I have had an AP247 subscription since about 2015 (grandfathered on the no longer available $18/mo. for 1,000 records plan). I have had a DT subscription for about a year. The sad thing is I don't really use either one for data. I've contemplating cancelling the AP247 plan but just don't want to turn loose of the $18/mo plan. I really like having ST to locate properties, flood plain, nearby sales, etc.
But, since signing up with PRYC.com it is so darn easy to pull records have them scrub them and get a file in a format ready to send to the mail house, I just don't use the other subscriptions for data unless I fore myself to remember to use them.
All that to say - my 1st choice for data is PRYCD.com, DT would be 2nd.
Seth Williams Thanks again, Seth. I'll listen to it today. I've been trying to decide whether to invest in your land mastery class or pursue house wholesaling (investing in that education, instead). I know wholesaling is a very red ocean, and it seems land is less red, if not blue.
Tal Freibergs I've always added these types of costs to the note payments, collected it, and managed the escrow myself. If you do this, be sure you're keeping very good records about where the money is being held and what the balances are, so you can provide this information easily if the borrower ever asks for it (which they're entitled to do, since you're basically managing their money for them).
If you've got the right bank accounts set up and your loan servicing agent (or payment collection software) is breaking this out for you as it should, this isn't hard to do IF you have the whole infrastructure set up right from the beginning.
Most borrowers will never ask for it, but if they do, this isn't the kind of thing you want to just start figuring out a few years down the road after you haven't been keeping track of things very well.
I just started following this thread, and wanted to say thanks to all of you for the great info! I'm thinking of shifting IRA funds into something more productive, but want to avoid all the land mines. Anyone have an opinion of Anderson Advisors or Damien Lupo?
I use one 99/100 times. But I've not used one in the past when buying when I just wanted to close quick, I was meeting the seller in person, and I was absolutely sure of everything I was buying. Selling I always use one to protect myself - never know what a buyer might try to pull.
Jason Dykstra, sure. I'm currently working on doing my third property as a double-closing -- purchasing and then reselling to an already-identified buyer either on the same day or within a week or so from the date that I closed on my purchase. I had a fourth one under contract previously, intending to do the same, but didn't find a buyer so I canceled my purchase agreement with the seller.
So far, I did all of those on the purchase side with a pretty straight forward, one-page purchase and sale agreement that identifies my LLC "and/or Assignee" as the Buyer; generally has a latest closing date that's a few months out into the future (to account for any unknowns with clearing title on the property, finding a buyer, etc.); and includes standard language that Buyer retains the right to cancel the sale agreement any time for any reason.
I have not, so far, done a separate Option Agreement with the Seller; although, I have thought about doing so. It's been my general impression that a purchase and sale agreement structured with the elements referenced above essentially serves the same purpose for me, in that it allows me ample time to find a buyer; it should allow me to assign the contract if I wanted to (although, I haven't actually done an assignment yet, having double-closed each of them); and it allows me to cancel the contract if I choose to (which I did one time, so far).
On the resale side, I've used a very similarly structured PSA, but with a $500 earnest money deposit added; the Buyer's right to cancel any time for any reason removed; and perhaps most importantly, a Contingency clause added, stating that, "This contract is contingent upon Seller successfully purchasing the property, which Buyer and Seller agree may not have occurred by the time this contract has been entered into." In other words, I can't sell the property to my end buyer if I ultimately am not able to acquire the property from my original seller; and my end buyer can't hold me accountable for anything other than returning their earnest money deposit if it comes to that.
I actually am working on a project now to sell land using Etherium... its a bit more complex than that- essentially creating a way to transfer title electronically as well. But my goal is to move the first one by june.
You're not the first person I've heard who has dealt with these kinds of conflicts within their HOA. Neighbor relationships can deteriorate pretty quickly for all sorts of ridiculous squabbles where people can't agree on things.
I'm not an attorney, but I think the real source of the problem is the fact that so many HOA bylaws are written poorly in the first place. They shouldn't leave room for interpretation or require unanimous votes in order to get an important job done. Most bylaws are drafted by the developer who builds the neighborhood, and once they've sold off all the properties to individual owners, it's not their problem to deal with anymore.
Unfortunately, most people don't even think about these things when a new HOA is being developed, because the issues don't reveal themselves until years down the road when these things have to be dealt with.
I don't think there's a way to opt-out of most HOAs, whether it's at the time or purchase or later on down the road. With every deed restricted neighborhood I've dealt with, you're subject to those rules automatically when you receive the deed to a property, it's not really a matter of you agreeing to it.
I think there may be some situations where a person can opt-out of receiving certain benefits within their HOA. For example, it there's a condo association with a club house or other benefits that are optional (like access to a pool or gold club, etc). Not everyone will want to use those things just because they live in the neighborhood, so they may have the option to say "no thanks", as you put it.
When it comes to those fundamental, shared benefits that can't be segregated, like plowing roads, mowing grass, taking care of roads or adhering to certain rules about how you treat your property (especially when it affects the value of everyone's property, which is what HOAs are designed to protect), you don't have the option of nit-picking what you do and don't want to accept. Once you buy a property in that HOA, you're subject to those rules whether you like them or not.