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Jonathan RexfordFL

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Everything posted by Jonathan RexfordFL

  1. Doing well MC. Your site looks really good. Glad you still have it. Facebook is just NUTS.
  2. WOW MC, I love the look of the site. I need to visit more often. I hope all is well with you?
  3. Here is what I was meaning paying retail. ARV 430K Repair $30K balance $325K Total invested $355K. Sell for $430-355= 75K...profit? NOT AT ALL. Cost of sale is going to be 12% at a minimum. $378K net. What about any potential legal issues? So at best if everything goes right. You will walk away with 23K. You can work at the cost of sale. But lets say you cut that in half and you are able to bring another 24K to the table and cost of sale is 6%. Then that is your risk. But I do not see a deal here. Remember retail is subjective. We have a magical cost that is called Cost of sale that buyers forget, but sellers realize.
  4. uh....RUN. No deal here at all. 1st and formost is that the owner of the current home has stated they cannot pay the mortgage. They will ONLY sell the house to you if you lease it back to them for two years. What happens in 2 years? You will be in front of a judge trying to explain this. How this family got scammed by a mortgage broker (even though they signed the note) and now you coming in wearing your cape to save the day. You buy the home. I am assuming a short sale since they owe more than it is worth. You buy the home as a short sale and the lender will ask you and the seller to sign an agreement that there are no side agreements. But you say....ah it is ok. Then you go through the deal. You go down to the local loan shop and sign personally for this property that you are buying about 13% below value. Now keep in mind it needs work. So in essense from what I am reading you are paying retail. You may get some cash flow from this deal. But 24 months come down the pike and you file eviction notice. They flip over there yellow page phone book and call there friend on the back page. They now file a counter suit claiming how you defrauded them and took advantage of there situation. Eviction gets post pone. 18 months later you are sitting in a lawyers office and they are taking your deposition. In the mean time. You have been making the payments on your house to your lender. You reach a settlement because your attorney has stated that it will go to circuit court and it will take another 6 months and advises you to give them 10K to settle or pay the attorney 10K to fight it. You look at your bank account and then decide that it would be cheaper to pay them to leave. (Deciding point here). They move out and you find the repairs are now at 65K. Since you signed personally for this house it is something that you cannot walk on or BK the LLC of some sort. You are stuck. My advice. Don't do it. Never lease back a home to someone. it is trouble. Rant over and Hello Naked People.
  5. Oh Crud, I guess it did not upload. Sorry about that. Here it is
  6. Well here is one that has been pulling good for me lately.
  7. On most MLS systems you can export data directly from there. More than likely it will be a text file that can be imported to an excel spread sheet. I have not found one that would import directly of the tax address. Because some of these are absentee owners.
  8. Do group showings. Arrange the showings once or twice per week. Pick morning hours after school drop off and evening hours. if someone presses you for time to do a private showing. Set a time to meet and have them call you when they are there. I have found out if they want the house they will wait 15 minutes for you to get there. Otherwise it saves you 2hrs. If you have not done so. do a virtual showing. Use video and lots of pictures. Also if you had done your job right you will have met the neighbors. They are good to do fast showings. Keep applications at the house.
  9. Got a Problem House We can Help XXX-XXX-XXXX
  10. Good grief.....bashing realtors again? j/k
  11. Dee, I do not use MC's agreements. But I would if that is all I had.
  12. Two approaches. One would be a long term lease option. Such as loan balance and term and the other is a short sale. 35K is a mute point depending on the value of the home. If it is 350K I would do a long term lease option assignment tomorrow. But if it is 100K then it is a short sale.
  13. Answer the sign calls yourself. No one knows the deal better than you do. Or give someone the power to make the decision for you
  14. Tony33, I do not knowing marketing to listing properties. When I do my mailing, I do not take my 2K plus mailings and scrub them against MLS. I just mail them and put a disclaimer at the bottom of the card. That states this! Jonathan Rexford is a licensed real estate agent with Beneduce Realty. If your property is currently listed with a real estate agency, please disregard this post card or you can keep it for future reference or give it to your Realtor. Now, I am upfront with it. If they throw it away...so be it. If they keep it and call me later....COOL! if they give it to there agent and they call me and we do a deal BETTER THAN COOL! Either way I am disclosing it up front. Also I do not just do mailings for the specific purpose to do LO's LO's are just a tool in the tool box!
