All Forum Posts by: Sinh T Tsang

All, I would like to update you all on the status. I ended up not answering the guy's text, and then told him I would offer a fair amount of 1 month lease to get out of the contract, and left it at that. Several days later, he responded back to the text and taken 700$. We met up and signed an agreement on the spot, handed him a check. I guess he did his homework and realized it was too much to sue me..Then finally agreed to take some compensation and signed an addendum to get out of a contract.

Thanks,

Sinh

@Joseph Janarski, i am also in the same situation. I have just read this post and can relate. It is funny because I used a standard Louisiana purchase and sale agreement. This sale agreement from Louisiana is bad juju and definitely not in my favor. Worse is- i don't even have an agent that draft it up- I took the pleasure of filling it out... 

It's been a year since this post, and I was wondering where you are with this issue? Can you help an ear real quick? 

Thanks,

Sinh

@Jay Hinrichs, i am in talks and negotiation of paying him some fees to back out of the contract. 

Before I put the agreement undercontract, I did do some research on the owner. He has a criminal record under his belt in the last 6 months and may still be under bail. It is a very high reason to push forward the sell. But in any effort, this is not the topic.

@Phil Wells , I am attending a real estate bigger pocket local meetup tonight to see if any cash buyer wants to take it for $18,000 from me. I am not looking to profit. So hopefully I will find someone that has the money, time, and experience to tackle this and may built a relationship to do future partnerships.

Wish me well. I did get with an attorney- and they did explain to me of everything above in this post that was explained. So I only have four options- go through with it at $18,000, find an investor with experience that wants it for rental, Negotiate with a price to backout of a contract to pay the seller for lost of time and opportunities, or wait until he sues me (which I prefer not to get sue by any means- as the result to be ending results -based on the contract terminology would mean I would still have to buy it, and then I would end up paying some lawyer fees as well). 

The home has been vacant for a long time, as the a/c and heating doesn't work. Due to being winter time. His tenants moved out for several months already and he doesn't want to renovate the property or have the money to do it himself (i think). So, I will negotiate a month or two month of rent with him or 10% of the purchase price per the purchase agreement. I believe this is going to be an expensive lesson, but next time- even if my due diligence take a long time- I will write them an email and text saying to back out of the deal unless i have more time on the due-diligence instead of just waiting. 

Thanks,

Sinh

Thank you. I am new to flipping and only have done cosmetics like painting and flooring. So this was way out of my head to begin with until I was advised by other investors on the huge renovations that is underlying. I had just wanted to negotiate the lower price possible first and put it under contract. I guess bad experiences make you learn hard. I will come up with the money now. I am also speaking with the seller to see if we can compromise with an agree amount that he would be willing to void/null the contract. If he so agrees on a price that I pay for getting out of this, how so should I approach on legalizing it between us to show that he has accepted a different solution to null the contract?

Thanks,

Sinh

I have signed an agreement with a seller that seems to really want to get rid of his home quickly. The home is for sale in "as in" and "cash sale" with "ZERO earnest money deposit" under a standard "Louisiana Purchase and Sales Agreement".  It has been past my 15 days due diligence, and it is on the 19th day. I have told the seller on day 19th, that I want to back out of the contract. The seller insist that he will sue me and get with an attorney and will proceed with his actions on his end. He insisted that i move on and proceed with closing on his home or he will take actions.

QUESTION: What are my requirements to close on this home? And what are the options that I have to get out of this?

I have walk with several experience investors but they told me that it is too expensive to fix. Could be in the range of 30-40K, much more than i anticipated because it requires structural renovations as well. The area home sold for that is only around 45-55K comparables, and it was under contract for 18K. At first walking the home, i believe it to be only cosmetic, paint, flooring, cabinets. But it looks like there will be structural roof suppport, drainage, and insulation, and rotting.  So I told the seller I want to back out on day 19th. But He insisted that i told him too late and by the contract, I was suppose to inform him before the 15th day. 

What options do I have? Should I be overly concern? I sure as heck don't have the money to do a 40K renovations, plus going over the price of what is it actually worth. I thought the renovation would only be in the 20K Max. 

Thanks

@James Maness:

I have sent you the P&L information of this location and some more details of what it is. If you need more pictures and detail let me know. Let me know if you need more pictures. I am still trying to upload the pictures on the dropbox somewhere. I have over 70 pictures which I can provide.

Thanks,

Sinh

Hi Joshua,

It is good meeting you. I have sent you an email from [email protected]. Please check your email. I did not include too many pictures before it would be bogging down your email. Let me know if you need more pictures. I am in a process of uploading the pictures to the cloud so I can the link pretty soon.

Thanks.

Sinh

Any Investors in Louisiana interested in Gas Station Business?

We have a Gas Station For Sale- This is good cash flow. In excess of 15K a month after expenses.

https://www.youtube.com/watch?v=INPSvFZVyys

LOCATION: 

IOWA, LA

Lake Charles, LA

LOUISIANA