Hello All BP members,I will like to let everyone know that if you need an (outstanding) attorney in Northern new Jersey.

., I help write the damn contracts that 99% of California agents use, and I still don't know it all.Don't let inexperience put you in a position where you're exposed to huge amounts of financial and contractual risk just to try and save a few bucks, that's a rookie move and you're way smarter than that.

It turns out there is a $1000 water bill outstanding.

Any outstanding bills brought forward from the previous month or months.2.

I try to go back and look at these outstanding houses quarterly, but as I said in my article it is more like 3 times a year that it actually gets done.

An issue for the originator and an issue for a buyer who does not check to see the state rule prior to trying to enforce remedies.Where could there be fraud, in any loan, private or institutional, well damn near everywhere.

Not a bad deal but this doesn't factor in financing which can change the profit.50% ruleHalf of the income goes to expenses, the other half you have to pay the mortgage: 1000/month = 12000/year =6000/year toward expenses=6000/year for Net Operating IncomeIf you buy this house cash, Cap Rate = NOI/Purchase price6000/49000 = 12.2% = Pretty damn goodHowever-Assuming you get a loan and put 20% down, that's financing of 39,200.

, here's how I believe it breaks down:320k purchase price64k down payment (financed by private investor @8% simple interest - 7.68k interest over 18 month loan term)275k to Party B - they are paid off and we then own the property9.33k (25% of 45k - 7.68k) to Party A10k closing costs, loan prepayments (escrow)7k to replace roof4.5k (negative cash flow - per rent with tenant)===================================14.17k positive cash flow - no money out of our pocketIf Party A exercises their option to purchase:389k purchase price4k closing costs27.99k (75% of 45k - 7.68k) to Party A253.5k - repay outstanding loan principle71.68k - repay private investor (64k + 7.68k interest)===================================31.83k BTCFIn our opinion, we believe this is a deal...

Tell some small banks (even regionals) that you will buy all of their ORE/REOs at 90% of PAR (outstanding loan balance) and see what happens.

I am thinking about just doing this to make sure no liens pop up and I will check with the water company etc to ensure no outstanding bills.Thanks for any input!