- When doing the market analysis are there any guidelines or benchmarks to know if the market being analyzed is a good market. For example, is 128 average days on market good, bad or in different? Are many pre-foreclosures and REOs good, bad or indifferent and so on and so forth. How much is too much? Are there preferred targets?
- Can you ask Michael what he would suggest for the following situation:
I have a property under contract that has nuisance liens and unpaid taxes totaling $6,500. It requires a Quiet Title Action which would cost $500-$1,500 and take 2 months. The Seller just wants to Quit Claim it to me. The BPO report shows a 30-day As-Is sales price of $14,900.
- Can you explain passive vs dealer status? Is this only a tax thing? Does this mean if I have rentals in my name I can’t also do flips in my personal name?
- The seller needs the money to go buy a trailer house, but then won’t have anywhere to stay. My question is how could I best use sub to in this scenario so I can avoid the extra costs of transactional funding? I think sub to would be the way to go and the contract would stay when i close i my side that the proceeds pay off the mortgage.So lets say we close within 30-45 days, would you do a weekly lease for 1 month? I would think that might hurt my ability to sell it and I am worried if he wouldn’t move out and we might have an eviction on our hands.
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