Fredericksburg, TX · Member since 2017 · 51 posts · 36 votes
I am interested in flipping and my mentor told me to go and find a deal and I did, but I have talked to 3 different hml sources and can't seem to get financed because I don't have any money to put down right now. I don't want to just throw this deal away so someone mentioned wholesaling. I have a potential cash buyer so I have a contract here that is not yet signed. I am concerned that my contingencies have to be pretty solid if my buyer can't come through to purchase. How do the contingencies look to you???
This contract is subject to partners approval
This contract is assignable
Buyers obligation to purchase is contingent upon buyers inspection and approval of condition of property
Well your not going to like this either. Taking a kickback is not legal either. It is the same as receiving a commission which you are required to have a license to do. I would step back and educate yourself further Just my 2 cents
The gurus forgot to mention this technicality as well LOL
Well your not going to like this either. Taking a kickback is not legal either. It is the same as receiving a commission which you are required to have a license to do. I would step back and educate yourself further Just my 2 cents
The gurus forgot to mention this technicality as well LOL
Perhaps if you had put as much effort into assisting him with doing things correctly, rather than immediately calling him a fraud and dishonest, this could have had a more positive outcome. The original poster was clear from the start that there wasn't no signed contract Andy he wasn't looking for options for a path forward. From my read of the thread he did not put this under contract first and the try to figure I think out. Jen found a motivated seller, couldn't get the cash to close, so rather the new putting it up undercontract found a cash buyer that wasn't willing to make the deal and put it under contract. I do not pretend to know RE law or texas law specifically, but find it a stretch to call the man's ethics into account without other evidence. I also am really curious if getting paid a finder's fee is really a commission. Where I am from finder's fees are not uncommon.
In the original post he was asking about using BS escape clauses. This is what FRAUDS AND SCAMMERS do. Sure, he could not find financing, so he was asking about using these escape clauses to induce a seller and then have a way out if he could not assign. The problem is what they are taught by others. I always have said look for a way to make a contract WORK instead of how to get out of one. There are LOTS of people operating illegally in the "wholesale" space. Some don't know it...and quit if they find out it is illegal. Others are of a different character and will do ANYTHING for a buck. Do you SERIOUSLY think the OP would sign a contract to sell HIS house with such BS clauses? I doubt it.
@John Thedford Your mad negative bro.... every single post your bashing someone or putting them down instead of just answering the question or not saying anything at all... you sound like a salty real estate agent thats losing money to wholesalers ...omg