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7 October 2016 | 5 replies
We're entering the winter sales season are you prepared to hold until spring?
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7 October 2016 | 12 replies
@Abdul Azeez, I think that the problem is that you are stacking the deck against yourself trying to do all of these things on your first deal:1) Purchasing the property from an online auction site / bank, which is notoriously tricky even for the experienced investor, due to their proprietary contracts and minimal due diligence period and strict deadlines.2) Working with a new contractor that you haven't used before, or seen their work before, and who may not be used to dealing with investors.3) Trying to get conventional financing on a property that has a short closing time and where the mechanical systems cannot be tested.4) Working on your first deal by yourself instead of partnering with a local investor who can guide you along, or at least a mentor who you can turn to with questions.My advice is to make it easier on yourself by considering buying a property with a standard contract and longer due diligence period, network with local investors who can provide you contractor contacts and also some guidance, and consider using private financing or hard money instead of bank financing.In my opinion, buying from the online auction sites is a more advanced strategy that you can use once you are able to ballpark construction costs yourself and/or you have a trusted contractor you've worked with before and/or you have private financing or hard money set up so you can close fast and/or you can purchase the property without interior access and hope to get lucky in terms of condition (but still buy at a price where you are comfortable doing a full rehab if necessary without losing much money) and/or you are familiar with agreement of sale contracts and closings in your state so you can assess the risks of using the bank's seller-friendly contract.You're already doing the right things by asking questions on this forum, and taking action.
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3 October 2016 | 4 replies
Make sure any future investment properties that you are selling and intend to use the proceeds to purchase other investment property, you set the exchange up well before the closing on the sale of your investment property.
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9 October 2016 | 2 replies
In order to fully defer all tax you must purchase at least as much as you sell and use all the proceeds from the sale in the next purchase or purchases.
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5 October 2016 | 3 replies
L.I write about No Bank No Credit financing.If you want to play in the sandbox of no money no credit, you need:Private Lenders (knowledge of self directed IRAs)JV Partners (splitting profits w cash partners)Creative Financing (sub2, land contracts, installment sales, TIC contracts, using notes, etc)I used to live in Mt Kisco, Westchester.I get what you are trying to do.Good luck!
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6 October 2016 | 4 replies
Will you have to serve a new eviction letter if you complete the sale before the eviction case has been closed.
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9 October 2016 | 2 replies
I have a land parcel in the area of Richmond , VA , which i bought in a tax sale for a good price , it is 6.4 acres lot zoned residential in a great location surrounded by built houses also but needs and easement, i did the research for it how it gets solved , and the most convenient solution for it is that There is another 0.5 an acre adjacent to it , was already part of it and got separated by the old owner , which gives it an easement easily and that makes the whole lot easy to have other utilities based on the county opinion after talking to them and discussing that option , that parcel also past due on taxes , owner dead and heirs do not care about it and it is in the process of going to auction GOD knows when , but i assigned that case to a lawyer who had that case for almost 5 months and did not do anything to it after agreeing on filling for an easement by right through that adjacent parcel He did not seem to been working at all and i need to move the case to somebody else from the area who would start working on and has passion to do it ?
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8 October 2016 | 13 replies
You can transfer it back to the llc and hopefully it won't trigger the due on sale clause.
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6 October 2016 | 3 replies
(this is the only thing we need to negotiate - EQUITY)I will send the seller a contract of sale (and a copy to you) - I always use my "Skinny Contract Offer" at a price we both agreed to - Your job will be to get comps - look at the property - make an inspection and determine that the offer I make is at a price where we can make a reasonable equity profit.
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4 October 2016 | 4 replies
This has a maximum shelf life of 180 days from the day LLC B takes title for you to complete the sale of the property owned by LLC A.