All Forum Posts by: Stacy Patlan

Buyer does have investing back ground I just haven't dealt with him yet.

I have a situation. I have a house for sale 40k asking. I had an offer for 35k and accepted verbally. I then received and offer for 38k but he needs 30 days for hard money close. Buyer (A) said he's willing to lend to buyer (B). How do I structure this? Buyer (B) said okay but I don't want to loose deal all together. What do I need from lender and buyer? Should lender put down deposit so he doesn't back out of lending deal? 

Advice Please Not Advise***

Hello, my partner and I own a rental free and clear. We are wanting to "refinance" or take a loan out against the home to create some cash on hand for other investments. The market value of the home is around 30-35K. For number purposes lets say we wanted to barrow 10K. In your opinion, what is a reasonable interest rate and terms for each side? Thanks

I have since passed on this tenant. Not worth risking.

@Tyler Ansell I think that is what is about to happen. Lesson definitely learned.  

What type of documents could I ask for? The house is under and LLC which is the address of the property LLC. When I ran her search the number the system gave me for the landlord is invalid number so that was a dead end.

I have a very odd situation. I have an applicant who has passed all other checks and balances. ONLY her landlord situation is a mess. I called the number she provided and asked for the landlord. I was told I have the wrong number. A few minutes later I get a call back from him saying he must have misunderstood me. (I smell a liar right off the back... are you really the landlord or faking for her). So I ask him to send me any type if verification that he owns the property, rent received, deed, insurances, taxes, ID anything because how do I really know the truth. The applicant has stated her landlord isn't the kindest person. He is heavily accented and doesn't seem to want to help me or his current tenant out. How would you go about this? Would you trust the tenant? Is she lying? How do I nicely get verification other than just verbally?  Thanks!

@Gabriel Freeman After I posted this I figured it out, I had a complete brain fart. Yes, I was able to close the deal in a timely manner. Wholesaling is great here, but lately have been doing some fixing and flipping along with buy and holds. 

Hello, I have a property that was not put under contract (I know contacts are vital) but the same day he agreed on a price and then seller called a realtor and listed the property! I spoke with him today and I have a buyer already in place. He said that he would still sell to us for agreed price and not listing price. How do I go about closing? Has anyone had this happen?? Thanks!