All Forum Posts by: Darrell Shepherd

Al, you're my kinda guy.  I fire people that annoy me.  Buyers, selllers, workers, any of them.

To the OP, there's no real "this is the right way" to deal with this stuff, your job is to make it happen.  You really went from $2500 to $15k?

If they are both on title you've got to get them both to sign.  My thought is quit saying $15k that they split, just work on each signature.  You could pay one or the other for a quit claim deed, then get the other one to do a warranty deed to you.  

Personally, I'd take it sub2 on a table top close, then figure out the rest later.  You don't have to put them both in the same room at an attorney's office to own the house.

Check with an investor friendly closing attorney and see what your options are.  Sounds pretty ripe for post closing BS, but if the deal is great you'll get paid for working through this stuff.  

I'm guessing your real problem isn't that she's getting any money, its that you set the expectation that he was going to get $2500, then told him he was only getting $1250 so he's thinking she's getting HIS money.

Whats above it?  "load bearing wall" means there is a load on it.  Like Eric said, its hard to tell that from what you've provided, but its usually pretty easy to tell from a visual inspection.

Damn, I'd have been there if I'd have known.  Hope things went well tonight.  Please keep me posted on the next one.

I borrow big dollars from my good friend like that. Pretty much every time he gives it to me and we do the paperwork later, but I always draw up a note and file a security deed. Lots can happen if you don't. I've had times where we had to go back through deposits and emails to figure out how much I owed him because we forgot to do the note. Plus, you should never have unencumbered property in my opinion. Big bullseye for lawyers or even artisan liens and such. I like mine mortgaged to the hilt, especially if I/my guy controls the mortgage. I used my first to foreclose off a BS HOA lien before

I hear I'm pretty awesome at funding deals... Give me a ring of you wanna hear the good and bad of the folks I broker for. It ain't all sunshine and roses but it's the best institutional money I know of. Good news is my lending biz is a pretty small part of my income, I'm definitely not gonna blow smoke up your *** to get a sale. If there's something better out there for what you're doing I'll send you to them and be glad to help you analyze the choices. If your deal is solid enough I'll partner and bring all the funds if that interests you.

Agreed on what's been said. 100 to 10 to 1 is exactly what I was taught and experienced. Hard to find that stuff these days. I got a real estate license so I could cheat up to 73% here in Atlanta and started buying in other markets. When they're easy to buy they're hard to sell. When they're hard to buy, they're easy to sell. Nature of the beast. Very few markets are gonna have 70% less repairs in MLS right now, I hope that's not your approach.

That's my area, shoot it to me too. If you can hit my numbers and I can close as soon as the title report comes back, I've got more cash than places to put it right now.

A year and a half in and you're a newbie? A lot of good stuff has been said here. Investors don't care where the deals come from. If you can source deals and not waste their time you're in. We are a results oriented bunch. Kinda like when someone thinks their ethnicity matters, it just doesn't. If you learn to analyze a deal correctly you'll be ahead of 99% of the other agents out there. You prob won't get listings right away unless you do them on the cheap, but if you have a property that's priced where someone will make money, I guarantee they won't ask how long you've been a realtor before they ink a contract.

It'll vary a great deal by area and equipment, but $5,300 is about what I'd pay for 3.5 tons with runs if they aren't hard to get to.  Just paid $5,200 for a 4 ton, but only had to do the top floor returns.  My GC took a few hundy of that I'm sure.  

$8500 seems high to me, but is probably in line with what homeowner would pay calling off some sort of advertising.  

I'd make fun of the guy that tried $12k.

Hard money isn't really for buy and holds.  Its just too expensive.  Great for flips where you don't have the house very long, but it wrecks your numbers on buy and hold unless you absolutely steal the property.

Private money is great for what you described, you just have to find a willing lender that does the right terms.  That is through your network, you wont find anyone to fund the last 10-20% of a RE deal so you dont have skin in the game unless you have a solid relationship with them.  It can be done, I have 10 right now and have none of my own money in them, but I've been at this a while and have some wealthy friends who know me and my ethics very well.