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Results (10,000+)
Rob Krach Structure of a Lease option
14 October 2015 | 14 replies
I want an air tight transaction and will have an attorney review and give me their seal of approval once I feel like I have thought of every possible negative outcome for myself.So far the possible negatives I have been able to think of are below and my intended solution will follow:Dodd FrankFinding a tenant without a license (I would like to market to those who have high days on market)facing penalty for performing broker transactions without a licenseI would market, find motivated seller, let them know that I can provide them with a cash offer, they can sell with a realtor (pay the commissions, spruce up costs, holding costs, etc.) or they can sell on lease option and get someone better than a regular tenant in the home.I would use standard docs specific to my state but they would be modified to include the below:Letter of IntentI would have them sign an intent to sell where in it, it would state that the property will be purchased via an option and the option will be in the name of a land trust.it will state that I as an owner and friend will be allowed to assist in the finding of a tenant, negotiate the lease terms, and be allowed to show the property without any compensation and at my own expense.LeaseMy lease will have verbiage stating that the tenant will be responsible for repairs, and normal up keep / wear and tear associated with the property up to $250 (this is my benefit I sell to the seller so that they don't have to deal with every tiny little tenant issue.Tenant will be responsible for all utilities and they are to be in the tenants namewill be allowed to extend twice, each for a period of 12 monthsTenant needs to inform owner of extension no less than 30 days before lease expirationthere will be no mention of the option within the lease, PITI will still be owners responsibilityWaiver of Liability associated with LeaseI will have a document created stating that the owner is solely responsible for the final approval, screening and placement of a tenant and that there will not be any recourse for myselfOptionFor the consideration of $1 (with receipt from trust to the owner) the trust will have the option to purchase the property no later than 45 days after the expiration of the lease.The purchase price will be agreed upon within 5 business days before or after the date of the lease expiration and if both parties are unable to agree upon a price, the owner and trust will each get their own licensed appraiser, average the two out and split the costs.this will be an option / right of first refusal hybrid and will very clearly lay out the expectations that there will not be any seller financing, the transaction will be in all cash or if the beneficiary of the trust so decides to get a loan from a reputable / licensed lending institution they need to provide a pre qual letter within 14 calendar days of the lease expiration and mutually agree upon a closing date.I would then sell my beneficiary rights to the trust for $5k, and exit the transaction.
Ryan K. Minimum size for new apartment development?
15 October 2015 | 16 replies
There haven't been many subdivisions approved under the new town manager, it will be an interesting process, I am sure.The first step is still to inspect tomorrow, then begin the offer process with the seller.  
Andrew Fisher New in Northeast Ohio, Akron/Canton/Massillon area
14 October 2015 | 13 replies
Typically meet a couple investor, partners, contractors at local coffee shop on Saturday mornings, if you are interested. 
Account Closed What is brokering without a license
16 October 2015 | 8 replies
If you do have aspirations to invest having a license is also going to be an advantage.
Brandon Sturgill VA Housing Voucher?...Ever Handled One?
14 October 2015 | 3 replies
Make sure this is a voucher for all of the rent for as long as the term is, I got burned very bad  by this because the voucher was only for  1 months rent but I was lead to believe  from tenant it would be an on going payment.
Justin Lee Hello from San Jose, CA
8 March 2015 | 14 replies
My fee is a cup of Peets Coffee.
David Krulac Single Family Rentals versus Multi-family Rentals
6 March 2015 | 21 replies
When you go to sell the likely buyer will be an owner occupant.
Ram Gonzales I have private money to lend. Terms?
12 March 2015 | 16 replies
Having money doesn't bestow lending knowledge or the ability to underwrite loans.I'd suggest you get with a mortgage broker first as they can act as a conduit and seek lending or joint venture projects.......they can "teach" you the business and compliance issues.Potential borrowers piling on in this thread may also be in violation answering solicitations, those are solicitations for money and if you're in business, that can be an unregistered bond solicitation.
Mark Murphy 1031 after owner financing
7 March 2015 | 2 replies
Now your exchange acct has 150K  of cash in it so you can finish your exchange and totally defer all tax.Now, outside the exchange you have the note for 100K for which you paid 100K so there is no profit in that note and no tax due except on the interest as it comes in to you.It takes some cash to to this but can be an incredible way to keep the integrity of your 1031 exchange and generate minimally taxed cash flow outside your exchange.
Travon Allender Knowing the numbers
7 March 2015 | 2 replies
Drafting my business plan has forced me to stop and take a look at myself (I haven't done this much even though I know its vital - get so consumed by life, sometimes I forget to smell the coffee so to speak).