We apologize, but the forums are closed for new posts. Click Here To Join The Unemployables Facebook Group

Welcome, Guest. Please login or register.
December 06, 2021, 11:33:12 am
Home Help Search Calendar Login Register

Welcome, Guest. Please login or register.
December 06, 2021, 11:33:12 am
Home Help Search Calendar Login Register

Author Topic: I got a 78 Year Old Bird Dog  (Read 11952 times)

Offline Randoskie

  • Member
  • *****
  • Posts: 1282
Re: I got a 78 Year Old Bird Dog
« Reply #15 on: September 26, 2017, 12:30:19 pm »
The assignment fee is $13,750   Fortino put $500 earnest deposit down, So our buyer will pay out $3,000 to Fortino, $2,500 to Frank and $7,750 to me.
The buyer gets the contract on the property for $85,500  Or $99,750 total after she pays us.
I can see why she wants it, similar houses on the MLS are going for 149K and they need to be rehabbed and they don't have a second income producing house on the property.
The small finance company that took this property back has totally rehabbed these 2 houses except for the exterior. New doors and cabinets and fixtures and tile and wood flooring, even new frikin appliances and they got it rented.
Fortino says the ARV is 120K but Zillow puts value at 89K


Offline Randoskie

  • Member
  • *****
  • Posts: 1282
Re: I got a 78 Year Old Bird Dog
« Reply #16 on: September 27, 2017, 10:45:36 pm »
It took Fortino 3 days to get the signed contract to me, I have also been waiting for the signed assignment from Jeanette our buyer. But this crazy female realtor is not responding to my emails.
So, I placed another ad on Craig's List and a few hrs later I go into CL and look for it. I cant find it so I log into my account and somebody had flagged my ad for removal, WTF?
My deal must be better than the realtors deal that flagged my post. Did I ever mention how I dislike realtors?

Offline Dmccright

  • Member
  • ***
  • Posts: 168
Re: I got a 78 Year Old Bird Dog
« Reply #17 on: September 28, 2017, 10:23:07 am »
It took Fortino 3 days to get the signed contract to me, I have also been waiting for the signed assignment from Jeanette our buyer. But this crazy female realtor is not responding to my emails.
So, I placed another ad on Craig's List and a few hrs later I go into CL and look for it. I cant find it so I log into my account and somebody had flagged my ad for removal, WTF?
My deal must be better than the realtors deal that flagged my post. Did I ever mention how I dislike realtors?

Realtors are like the teachers of real estate. They think they know everything after 3 weeks of training, they think you know nothing if you didn't get 3 weeks of training, and everything is illegal if you're not a realtor. I got my fill of those guys on another forum.

Offline Randoskie

  • Member
  • *****
  • Posts: 1282
Re: I got a 78 Year Old Bird Dog
« Reply #18 on: September 28, 2017, 11:42:28 pm »
This deal gets crazier by the minute. Finally our buyer Jeanette signs the assignment and emails it to me, us 3 wholesalers sign it and b4 I cud say whoop te do snake tip, I got a few more calls, one investor has offered 109K
I asked Frank and Fortino if they wud like an extra 2 grand. He was all ears. I suggested we cud tear up Jeanette's signed assignment and make up some lame excuse and sell to this new buyer for 109K
I thought ther may be some ethical issues, but not between us three,
Put a few buks in front of our face and morals and ethics are just words in the dictionary.. :evil

Offline Randoskie

  • Member
  • *****
  • Posts: 1282
Re: I got a 78 Year Old Bird Dog
« Reply #19 on: October 02, 2017, 12:36:49 pm »
My new buyer looked over the property and said it was in rough shape and he didn't want it. Now Fortino says the sellers sent him an email saying they are 3K over on their rehab budget and not to start escrow yet cuz they need to up charge us. This is a finance company.
Well, I have a signed purchase contract for 86K and a signed assignment for $13,750, So, I started escrow this morning.
I informed Frank and Fortino.
Shortly later Fortino calls and says we shud hold off on escrow until he talks to finance company.
I told Fortino bandito that I already started escrow, I got signed contracts and I'm moving forward on this, of course Fortino says he don't want to get involved in a lawsuit.
I tell Fortino in between his whining, just blame it on me, tell the finance company ur partner Rando is a real ahole and he's not gonna lay down on this. Frank says we shud all lower our assignment fee. I say nay to that.
And the drama continues.

Offline javipa

  • Member
  • *****
  • Posts: 2350
    • Profitable Investing Strategies
Re: I got a 78 Year Old Bird Dog
« Reply #20 on: October 02, 2017, 08:47:35 pm »
If the finance co. signed the sales agreement, they have no choice, but to abide by the price and terms. 

