All Forum Posts by: James Crow

Thank you Jason Grote! I appreciate you putting it in a way that makes sense and is contructive. That's great advice.

K. Marie Poe Thank you! That is not a bad idea. I'm not concerned with making a lot of money. I really just want to get some experience, so I can create better deals later.

Okay, I would appreciate constructive advice please. Nobody called you a "wet blanket", you are putting words in my mouth. I am a "newbie", who just got laid-off from his six-figure job. I am trying to do what I can to keep it coming in. I am on this site, reaching out for advice, to learn how to do things the right way, from people who have already done it. Nobody was born with this knowledge. I can't read and study about every possible scenario I am going to run into, before I try to put a deal together. Instead of shooting people down, why not follow your colleagues here, that have instead chosen to kindly give me better alternatives, that would be the most beneficial for myself and the sellers?

Everyone else, I truly appreciate your willingness to help guide a "newbie." Mark H. Let's just drop it. None of this is worth arguing over, especially since we don't know each other from Adam.

I definitely do not want to come across as a shaky flipper. I just want to get in the deal with as little risk as possible.

Jon Holdman, they are actively trying to sell the property now. They've been posting it on Craigslist. I believe it's in a trust. I'm still completing my due diligence.

I think I know what I need to do. Thank y'all for the sound advice . I truly appreciate it!

No need for negativity. I'm just trying to learn.

Thank y'all so much for the quick and solid responses. I agree the TREC contract is the best way to go. My only issue is the 7 day option period. Can I lengthen than to allow for more time? I would really feel more comfortable if it were at least 30 days.

Any advice there? Thanks again!

Sorry for the miscommunication. I should have specified. I am not related to any of these people. It is a brother and a sister that have inherited a house and their uncle is the executor. I am trying to wholesale the house that they have inherited. I am in no way related to any of the heirs.

Here's the deal: I have an inherited property with a brother and a sister as the heirs. However, their uncle is the executor. I have everyone verbally agreeing to sell me the house at 60% of ARV, with very minimal repairs.

My problem is the uncle wants $500 earnest money. I told him I only put down the legal minimum in Texas, $10, and that I do this because I buy houses as-is, pay all the closing costs and taxes, and I don't ask the seller for a thing. I think he will go along with my low earnest money amount, but now wants me to send him a copy of my contract to show to the attorney who handled the estate. My question is:

What, if anything, needs to be taken out or added to my contract to easily pass the attorney's approval? I understand that every attorney is different, but does anyone have any experience with this that can offer some good advice? I still need my out clauses and to be able to have ample time to market the property to another investor, so I can wholesale it. I also need to make certain that I can keep my low earnest money amount. Message me and I will email you a copy of my contract, so you can look it over.

This will be my first deal, if I can get through this hoop. I'm supposed to send my contract out, but am hesitant to do it until I know an attorney will approve it. Any advice would be greatly appreciated. Thanks in advance!

James Crow

Bill,

That was the direction I was leaning as well. I truly appreciate your advice and will not hesitate to consult with you in the future.

Thanks!

Thanks for the welcome!