All Forum Posts by: Suzanne Griffiths

Welcome to BP!

Christian Cabrera Have you talked with TitleSmart? We use Nicole Paulson, she is pretty good.

Most HUD homes you have to hold for 90 days before you can relist or sell at a higher price. You can create an LLC for the purchase of that property and then sell the interest in that LLC, buts you'll want to work with a real estate attorney to make sure all the contracts etc are done correctly. For REO, in Minnesota, you can but most sale agreements say you have to get the seller permission to assign. Most are OK with it they just want to get their part. Best strategy is an A-B/B-C close, but you'll want to make sure you account for the extra closing costs.

Hi Brian Wheeler we are investors out of the Hugo-Stillwater area. In Minnesota you can't jump title. You need to do either A-B/B-C with B-C closing after A-B or you can assign contract as long as your sales agreement allows it. You can add us to your buyers list. We are active in the areas you have listed. We have a Title company that we really like. They have an office in Maplewood as well as several other locations throughout the cities.

I would check your zoning as it sounds like you are taking a duplex and changing it into a 4 plex. If the FHA loan still allows that I would thin as long as you occupy one of the "units" you would be compliant.

Marilyn Mike way to take action! Keep it up and remember, even if you don't get many responses from the first go round it may take several letters for them to call.

Welcome to investing in the Twin Cities!

Start with networking at your local REIA (Real Estate Investor Association) or meetup groups for investors.

Mike Bowling it will depend if you are going to do a personal or commercial loan and if you want to work with a traditional bank or an HML the specializes in rehab lending. Traditionally they want to know about the deal, details on how you came up with your rehab costs, past experience as a rehabber, business or personal income statement, last couple years tax returns and last 3 months bank statements. You may want to try calling a couple local small banks and ask them what their requirements are and what information they need to process the loan.

Yes. In order to put the property under contract you'll need to put down the earnest money. This will show as a deposit on your settlement statement and come off the total closing costs. Depending on the property it can be anywhere between 1% and 10% for HUD homes.