All Forum Posts by: Stuart Birdsong

@Manuel Ochoa Jr. I used VanEd, which was an accepted online source for Colorado. I would check with your Real Estate commission and find out which Online providers they will accept. Best of luck

@Jason Fiet It depends on the funding source. If you are using hard money or your own cash I would use a corporation, LLC. If it is conventional lending, which it sounds like it is not, then you are required to purchase as an individual.

@Manuel Ochoa Jr. Since I was always a poor student, and didn't enjoy the classroom environment I took did my licensing classes online, and I enjoyed it. It allowed me to devote as much or as little time to it on any given day, which worked well with my schedule at the time. If you are serious about getting your license, I would take the approach that most suits your learning style as this will help you be more successful in the future. Best of luck to you!

@Nick Noon, I too have experienced this type of negativity, even from my parents. While they have seen the successful investments and returns, they still question the thought process behind pursuing Real Estate. When this happens I just get more excited to get after it. 

@Thaddeus Scruggs Ask the other Wholesaler if you find the buyer will he split the assignment fee with you. You may be helping them out of a jam and he/she might be willing to work with you to get it done. 

@Luke Preslar Thanks for sharing! As an investor in Fort Collins, it will be a bit of a challenge to find a duplex that will yield positive cash flow while you live in one half, as you have alluded to. It is also difficult to achieve the 1% rule, so don;t use this as your baseline. I would be happy to share my thoughts on potential ideas for you, PM me at your convenience. Cheers!

@Brian Gibbons 

I think there are a couple of challenges with this one. Inherited property, Seller was extremely motivated, wanted out of the house by November 1st. However, Niece currently lives in home and has no place to go in such a short time. As @Bill Gulley, mentioned we have posed a rent back situation as a resolution, but have not heard back yet.

Bullet Points:

2,100 Sq Ft.  4 bed/ 2 bath

Purchase Price: $104,000

As-Is Value: $155,000 -

property appraised at $161,000 in 2014, market has gone up, but like be conservative with the numbers.

ARV: $195,000

Repairs: $28,000

Rent: $ 1450-1500/month

Since we are primarily Buy and Hold investors, that was the objective here. However, there were plenty of exit strategies and therefore made it an appealing investment. I have discussed with our attorney, and he says we have a right to force him to close. I am not sure that is the route we prefer to go. Thankfully, all due diligence has been through our resources, and, so far, free. However our title company charges $100 to open file and refunds if closed, or keeps it if not. If nothing else, I will get that back.

Hey BPers',

     I ran into a new one today, I have had a property under contract for 10 days and closing is on Friday. Seller informs me today that he wants to keep the house, despite signing a  contract. Contract has specific performance for seller in case of default. I realize he technically has to sell, but would like to come up with a creative strategy to make this work. Thoughts?

Thanks in advance!

Stuart

@Mike Selander The discrepancy might be that if the property is in fact bank owned and being auctioned off, Zillow might show the original bid for the auction, and Realtor.com might show what the list price is for the property. I have seen this with Hubzu properties. In addition, The minimum bid amount can be misleading as it may not be close to the reserve required by the bank to sell the property. In reality they may both be right, just sourcing differently. Hope this helps!

@Corey Dutton Great Story, thanks for sharing!