All Forum Posts by: Tahra Wright

@Ahmed Nijim If the bank is no longer the owner, then they do not have title to transfer to you.  The only recourse you have is getting your money back.  If this happened after you spent money with lawyers, inspectors, etc. and during title search this was just determined then you would be entitled to other comp. If you have spent other $ during that month towards getting to the closing table , then I would demand additional comp.

@Eric Pimpler Hi there! I am not sure that the definition you provided is exactly the same that they use in determining disqualified persons for SDIRA purposes.  However, I have a great contact who I have known for some years who is a custodian and can answer your question.  @Alan Johnson can you provide some guidance?

@its very hard to compete with other investors who have all cash, esp if you are getting a conventional loan from a lender. You all are likely to have the same terms like, quick closing, no repairs. You can also offer that they only have to take what they want and can leave whatever they don't want behind (that saves them on cleanup and moving costs). Yes, you can always offer to pay all or a portion of their costs in connection with the closing. You may just need to start sourcing off market deals (fsbo's) as opposed to MLS deals, because if its a good deal on the MLS everyone will be after it. Or look for MLS that have been on forever and negotiate. Sometimes you'd be amazed at what they'll accept... good luck!

@Jim Williams If the units are currently occupied then the realtor should be providing you with that information as the first part of your due diligence. Now, the other part of your due diligence is determining what market rents are. I would not rely on a listing realtor for that, plus if they are a realtor that specializes in selling mult-fams they will think that's a "novice" question which could hurt your credibility and ability to get the deal. That part of the due diligence you need to do on your own or consult with another realtor. I would use tools like RentOMeter, Craigslist or if you have access, the MLS to see what units are renting for. You need that information to know whether the current rents are below market, OR if it's unoccupied what you could rent it out for whether "as is" or renovated. All of this goes into your analysis of what to pay, what your ROI is and cash flow.

@Jay Hinrichs interesting. I haven't heard anyone mention Wyoming...will look into it.

@Jay Hinrichs as they say an attorney who represents herself has a fool for a client. that's especially the case when the transaction in question is in an area of law in which she does not practice. However, for corporations (not LLC's) where the business operations are not real estate we always recommend NV even over DE because DE has ridiculously high franchise taxes.  Both states a very favorable to management (directors). I always form my LLCs locally for our real estate investments and my wonderful hubby questioned it, so instead of debating it with him, I just asked a third party...lol...happy home life!

@Account Closed I believe lenders look at all of your assets and would consider the portfolio if it's readily able to be liquidated. You definitely should just ask, esp if you are trying to get the mortgage through them.

@Udai Manubarthi There certainly are, but it's helpful if you define what you are looking for. Fix and Flip, buy and hold, residential or commercial? Do you want to rehab it and where in NJ. It's not a big state but whether a deal is "good" really depends on its location? Bergen County vs. Atlantic County are two very different markets. I think you should refine what you are looking for, and look in the marketplace. You should also go to local REI clubs to meet other investors and wholesalers and get more locked into the market where you want to invest. Good luck!

@Jay Hinrichs for sure. If I’m selling a property to a retail buyer then of course I have the same requirements, even down to who the lender is. But I don’t think that’s the type of transaction that Trevor was talking about! 

@Jay Hinrichs depends on which hat I have on. As an investor i tell sellers they need to hire an attorney to represent them. I won't do a transaction without them being represented. It's not my issue if their attorney doesn't ask for a POF and let's face it a POf really means nothing these days. Any HML can give one and then decide not to fund. There are websites you can go to and get a POF. Wholesalers have no intention of closing on a deal themselves so in that case a POF is of little to no value to that seller if the wholesaler doesnt find a buyer. l do corporate transactions (not an RE attorney as per my profile) and it's rare anyone has cash. Deals are always contingent on getting financing. Sometimes it works out and sometimes it doesn't. No different than with a homebuyer who has a pre-approval and still ends up not getting funding. Same risk to the seller. Now i don't put in offers if I can't fund it, but that's me. Other ppl starting out are in different situations than me.