All Forum Posts by: Burt L.

I have Tulsa wholesale properties available for landlords and a couple in the pipeline that are better  for flippers. Various sizes and conditions.

Let me know your needs.

I have a house to wholesale that has this badly cracked wall and has been scaring away the first buyers. This house originally had a carport here, that a prior owner had it "bricked in" and a bedroom and laundry were added inside this wall.

The ground visibly slopes toward this wall from the house next-door by nearly a foot, which is uphill from this house. It likely needs a French Drain, as I believe they are called. I don't see cracking on the foundation underneath this wall, though there are some older cracks on other unfinished basement walls but this crack is fresher as shown by the paint being opened up since last painted.

I don't know how these repairs are done, and if the entire wall has to be torn down and rebuilt or not. With a  repair, I supposed it could be trimmed out and covered as there are no windows on this end of the house. Everyone seems to run when there are cracks, though some more experienced investors seek these out, due to discounts.

What can I suggest to buyers that this wall that was a bricked-in carport, will need for repair?

Ah - a post happened before I posted mine; thanks. I will call the title company and see how badly they will beat me up on fees!

Does there seem like anything to do besides a Triple Closing? I'm not so comfortable with doing the LLC sale approach in Step B of the proposed transaction, and I suspect an end-buyer wouldn't be as well.

While I've had a few years full-time experience as a wholesaler, I have never co-wholesaled someone else's deal before. I have a buyer for a house the owner dug the crawlspace out and removed the dirt for a full basement, but now wants to sell in it its current condition - an excellent wholesaling candidate.

The person who holds the contract holds it in an LLC, and it is not an assignable contract. I nearly always double close as I see it as relatively cheap insurance against last-minute, costly surprises. If an assignable contract, the title company had said I do my usual B to C contract and have the person with the contract assign it to me. In this case I cant do the assignment as part of the A to B and so am looking for a work-around.

I'm sure neither party would like to have me in this deal but the contract-holder doesn't have a buyer and I don't want to end up just introducing them and getting cut out or having either side complain about my fee as closing approaches, which wont be out of the ordinary but will be something to complain about as there are extra people in the sale. Additionally, the owner has a broker who is involved, though it is not listed. The person with the contract found the  seller from a Craigslist ad, and the owner is out of state and somehow has a broker representing his interests.

I foresee a showing with a broker and two wholesalers, which is just ugly, even though this buyer likes foundation-issue houses. The person with the contract wants to sell this disposable LLC in this sale as its not assignable - just the setting I double close in, instead.

I see all of the elements of a messy deal approaching, and want to be able to close and keep the fee unknown, as I do with nearly all my closings. Do you have any suggestions -  I don't want this to turn into a bad country song, in real estate terms. Thank you.

I am building a buyers list for a new market for myself. I pulled a list of absentee buyers in the last six months and have been looking into the individual buyers and whether they have multiple properties.

Its easy enough to google them as well, and many come back as either an attorney themselves, or a R/E broker. Many of the registered agents of LLC's are attorneys, as I use, but the underlying investor usually can be determined.

 I'm pretty sure I don't want to wholesale to an attorney/investor due to last minute legal surprises I could be "leveraged" with and have my contract expire. Similarly, some brokers can take offense, though one of my better local buyers is a broker. Do any of you have personal policies about whether you seek or avoid attorney/broker investor buyers?

I obtained an E & O report from title, and it clearly shows the uncle quit-claimed the house to both himself and the nephew. He had stated he quit-claimed it all, but said that he wasn't that familiar with the process. The quit-claim deed makes no reference to whether it is held now as Tenants in Common, and the Assessors office shows it as being owned by both the uncle and nephew.

The uncle has said he just wants the issue with the nephew and the mortgage company and his own credit to go away and that he had asked the nephew to quit-claim it "all" back to him so he could sell it, but of course the nephew refused. The uncle didn't know he still owns half, apparently.

But if I solve the uncles problem as he seeks - he can immediately "forget" who I am and sell it himself, or more likely I find myself as a half owner with the uncle, by giving the nephew cash for keys and the nephews quitclaim..

How can I solve the uncles problem without a prior agreement with the uncle? Again, there is no reference to a Tenancy in Common, although I believe this is presumed if nothing to the contrary is indicated, though I'm not sure. Based on upcoming conversation with the nephew, I can start incurring legal fees, but I'm not there quite yet.

Thanks for any suggestions.

I missed the nephew and his large pick-up truck again this afternoon; I would like to have a remote camera across the street to stop wasting trips - lol.

Will call the uncle tonite and clarify whether he is still on the title in any capacity. The house is worth about 70-80K more than the debt and estimated arrearages, less fix to make it a working rental.

The public records show it as being a Quit Claim deed and the uncle states that it was. I just double checked and now it appears that he quit claimed it to both himself and the nephew, which could muddy the water.

The uncle has told the mortgage company what happened, so they are aware of a violation of a Due on Sale Clause, but my understanding is that that is rarely exercised.

I am in agreement - if the uncle has quit claimed it entirely, there is nothing he can do. But it does show that the uncle was the seller, and both the uncle and the nephew were the buyers on the quit claim deed, so there may be more at work than I see presently. Otherwise, the lender and the uncle can send any paperwork they want back and forth, and it wont matter until eviction.

I was contacted by the uncle, who made the obvious mistake of Quit-Claiming title instead of doing a Contract for Deed, etc. The Nephew has refused to pay the mortgage or to respond, and has said he will be there until "the bitter end".

The uncle has told me he received paperwork from the lender which authorizes them to sell the property and the uncle wants me to review that paperwork with him. As the nephew will refuse access to anyone, I don't know what practical benefit that could have, but I am sure they are also having him sign over some legal rights the uncle may still have. I encouraged him not to sign it initially, and especially since no action would be taken during the holidays anyway. I am not sure what the lender is trying to accomplish in having the uncle authorizing the lender selling the house. What is the lender doing with a such paperwork sent to the uncle? The nephew has been clear he will be there until eviction.

I am going to door knock the house and speak to the nephew and explain what is forthcoming and offer him cash for keys. The uncle says he is only 6'6' and has a pit-bull, but so it goes! I just don't know what the lender is trying to accomplish in getting authorization for the  uncle, who no longer holds title.