about how much might it cost to have this section (attic and roof only) of the chimney removed so I can turn this into a finished attic? It feels like a waste of space, since it already has this awesome flooring and staircase

What are everyone’s thoughts about this level of moisture?

My main concern, possibly because of my lack of experience, is this moisture in the basement. I can't get any basement specialists out there before the inspection period ends. I am okay with losing my EMD, but not sure if this is even worth worrying about:

The downspouts do not direct the rain away from the house, whatsoever, and there are no window coverings, so I think these might be the culprit and a simple fix?

@Calvin Ozanick I am currently trying to negotiate a 2-year seller financing option, with these terms:

If that is accepted (house is owned free and clear), I'm thinking about doing most of the rehab upfront instead of deferring it. Put $40-50K into it, raising the value closer to $130-140K, then refinance. Even if I don't pull out all of my cash invested, it should leave me with less out of pocket and a fixed up property with fewer issues moving forward.

@Twana Rasoul thanks for the feedback; I am originally from the area I would be investing in, and I do understand the local dynamics pretty well.

@Darius Ogloza this seems to be about a C- property in a C+ area.

I am currently trying to negotiate a 2-year seller financing option to avoid closing costs twice if I were to buy this house and put about $40-50K into it, raising the value closer to $130-140K, then refinancing. Even if I don’t pull out all of my cash invested, it should leave me with less out of pocket and a fixed up property with fewer issues moving forward.