Contracts and Offers

Happy New Years Everyone... i wish you all prosperity and abundance in your ventures and this new year. My question is about making offers on REO's and Short Sales. As we all know the market is saturated with these types of properties. I seek to meet the demand with well thought out solutions that will lead me to closing the deal. So I ask just what exactly should my first offer on these properties be? 50%, 60%, 70% ARV with consideration for repairs and closing?

Happy New Year to anyone who happens to read this.

I met with a friend of mine who is a RE Broker yesterday about a property I've had my eyes on for some time. It is a commercial property consisting of two buildings. An 810 sqft building leased at $700 a month as a local flower shop. The other building is 2772 sqft, has been empty for a few years (casulty of a Country Time Mortgage site). I actually inquired about the space over a year ago as I was looking for a space to lease for a Physical Therapy practice, my primary occupation. At the time, couldn't get a loan from the bank without $40K down, so I put the project on the back burner. Eventually, a local investor purchased the property for $150K according to the county property sales info. Its currently listed at $205K.

I have had two cleints come to me and say that assignments were illegal in the state of Oregon, and that you have to be a real estate agent to do any sort of real estate investing.

I looked online at the State of Oregon’s Real Estate Agency website http://landru.leg.state.or.us/ors/696.html where it says: "An individual may not engage in, carry on, advertise or purport to engage in or carry on professional real estate activity, or act in the capacity of a real estate licensee, within this state unless the individual holds an active license as provided for in this chapter."

Looking to flip a wholesale deal in Indianapolis. $35k, 3/1.5, needs $20k in repairs, ARV $119k. Please PM me if interested or would like additional info.

I am currently attempting to wholesale a mobile home and I know they are different that homes based on them working under a vehicle registration. Has anyone had experience doing this, and if so should I still use a title company to handle the paper work

Using an Option Agreement can be another great way to lock up a property with a FSBO. An option is a unilateral agreement between two (or possibly more) parties wherein the OPTIONOR (the owner/seller of the property that is the subject of the option) has agreed to sell the property with a certain price and terms, to the OPTIONEE (the prospective buyer of the property) as some time in the future.

In the typical option agreement, the OPTIONOR (seller) is obligated to sell the property with the agreed price and terms; however, the OPTIONEE (buyer) is not obligated to buy. This is why the option is referred to as a unilateral agreement.

Anyone out there!

I am new to this and I have just got through reading Dean's new book "Your Town Your real Estate Right Now” I’m currently looking for a Real Estate Lawyer in San Diego CA and in my search I have found that many of the contracts that were mentioned in the book about assignments are legal, but how to get paid might be illegal. The attorney I talked to felt a little uncomfortable with me getting paid by the Investor or the Seller at closing. He did not say that it was illegal but he thinks it sounds like I would be acting as a Broker and that would be Illegal. Can anyone in my area shed some light on this? I am motivated to start doing Assignments but I want to find out if it is legal in San Diego CA. Thanks in advance.

Carlos

Locking up a contract on a traditional assignment tommorrow,need some real life advice on what contratcs to use,I have a cash buyer.I've done plenty of lease option assignment's but never a cash buyer assignment.Experienced investors would be appreciated for advice on these contracts.I'm in cali and am famliar with the assignment contract but not the purchase agreement assignment.What's up>

I hope I'm posting this in the right place.

I recently got a phone call from a motivated seller who is letting her Mobile Home go for $7,000

She owns it free and clear
She is the only owner

Motivation = paying lot rent on vacant property

my exit strat = Lease Option or retail end buyer

What would be the best negotiating tactic I could use to where I wouldn't give her anything up front?

Also what forms will I need/what else do we need to sign for this deal besides the

Lease/option agreement
Memorandum Agreement

Do i need to use a title company with this deal

< complete noob here sorry

Jill & I just signed a sales contract on a Fannie Mae foreclosure we bought 115 days ago. This was the house RE had listed at 39,000; we offered 20K & the bank rejected it. Three weeks later it went to REDC auction & we won the high bid at 20,000; plus 2,500
buyer's premium. With closing costs, the total was 23,477. Since we had to hold it 90 days we took our time on the rehab. We installed new kitchen cabinets & counters/new appliances,lighting & plumbing fixtures,
new vanities & toilets in both bathrooms; new washer &
dryer, water heater, overhead garage door, flooring, & paint inside & out. Total cost of rehab was 8,000.
Since we paid cash for the house, the holding costs
are about 300 for insurance, 250 for electric, 200 for taxes, 100 for water.