-
Kevin Farrell replied to the topic Seller signed two contracts in the forum **Pro-Only Members – Ask A Question** 8 hours, 17 minutes ago
Kramer – I smell a rat in this deal. First, not only did the seller sign two contracts but two contracts have been submitted to the same title company. Second, your offer must have been significantly higher than the first offer. That makes me wonder if you offered too much. Please check your comps carefully. You can not go ahead with the purchase…[Read more]
-
Kevin Farrell replied to the topic First Responses from First Mailers in the forum Chapter 6 – Cash Flow From Land 10 hours, 1 minute ago
Aroldo – Congrats! You sent the mail and now the phone is ringing. That is how this is supposed to work.
-
Kevin Farrell replied to the topic Anyone using a Self Directed IRA? in the forum **Ask A Question** 15 hours, 5 minutes ago
The LLC owned by my SDIRA is NOT my land business. Just to be clear. The LLC is strictly for investing in RE deals that are not owned by me. Whatever you do, as Mike suggests, do your own research, consult with professionals, and follow the rules.
-
Kevin Farrell replied to the topic How granular to get on pricing expensive properties? in the forum **Pro-Only Members – Ask A Question** 15 hours, 8 minutes ago
Blake – I have used all of those methods where appropriate. Not every county is the same. Not every land type is the same.
-
Kevin Farrell replied to the topic Title report exception in the forum **Pro-Only Members – Ask A Question** 18 hours, 37 minutes ago
Ben – that is fairly common language for reserving the mineral rights. You can buy and sell the surface rights.
-
Kevin Farrell replied to the topic Anyone using a Self Directed IRA? in the forum **Ask A Question** 1 day, 13 hours ago
Blake – I think that the same rule applies to 401K – you can not mingle funds. But do some research and get to know what will work for you.
-
Kevin Farrell replied to the topic titlepro247/signed PA in the forum **Pro-Only Members – Ask A Question** 1 day, 18 hours ago
Lee – nice report. I have heard of people who specialize in helping with probate paperwork in CA. Glad you found one. You don’t have to be an attorney to do that, you just have to know the ropes.
-
Kevin Farrell replied to the topic I just got served in the forum **Pro-Only Members – Ask A Question** 1 day, 18 hours ago
That sounds funny to me “My properties encroach on his fence”. That sounds like it could be interpreted at “Your fence encroaches on my property.” I would at the very least contact a local RE attorney to discuss options. Get it done, keep it out of court. Best of luck to you.
-
Kevin Farrell replied to the topic Homeowner's Insurance for Land Deal? Yes or No? in the forum **Ask A Question** 1 day, 18 hours ago
The title company is just checking of things on their list for closing. Decline it.
-
Kevin Farrell replied to the topic Anyone using a Self Directed IRA? in the forum **Ask A Question** 1 day, 18 hours ago
Part 1.
I have a self directed IRA (SDIRA) with Pensco. My attorney created an LLC that is owned by my IRA. It is called something like FarrellSDIRALLC. The LLC has a business checking account. I only had to request one distribution from my Custodian to load up the checking account with the amount that I want to use for investing. I can write…[Read more] -
-
Kevin Farrell replied to the topic Enough room to build outside the flood zone? in the forum **Pro-Only Members – Ask A Question** 5 days, 17 hours ago
Bob – I generally avoid lots in flood hazard zones. However, in this case the situation would be almost identical to how the neighbor used his property. I would use the Flood Zone info to negotiate a much lower offer. So low that you will feel confident that you can sell it quickly at a profit. I would cut my offer in half. I always feel better…[Read more]
-
Kevin Farrell replied to the topic Glad to be in the number! in the forum *New Member Introductions* 6 days, 9 hours ago
Hi Judith – Welcome to the Landinvestors Forum. We are glad you are here and I hope you have great success in the land business.
-
Kevin Farrell replied to the topic Fractional Interest Owner in the forum **Pro-Only Members – Ask A Question** 6 days, 18 hours ago
Jenna – I would delete the ones with Und Int in the description as you have shown. Not sure but I think those are fractional ownership.
-
Kevin Farrell replied to the topic Offer 20% or 35% of value? in the forum **Pro-Only Members – Ask A Question** 6 days, 18 hours ago
I always use 25% but any number will work if the owner is ready to sell.
-
Kevin Farrell replied to the topic Duplicate Legal Descriptions in mailer – OK to send still? in the forum **Pro-Only Members – Ask A Question** 6 days, 18 hours ago
Jenna – that is the brief legal description. They only way to know the full legal description is to look at the deed. I can be a page or more sometimes. When the legal descriptions are this cryptic I use a description like this.
5.7 Acres in Steele County, GA
I put a formula in the first record and then copy it all they way down the list. This…[Read more]
-
Kevin Farrell started the topic Fractional Interest Owner in the forum **Pro-Only Members – Ask A Question** 1 week ago
Hi everyone. Today I want to post some information about “Fractional Interest” ownership. In the past some counties allowed parcels to be sold in fractions. These are sometimes called “undivided interest”. Where undivided means that if a person owns 1/4 interest, he owns 25% of the entire parcel — not a specific divided chunk of the parcel. This…[Read more]
-
Kevin Farrell replied to the topic Title Insurance/Escrow – Info on doing Multiple Deals in the forum **Pro-Only Members – Ask A Question** 1 week, 1 day ago
Robert – When you contact the title company just ask for a discount. I have never gotten one but it is worth asking. Get quotes and pick a title company. Be sure to ask for a Binder Policy. It will save you money when closing on the sale.
-
Kevin Farrell replied to the topic Title Search in Abstracting State in the forum **Ask A Question** 2 weeks ago
Tim – Thanks for posting this information. Great stuff!
-
Kevin Farrell replied to the topic Title Search in Abstracting State in the forum **Ask A Question** 2 weeks, 1 day ago
Ellis – In Oklahoma I am only buying through title company. I check to make sure that the person that I am talking to is the legal owner but I don’t go back any farther than that. I let the title/abstract company handle it after that. I have had a couple fall apart and had to pay about $500 for the abstract work. I would not self close on any of these.
- Load More
Kevin Farrell