He told me its fine and that i can just sign the property over to my LLC and pay the transfer tax.

Ithe wind warranty on Tamko is "Backed by a 30-year limited warranty, with 5 year Full Start, limited transferability, and a 60-month limited warranty against damage from wind up to 70 mph. ", but we do at least occassionally get winds at 70 mph.That's a lot of money to me.

Just have them transfer the funds to the new account temporarily.

He still ownes the property untill the sale is done and title is transfered to the bank or new owner . it is a bad situation but you are obligated to the contract you have with the owner, his problem with the bank is his problem unfortunatley you are involved . there is always the chance he might save the property that is his right . even if forclosed the banks still have to give you some time i think three months and some times even the lenght of the rental contract . these are new laws to protect renters in theses events. problem is foreclosure his problem rent payment is yours and you still have to pay or move.

In other words, if you are going to target REO properties, your offers should be all cash, very quick closings and you must get your hands on them BEFORE they hit MLS.Or you can target distressed homeowners (motivated sellers) in danger of foreclsoure or behind on their mortgage, job transfer, divorce, etc.

But first I'm going to check with my contractor and make sure his foundation guy is not only reputable but will warranty the work and transfer to the buyer.

I've just been using the freedomsoft purchase agreement template that it generates for you in the system.Inspections: This contract is contingent upon the Buyer's inspection and approval of the property prior to transfer of title.

Additionally, "closing costs" sometimes is a catch all phrase and includes all things paid for which might be commissions, title, transfer fees, seller concessions, taxes, etc.

The appraisal I received was based on it's rental value, but the comps for the same size property are between 215k-224k, so lets say I sell it put it for sale at 215k in june, pay all closing costs for the buyer, and pay for the HOA transfer fee, it should come out looking like this:Sale: 215KCommission: 3% - neg 6450HOA Fee - 7500Closing costs - also about 3% so 6500 approx.

As soon as I transfer to a new company I plan on emptying out my 401K (largest part of my net worth on paper) and rolling the funds into more RE or even a business.