All Forum Posts by: Amadii Owens

Hello @Jose Garcia 

I sent you an email regarding this post.

Best 

Aj

Hey @Lisa Nickles, Welcome to BP, I am also a newbie REI and it looks like we're very close to each other. One thing I've learned so far here on BP is networking with people in your area is golden. I would love to connect with you, bounce ideas and encourage one another. Let me know if this fits for you.  God Bless  AJ

Hello BP,

I am a newbie to REI, however a deal landed in my lap that would be great as a first deal. I'm really unsure how to handle it.

I've advised the seller that I would not be able to buy the property but potentially find a buyer for the requested price. What are the legal options available to me in my state(NY). Will a option contract keep me legally not obligated to buying the property if I cannot find a buyer within a specific time or buyer backs out. If so, where can I find such contract?

Is the option of a finder's fee agreement with seller or buyer legal in my state?

Based on the math this is a pretty sweet deal I don't want to lose.

Thanks

AJ

Hey @Pancham Gupta and @Paul Timmins thank you for the warm welcome, links and books to check out. I will do my due diligence with it all. 

@Nichole Schroth Thanks, I will def check that software out. 

@Nick Britton Thanks. No I don't have a potential buyer. Additionally I'm just starting out so I haven't built a buyers list yet. This deal happen to just fall in my lap. 

@Jonathan Towell great advice. I will definitely go that route. 

Thanks 

AJ

Hey Everyone, 

I have this motivated seller who is looking to get rid of the property in less then 30 days. She is asking for 175k, the house needs about 20k in repairs and the comps I got from Zillow based off similar sold homes are between 300k-325k. So that would be 195k(purchase/repairs), closing cost of 20k (approximately, I haven't learned how to calculate CC yet) brings it to 215k. To me those numbers present a good deal no?

The seller has agreed to let me wholesale the property to another buyer, but where can I get my hands on the proper legal purchase and assign contract giving me a time-fame to find a buyer?

Thanks BP

AJ

[email protected]

Hey Everyone, 

I have this motivated seller who is looking to get rid of the property in less then 30 days. She is asking for 175k, the house needs about 20k in repairs and the comps I got from Zillow based off similar sold homes are between 300k-325k. So that would be 195k(purchase/repairs), closing cost of 20k (approximately, I haven't learned how to calculate CC yet) brings it to 215k. To me those numbers present a good deal no?

The seller has agreed to let me wholesale the property to another buyer, but where can I get my hands on the proper legal purchase and assign contract giving me a time-fame to find a buyer?

Thanks BP

AJ

[email protected]

Hey Everyone, 

I have this motivated seller who is looking to get rid of the property in less then 30 days. She is asking for 175k, the house needs about 20k in repairs and the comps I got from Zillow based off similar sold homes are between 300k-325k. So that would be 195k(purchase/repairs), closing cost of 20k (approximately, I haven't learned how to calculate CC yet) brings it to 215k. To me those numbers present a good deal no?

The seller has agreed to let me wholesale the property to another buyer, but where can I get my hands on the proper legal purchase and assign contract giving me a time-fame to find a buyer?

Thanks BP

AJ

[email protected]