  15. Is it a flat fee when you guys record a memorandum or does it vary depending on your contract sales price? I ask because it's normally $15 to record a the 1st page of a document at our deeds office, and I thought to myself let me record a memorandum on an upcoming deal. My memorandum referred to the property as "exhibit a attached hereto and made a part hereof by reference." After the receptionist asked to see exhibit a and saw the sales price she started calculating the taxes on the contract price and asked for $50. Now the price of course is irrelevant but I know it doesn't take much to figure out the sale price by doing the tax calculation in reverse. Am I over thinking this? This is what I have been using for the last 12 years. NOTICE OF PURCHASE AND SALE AGREEMENT STATE OF COUNTY OF A PURCHASE AND SALE AGREEMENT has been made and entered into this ______ day of _______________________, 20_____, between ___________________________________________________, hereinafter referred to as “Buyer”, and _______________________________________________________, hereinafter referred to as “Seller” (the words Buyer and Seller to include their respective heirs, successors and assigns where the context requires or permits). WITNESSETH THAT: Buyer and Seller, by these presents hereby acknowledges the validity of a contract entered into of even date for the Purchase and Sale of the real property which is described as follows: (Insert Legal Description) The closing of the sale and purchase of said real property is to take place pursuant to the terms of the Agreement entered into of even date herewith. Any interested party may contact: ___________________________________, whose mailing address is __________________________________________________________, and whose telephone number is (_____)______________. ALL PROSPECTIVE PURCHASERS BEWARE, Buyer has an equitable interest in the herein described real property by virtue of a properly executed contract. Buyer is, and has been, ready, willing and able to close this transaction. IN WITNESS WHEREOF, the parties hereto have signed and sealed this Notice, the day and year first above written. Signed, sealed, and delivered in the presence of: ____________________________________(Seal) _______________________________________________(Seal) Witness Buyer: (Print or Type Name) _________________________________________________________ ____________________________________(Seal) _______________________________________________(Seal) Witness Seller: (Print or Type Name) _________________________________________________________ ____________________________________(Seal) _______________________________________________(Seal) Witness Seller: (Print or Type Name) _________________________________________________________ ____________________________________ Notary Public (SEAL)
  16. Welcome to the world of realestate. I have always said it is better to be licensed
  17. Jonathan.... Florida is one of the fastest states for foreclosure... It actually only takes about 90 days or so if I remember right... Contrary to what most will tell you.. You get the "BIG" down payments by owner financing.. people these days understand the difference between L/O's and contract for deeds and actually owning.... Too many investors have been made to look bad by not doing the right thing with L/O's and Contract for deeds... Right now.. we are getting 10 - 20% and more and our houses are selling in two weeks or less.. its freakin crazy... Owner financing rocks now that lender aren't financing.. perfect storm! As far as trusts go.... You know my story about that... One visit from the feds... and I quit using trusts.. No... you wouldn't be able to get it back any easier... If the trust is selling on a wrap... and deed is transferred... If the trust is holding title and you are contracting for the beneficial interest... then it would be the same as.. a contract for deed... yes, I know it should be... treated as personal property... but, not likely... My problem with that... is.. it don't what talk and sound like a duck.... Clean and simple... No trusts... just owner financing where is clear cut... And with sub3 as you know... the liability is reduced to... Nil.... Hope to see ya around brother... and hope all is well in Florida... cheers, David Well I would love 90 days in this environment. Our court docket is so backed up, and with mandatory mediation it takes a min 11 months...been there done that. I lie trusts and always will. I do agree with you with owner financing has larger down payments. But speed is the games with debt service. The personal property is now that I am talking about concerning the UCC1 filing. I know Mark Warda preaches it. Like I said. I have not tested it. We can have a nice discussion on what works and what doesn't. I love the Sub 3 model. States like Texas, Ga I would be doing them all day long. But here in my area. I think a L/O is and always be my comfort level. Things are good on my side of the pond. JR
  18. David, With property management, I would do a wrap. But with a 11 months to get a house back under judicial foreclosure kinda makes a regular wrap hard to swallow. This is why I am moving things to a trust and then wrap the interest of the trust. It has not been tested (or at least I do not think so) but I think it would be easier to get it back according to my attorney. Of course people in my area rarely have the down stroke of 10-15% to make me comfortable.
  19. Even though I am a real estate agent, I operate as an investor on most deals. The last thing you want is to be brought up against the real estate commission. It is not fun. Being part of the nice brotherhood of NAR....which I prefer my friends over at NRA. NAR is anal about taking care of there own.
  20. Okay, so I have learned...MUST ASK SELLER THEIR STIPULATIONS WITH REALTOR. Hopefully this won't turn into a lawsuit. The seller wants to meet with me tomorrow to change the date on the contracts to todays date instead of December 1st so it reflects that the contracts are after he ended the agreement with the agency. The TB's move in Jan 1st, they happened to be there Sunday showing the property to their family when the proposed buyers showed up. I used MC's contracts so hopefully that is enough in the event of practicing Real Estate without a license problems. Thanks for all the replies! YIKES.....DO NOT CHANGE THE DATES. That just gives them a little gas for the fire. And also delete this part of the post. I would just cancel the contract and enter into another one. Do not change the date. That is just showing that you are trying to circumvent the broker. The last thing you want is to be standing in front of the judge and him asking you a question in regarding the date.
  21. Well the contract is between the seller and the broker for sure. But the seller should have had the brokerage sign off as a release just incase of this same issue to come up. Here is what you can expect. Broker will sue them in small claims court or circuit court depending on the amount and there agreement. More than likely the brokerage contract has an arbritation clause. Broker will supeana the current Tenant/Buyers and your contracts will be part of the defense and also evidence for the seller. Broker will file a complaint with the State Licensing board, stating that you are practicing Real Estate without a license. Just be prepared, for some drama....because it is coming your way!
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