Lenders are notorious for last-minute change-ups.  Screw that.
"149 Ways (Plus One) To Find Motivated Sellers..!"  -Free Report-
>>> Click: http://sub2marketdomination.com/how-to-find-motivated-sellers-2/

Offline Randoskie

  • Member
  • *****
  • Posts: 1282
Re: I got a 78 Year Old Bird Dog
« Reply #21 on: October 04, 2017, 01:12:35 pm »
My analytical newbie partner Fortino bandito calls yesterday to says our seller the finance company said they wud honor the signed purchase contract. Oh really, what cud they do? They hired some body that went over budget on a rehab while trying to coordinate everything from Los Angeles, 250 miles away.
Now Title company wants an addendum written in about getting our assignment fees paid outside and before escrow.
I asked bandito to sign it and he wants me to write in that buyer will also pay the $500 earnest deposit he gave Title.
I asked bandito why do you insist on making an earnest deposit? Our objective is to do these deals with no risk.
He had already made a trip to the Title company and made that deposit.
But, things are progressing, now if only our realtor buyer Jeanette does what she says.

Offline Randoskie

  • Member
  • *****
  • Posts: 1282
Re: I got a 78 Year Old Bird Dog
« Reply #22 on: October 06, 2017, 11:35:40 pm »
I can see the finish line. Our buyer Jeanette called me this morning, she hasn't signed our addendum stating she will pay us our finders fee b4 closing.
But I got it drawn up and me and the 3 amigo's signed it and sent to her. She had a few questions like what was we paying for the property and if both houses are rented and her hubby was asking a few.
So now Jeanette and hubby are driving down or up from Los Angeles to inspect property b4 they sign the addendum and pay us our stinkin cash.
This is where it can all go south. But, this is where it can all come together too.

Offline Randoskie

  • Member
  • *****
  • Posts: 1282
Re: I got a 78 Year Old Bird Dog
« Reply #23 on: October 09, 2017, 11:29:43 am »
Our buyer the lady real estate agent from Los Angeles inspected the property Saturday with her hubby, they drove the 500 mile round trip. But, I havnt heard from her, I send an email last night asking if she was ready to move forward and to get that signed addendum to us Monday, today.
But I got a back up offer for a few grand less for cash. Fortino the bandito wants to wait a day or 2 b4 we shift gears and go with another buyer, that assignment fee upfront sounded pretty damn good, but looks like it cud be out the window.

Offline Dmccright

  • Member
  • ***
  • Posts: 168
Re: I got a 78 Year Old Bird Dog
« Reply #24 on: October 09, 2017, 08:50:54 pm »
What a crazy deal.

Offline Randoskie

  • Member
  • *****
  • Posts: 1282
Re: I got a 78 Year Old Bird Dog
« Reply #25 on: October 11, 2017, 02:46:37 pm »
This lady realtor wont respond to emails, txts or phone calls, for gods sakes at least tell us that you don't want the darn thing.
Did I mention how I dislike realtors?
Back to square one, even my back up buyer is not responding. I'm gonna get some more ads going and try to get this baby a new home.
I'm off to look at a newer home in a small town about 50 miles from me, normally I wudnt get off my ass, but this seller is from Arizona, their renters lost their job, I got an indication their is distressed situation here. I sent an offer of 115K, house is worth about 150-170, probably needs carpet and paint and fence repair.
This seller is making a 12 hour trip to California to meet with me at the house. They cud be behind on payments, gonna take 5 Grand to get it rentable and they live 875 miles away.



Offline Randoskie

  • Member
  • *****
  • Posts: 1282
Re: I got a 78 Year Old Bird Dog
« Reply #26 on: October 16, 2017, 08:38:18 pm »
Our lady realtor is no where to be found, flown the coop. I got more ads running, but nobody wants this mediocre deal in a bad area for this overpriced pos.  Maybe I need to get with the 3 amigos, me Frank and Fortino, and slash/butcher our assignment fee to get this thing out the door.

Offline javipa

  • Member
  • *****
  • Posts: 2350
    • Profitable Investing Strategies
Re: I got a 78 Year Old Bird Dog
« Reply #27 on: October 17, 2017, 01:10:43 am »
I guess that's why Susan Lassiter Lyons refuses to flip to buyers with no track record, and/or no reputation to maintain.

Another reason I want to paid up front, rather than at closing. 
"149 Ways (Plus One) To Find Motivated Sellers..!"  -Free Report-
>>> Click: http://sub2marketdomination.com/how-to-find-motivated-sellers-2/

Offline Randoskie

  • Member
  • *****
  • Posts: 1282
Re: I got a 78 Year Old Bird Dog
« Reply #28 on: October 18, 2017, 06:45:56 pm »
Somebody buy this thing and end our pain. We slashed the price by 10 Grand, One of my buyers was saying even at 89K
it don't seem like such a great deal. I tell him, you know it may not be a great deal,,, but, it's got that cash flow. He's going to take another look on Saturday.
I need a few buks to make the trip to Northern Idaho to feed my pet moose.

Offline Randoskie

  • Member
  • *****
  • Posts: 1282
Re: I got a 78 Year Old Bird Dog
« Reply #29 on: October 24, 2017, 04:24:33 pm »
My partner Fortino was cancelling the escrow and the mortgage company offered to finance it for 2 years at 5% and 20% down.
I told Fortino that's interesting, tell them we want a long term loan. Cuz these short term loans are risky.
They came back with a 5 yr term at 7% and $20% down and wont do longer cuz they are elderly.
This is the deal that wont die.

 




SMF 2.0.15 | SMF © 2017, Simple Machines