All Forum Posts by: Steve Morris

No matter what you want, the bank is probably going to get their due.  

You want it, you need come up with debt + penalties + fees.

Egads - You touched the money, as noted, too late.

Just write it up on a standard PSA and put in your commission.  Not difficult.

Kinda unclear - Do you have a RE license?  If not that may be a problem since you usually need one if you want a RE commission.

Kina think MLS is NOT real crazy about reselling their info that way. You ask them?

Oregon - I'd say avg property is at 95% collections.  Better incomes = better collections.

Have one owner in lower-income neighborhood at 80% collections and sometimes less.

Usually 80% collections is break-even on CFBT if they have debt.

Since MLS is a pay for service to be used by and FBO of licensed brokers, you sell your access and most MLS will give you the death penalty and perhaps your firm also.

Turn it to your favor and do automated daily searches that pop up stuff they like and eMail it.  Maybe do it long enough, they can use you to write.

Fair for private lenders is going to be at least 3%-4% over conventional loan rates.

I wouldn't do multiple offers a, b or c.  Make one offer that you want and let them tweak that.  Having multiple people look at multiple options messes up the decision process.

You're also going to show them why it's a good investment, like your resume or price growth projections.

Well, how much leverage do you have.  It's Bend and I don't even understand why prices are so high there based on incomes.

However:

1) If you make E/M non-refundable, make sure there is some clause to the effect of "barring seller default".  You don't want the guy waking and saying f-you, give me the money.

2) On the 45 days, I don't have an issue IF they sign a lease at a market rate so they know they are tenants and not owners.  RMLS has a form for this.

3) Paying his Feb mortgage grits my teeth, but if the market is that hot and this is that good a deal, I'd rather give him a increase on the sales price for the amount of principal so I'm not out of pocket IF there is no other way.

Write novels about commercial real estate?   Best of both worlds :)