Contracts and Offers

Hi guys!! It's been a long time. I have been in talks with a friend of a friend who happens to have some money collecting dust that he'd like to put to use. I'm in the middle of a flip using an HML and I'm about to start another, I would LOVE to go the private route and save some points and interest. I looked in the forms and docs and I dont see anything that would help legalize a loan from a private lender... does anyone have any info on this? I'm basically just going to do a 6 month term for 10% interest, with the interest rolled in to the loan. I want to make sure it is 100% legal and that I don't have problems come tax time, with them wondering where the money came from. Is it best to do it like a standard loan, or should it be secured by the property like a mortgage?

Hi everyone. This is my first time and I don't know what to do.

How can I cancel the Contract of Deed that is recorded in the Registry of Deeds.

Buyeris in default, non payment of taxes, non payment of Mortgage and non payment of Insurance.

She vacated the property in November and sent a text message last month that she is giving up and is returning the property back to us.

Please advise....

I have a question about going to look at the properties that I come across. I know they say that I should make a lot of offers, but my question is do I need to look at all of them before I make an offer or do I just wait and see who bites and then go look at the property?

Thank You
Anson

I don't know about every where else, but around me in Nassau and Suffolk counties , you only have THREE days to get an inspection if your offer is accepted . I don't want to have to pay for an inspection if I'm just assigning a property, and they say I need a lawyer for all closings.
Can anyone help me through this dillema, I really don't want to spend a penny to assign if I don't have to. Is there any way around the THREE day inspection period ?

__________IN A QUANDARY______

Gary

I don't know about every where else, but around me in Nassau and Suffolk counties , you only have THREE days to get an inspection if your offer is accepted . I don't want to have to pay for an inspection if I'm just assigning a property, and they say I need a lawyer for all closings.
Can anyone help me through this dillema, I really don't want to spend a penny to assign if I don't have to. Is there any way around the THREE day inspection period ?

__________IN A QUANDARY______

Gary

Need a reliable property manager in Atlanta GA. 30315, pls advise, thanks a million.

Hey everyone! Long time, no see! We've been busy having babies, and it's been a long time since we've been on the forum. We're finally getting back to investing, and have a deal ready to go. It's a FSBO, we are the buyers, with Seller carrying for a year. I'm preparing the documents, although seller wants to purchase title insurance and he will either have a real estate agent friend of his, or an attorney, look at whatever I prepare.

I *think* I understand what we need (we're in Oregon), but I have a couple of questions.

We will present the Seller an official "Offer to Purchase" tomorrow, with earnest money, and anticipate that we'll both sign it.

Ok everyone, here's the story for me.

I may have just found my first buyer tonight! So I wanted to see:
1) If assignments are legal in my state (CA)?
2) Can anyone give me a contract, point me in the direction of someone who has one, or tell me how to get one drafted cheaply? I only have about $500 to work with.
3) Basically, now that I may have a buyer, how do I get him a house quickly?

What is putting a house under contract. What am I saying to the seller. How long should I ask for where is my profit made. Looking for some direction or find out want am stating to do. Someone please advise. Otto Lucky

Hello DG community, my name is Nate. I have dedicated this new year to working for myself in the real estate business. I have been researching looking for properties in my area since november. I have finally found a good property owned by a doctor who has been sitting on the property since 2011 which he paid $11,000 for. It has been rented out a few times and now just sitting vacant. The property was posted on loopnet no sale price and its not listed anywhere else. I have seen the house and its in good condition. This week i am doing a walk through with a contractor to see if there are any big issues with the property. The house in its current condition looks to be worth maybe $50k with an ARV of $90-100k. I have 15 investors on my buyers list.