All Forum Posts by: Shuai Zeng

So, I'm working on a current deal atm with lease to own. I'm not 100% if it is the same person or not. You all know hot the world of wonderful internet is. You type in someone name, and something might pop up. So today I thought I just look up their name to see if something comes up. Guess what? First name is mortgage fraud new from a city near by. I'm not 100% sure if it is same person, but what would you do in this situation? I have asked them to provide owner information so I can do a background check....but if everything is legit, should I proceed? 

"13 months in prison for lying on applications for loans he knew he couldn't afford."

I just recieved the contract for the option. Can you all take a look for me? does the contract fee goes to the total payment?

"No Credits. There is NO credit applied to the purchase price for improvements or

additions to the property. There is NO credit applied to the purchase price for any of the

rental amount paid during the term of the lease. There will be no payment for or

reimbursement issued for any repairs, improvements or additions to the property.

7. Contract Payment.

a. The fee for this Contract is $ 18,000.00, and is for the right to be granted an Option to

Purchase at the end of 1 year or in the time frame allowed herein. This fee is

NON-REFUNDABLE for any reason whatsoever unless the Seller is not able to deliver

marketable title to the Buyer at time of closing. ______________ Lessee’s initials

b. At the Time the Option is exercised, full credit will be given for the amount of this

contract fee payment on the lessees account on the HUD-1 form.

c. This Contract Payment is NOT A SECURITY DEPOSIT. _____________ Lessee’s Initial."

Spring & Summer. Bunch of 2/1 under 75k. Lot's whole seller there also. Mostly prefer cash, or you gotta hard money it.

If any of you can shine some light on it for me, it would be great. I'm looking at a property from a third party. Here is what I was told of. The owner purchase it as a REO, with 90 days no resell. He purchase it with hard money around 10-12%. He some how want's back out of it, so he's selling it with a lease to own contract. I have never made a lease to own purchase before. Do the down payment need to be paid at the lease, or is it a option to be able to purchase at end of 3 month?

So about a week ago, I think a wholesaler email me a list. One of the property is right next to my other property (a block or two away.) I'm looking at the zillow history, and the seller bought them at 60K, and trying to resale it at 88k with term. Bascially term is From the email. "14k down/ $800/mo; probably needs around $5k in work and you could turn it around and sell retail at $130K or so. You would have to hold on to the property for at least 3 mo before selling it. (that is a condition on the loan)"

I look at the picture, and remember driving by that same house a bout a year ago. I email back to see if I can have my property manager sent out a inspector to check it out and see what need to fix.  

The thing I'm only thing I'm wondering is why is the mortgage fee so high? Even with 20% down, and conventional it's about 500. Could the interest rate be around 10%? If I do purchase this, should I refinance it right away?

Thanks all for the reply.  Finally able to get them to answer my email after few email attempt. New tenant back out before signing lease, and I already cut all utility, so the place is without water and light....... I'm going to go through my contract with them today, and see if possible to break it now. Since there are no tenants, I owe them nothing for breaking the contracts. I'll keep you guys updated. 

Hi All, been a while since I been here. I need advice on this property from you guys. 

Property was least half of the year, until Dec last year. Tenant had to move out early, so bailed on deposit. Management took 1 week to get to email me on status update on this, then took 3 week to get them clean & and rent it out a month later in Feb. New tenant move in, was screed by management. They only paid first month of rent & deposit, decided they don't want to pay anymore. Took 1 month of time of threaten by management to get them out, and half month to get it clean again. Was told by management they won't charge first month 75% fee from new tenants due to their previously fault. Property then sit for another month and finally rented out 2 weeks ago. I emailed the management, regarding the payment for new tenants. So after a week later, I email again, and call couple times. Did not reply me & did not answer when I called. 

Can you guys advice on what my next step should be?

Hi All, did a bit of a search on google, but still a bit confuse on this. Any Ideal might help me out here.

Now Currently, I'm investing in FL, and it's doing so so for me at the moment. My family been supportive of this and all, and my wife sorta got this ideal to her parents. Every thing is not confirm, but here is my question.

I understand that purchase of Foreigner just need ID, and nothing else to purchase if this is correct or not? They will be cash buyer, so no loan at all.

If they do decided sell the property it'll fall under FIRPTA, but what if transfer titles with no money transaction involve?

Also if they rent these out do they need a social for property management? Or Should I create a LLC for this to be under trusty? I ask this, because their old, and need something like a title to feel secure. Even if I want to put in my wifes name.

That sound like major PITA. I would just use 1.

Worst Advice :

Don't buy out of state, major PITA.

Best Advice:

"Just Do It" - Nike.