All Forum Posts by: Rodney Thompson

I am looking for a lender for a short, hard-money loan for land. I have two parcels under contract that I need some temporary funding to complete the deal. Do you have anyone you have used that you can recommend?

Thank you, @Katie Miller. I will start with "Sold."

Thanks, @Joel Case. I'm looking for information to build my business and taking classes for licensing through an education platform.

I am just starting my agent licensing and I am curious about the two books that David Greene wrote about RE selling. Should I read Skill or Sold first? Does it make a difference? If anyone has read both of these books and has a recommendation about which to read first, please let me know.

Rodney Thompson

Is there an October meeting planned?

I have a person that is in a house on a contract for deed that needs to sell the house. The contract cannot be assigned to another person. I would like to avoid buying the house outright before flipping it, so here's my creative flip that I'm looking for input on.

What I'm thinking of proposing to the current owner is that he retain possession of the house, and we remodel the house and get it ready to sell. I have a lawyer draft an agreement that spells out our interest in the house and what gets paid from the proceeds and to whom. I also have a real estate attorney put a second lien on the house to protect me in case everything goes bad, and he tries to avoid his obligation to my investment.

Has anyone ever done something like this before, and could you tell me about how it went? Or, does anyone have any advice one way or another?

Thanks!

I have a person that is in a house on a contract for deed that needs to sell the house. The contract cannot be assigned to another person. I would like to avoid buying the house outright before flipping it, so here's my creative flip that I'm looking for input on.

What I'm thinking of proposing to the current owner is that he retain possession of the house, and we remodel the house and get it ready to sell. I have a lawyer draft an agreement that spells out our interest in the house and what gets paid from the proceeds and to whom. I also have a real estate attorney put a second lien on the house to protect me in case everything goes bad, and he tries to avoid his obligation to my investment.

Has anyone ever done something like this before, and could you tell me about how it went? Or, does anyone have any advice one way or another?

Thanks!

I'm happy to find a local meet-up! I live just south of Rushford, MN, which is about 34 miles south of Winona. I had planned on attending the September meeting but ran into a scheduling issue. Could someone update me on how it went?

Rodney

Thank you for the in-depth post! The art of understanding how to calculate max offer on a house is frankly something that scares the hell out of me! Just as @Robert Campbell asked, are you going to post the spreadsheet that you use?

@Michael Lee

We have thought about selling and downsizing sometime in the future. For now, we are not moving. If I was going to move, I would probably not refinance and just sell. To pull PMI, you are correct, when the loan goes below 80%. But to get a good value an appraisal needs to be done unless the loan is down to 80% of the original loan amount, which it's not. I would like to decrease my interest rate as well, which should save me money even in the short term.

@Ashish Acharya ,

That makes sense. Thank you for the confirmation!