All Forum Posts by: Curtis Harvey

What city are you wholesaling in?  It may be best to use another wholesaler as Matthew said.  They will have active cash buyers and you can get the deal sold fast.  You also should really work on building you cash buyers.  If you would like we can have a brief conversation about building a cash buyers list in a market.

Does anyone have a recommendation of an online test prep with exam similation?  Thanks in advance.

Hello,

Are any of your wholesellers in the Cleveland area?

Curtis

@Joe Homs,

Is there also a place that you can go to get the ones that will be at the courthouse, or do you need to use an app like this to get that information?

Curtis

Joe Homs,

Thanks I will try that one.

Curtis

Does anyone know where the time, date, locations, and website for courthouse auctions in Orange County and Inland Empire?

@Greg Scott I appreciate your comments and I also appreciate your experience in these situation.  

I do have an attorney. He will review the purchase agreement and the the LOI. I will not go cheap on that. I can not afford to not have an attorney look at the documents.

This is a wholesale deal on a multifamily property.  We do not have anything in writing yet.  We have communicated over text and email.

I have submitted a POF document and we discussed the funding portion of the deal. I sent him a text and said that I would only agree to a EMD that would be submitted to my title company and that it would have to be 100% distributed to be at closing.

The Wholesaler wants me to view the property on tomorrow or Sunday. I will go take a look at the property, but there is no LOI and Purchase agreement in place.

Curtis

I have a question.  I have a 10 unit property that I have offered the following

50% owner financing

50% private money financing

The property should appraise at $100k over the purchase price

It is in a average area of a great city with no rent controls

I have questions about the EMD terms and I would like opinions about the best practices around EMD.

Price of the property is 1.5M

$20k EMD

The buyer to have 72 hours hours after visual inspection on Monday to remove all contingencies or to cancel the transaction. In the event, the buyer does not cancel the transaction within 72 hours of visual inspection EMC to be forfeit in full to the seller with no future written notice.

Is this normal? What should be changed in order to protect my EMD? I spoke with another investor and he said that I should add to the document that my EMD be returned back to me at closing via disbursements or add verbiage that makes the EMD refundable or $1,000 forfeit is I cancel the contract. I just want to avoid things that will cause me to lose the EMD.

I would like to know how everyone else handles EMD issues. Thanks in advance for your input.