All Forum Posts by: Scott Schultz

Your #1 a % will be with held from the IRA when you pull the money, Im not sure, but i think its like 40% so I would guess $100K would be looked at as $60K, I really advise against liquidating an IRA, but maybe look into rolling it into a self directed, and have the IRA hold the property for your benifit, lots of rules with that though.

If you are buying an REO and try to switch from cash to financing, the seller may kill your deal, I've seen it happen, if the PM Lender is funding without being party to the closing, it may fly, but generally Cash has to be Cash, mine are done on a Line of credit, and my banker produces a letter that i have cash to close. I do not recommend you playing the seller, they remember who you are if you try and switch a deal, When I was a Listing Broker, I found that asset managers moved around, but no mater who they worked for, they remembered who the good buyers, and bad buyers are.

it is a "Satisfaction of Mortgage" in Wisconsin, kinda looks like Deed a Title, Company, Attorney, Broker, or Lender may complete it, and record it, I would recommend paying a Title Company to do it for you so you have a good paper trail, probably will cost you $100-$150 

Interesting model, I guess if it works in your market, In my market, I cant see it working, unless its water front, there is a huge stigma about MFD's here with o without basements, they have typically much longer days on market here. as far as rentals go, Im getting $250/mo positive based on financing purchase and rehab at 5% with a 10 year amm, and still have the upside down the road, i know thats not typical, and probably dosnt play in CA, I can see the rental return if you can get your money back out someday, my guess is where you are the Lot, and having water at the lot has god value, Im glad its working, your plan proves like NAR says "Every Market's Different"

your cash letter Needs to accompany the offer, if as a prior REO listing broker. It's not cash unless you have it in your acct. ready to fund closing. As for the inspection, if you want the best deal, you have to be able to offer without a inspection contingency, Personally, I understand construction, and give it a look over, and roll the dice, my value gap is always wide enough if I miss something. It's got to be a Scteaming Deal or I don't buy. There are plenty of deals out there, if you have little room for error it's not a deal.

I will agree with @Seth Nadreau Proof of Funds Letter is Key, Insurance is a 10 min Phone call, Is this an REO? if so Seller generally sets up the Title and Closing, the only other thing is be prepared to Wire the funds the day prior to closing, Cash is King, and can equate to huge discounts, especially with quick closing. My advice on inspections, is, do it prior to the offer, and give them an AS IS price, I write mine with no contingencies, it makes a difference , and when im the seller, a Cash buyer is my prefered deal, I will take quite a bit less if its cash no contingencies quick close.

it's in my LLC already, and that would be a red flag for a end users lender, if it wasn't a flip, I wouldn't care, I considering pulling the listing from them altogether, maybe I'm over thinking it, I would t care but the gap is just over $100k not that I will make it hat much, but people see it and think I'm ripping people off.

I logged in to my Agent Portal, and that field is not editable. thanks for the idea though

my Insurance agent asks for approx age of roof, it it has breakers, size, ect, pretty basic stuff, AutoOwners dosnt seem to care all that much, and rates are good. 

My tenants to the lat my bank, an I have auto pay from my accounts to the appropriate loan, all at the same bank, its simple, for the tenant, and for me, I give them a deposit slip with the account name, property address, and last 4 of the account, I can log in and see they paid, and the bank even images the deposit slip, so I can verify, Be careful with services, I heard on The Dave Ramsey Show, a guy was using a service, and a tenant was paying with stolen checks electronically, because the landlord was in possession of stolen property (the money) it was confiscated, in his case 11 months worth, know the terms and conditions. 

 my lener cost to close a filp are around $1,800 includes Title Doc Prep, Valuation, recording fees, everything, $5k someone is making Bank off you!!!