All Forum Posts by: Ricky Knack

Just wondering if this is something peculiar to Temecula, CA or if this is something more widespread. It seems, in filing for a business license that I also may need a solicitor’s permit. Wouldn’t be an issue so much as it Requires a $29 fee every other month plus having to have a background check and having to go down to the city offices to renew (again, every two months). It sounds like I only need to do this if Im going around and knocking on doors (although there’s a spot for flyers, mail, pamphlets and door hangers and phone). Any input is appreciated

@Ralph Garcia here’s how I’ve been told to eval a wholesale deal.

ARV- costs (approx 10% of ARV) - rehab/repairs - profit for flipper - your wholesale fee (or however you're terming it) = offer

Get the property under contract and present it to your buyers. You’ll get an education either way. Have outs just in case.

Good luck!

p.s. feel free to tell me that my estimation/evaluation method isn’t right BP’ers but please share how you do yours

 I suppose I should clarify. In researching a property from afar, I'm coming up with things like amount of default and wasn't sure whether the seller or I were responsible for that from the drop. Or would it be something I would offer to the seller to take care of, or ??? I've seen liens and what have you and know we'd be responsible for clearing the title. Just wrapping my head around the, for lack of a better term, mechanics of it all. I imagine once I'm actually talking to the seller and delving deeper into a title search with my title company, I'd know the particular numbers for the deal, but trying to judge if I should even get to that point. 

For those counting in California (Riverside County at least), we would not be responsible for any utility bills that are unpaid prior to our assuming ownership unless there was a lien placed by the utilities on the title, in which case that would have to be cleared. Interesting... 

@Account Closed Thanks! 

I'm planning on flipping in California. Had not heard that we'd be responsible for unpaid bills too... interesting. Certainly the principal on any loans, arrears (my boys would laugh at this... I kind of giggled truth be told), liens and money to the seller make sense. The rest seem like the usual fees/costs of buying and rehabbing. What do you mean by pre-paids? A lawyer is sounding more and more like a cost of business at this point 

Let me start with saying I'm really enjoying all the helpful information out in BiggerPockets land. I was wondering what costs are associated with buying a house in pre-foreclosure vs a house not in pre-foreclosure. If I'm buying the home, do I become responsible for the seller's default amount? Taxes? What other considerations am I missing?