All Forum Posts by: Jeyo Punnakottil

Thank you

@Kristyn Grimes Thank you Kristyn

@Aaron Zimmerman Thank you ,will reach out to Michael

Thankyou all for your comments and help.I just walked away from the wholesaler because she was adamant about giving the 5k deposit to lock in the deal to her LLC.I was not comfortable with that .I offered her the full asking price but wanted the 5k nonrefundable deposit to be held in title untile i get a clear title to close ,which she refused.She said she will not show the house to me until i lock in the deal with the 5k deposit issued to her LLC name(AGAIN NOT IN TITLE COMPANY'S NAME BUT HER LLC NAME). All i wanted to know was figure out where to add the 1bath as this ppty is a 3/1 .She wasnot willing to show.My gut feeling told me to walk away.

Appreciate all your comment .Thankyou all.

@Josh Caldwell

I donot understand how the deal is bad.Here are the numbers

Arv 275-280k

Rehab 40

Front closing cost 7k

Holding cost 1600/month for 4 months

Back closing including 6% commision 21k

Purchase @165k

Where is the flaw ??

@Jerry Puckett

But still shouldn'tthe non refundable money be handled through a title .I understand it is non refundable .Here is the catch in my situation ,hopefully you read the red flags i saw on the wholesalers side .I am ok with the 5k non refundable money .What if i gave it to her and she cannot give me a clear title .First time doing business with her what if she vanishes after getting the 5k.Even if the 5k non refundable money is held in the title and if i donot perform the wholesaler obviously gets the nonrefundable money for nonperformance from my side .Correct me if i am wrong

@Michelle Garcia

I am going through the same situation in Houston market.Once a ppty comes on MLS it is not a deal anymore ,doesnt matter the amount of repairs it needs it will have a ton of offers on it and it will sell for above asking price ( so ridiculous that the purchase doesnot make any sense with rehab) .Wholesalers are promoting bidding wars .They get a deal under contract and there is no First come First serve anymore .They schedule an open showing on a fixed date and you get at least 20-30 investors showing up and it becomes a bidding war.I am currently getting to a point of marketing for my deals myself or wait it out till it becomes the buyers market.Personally i will donot know what to pick.Marketing for deals is expensive (i have tried i when i started out) but waiting for the market to flip into a buyers market is even expensive because of the rate at which money is loosing purchasing power .Confused alltogether.

@Amanda Schneider

i am positive after reading the clause ,the seller got all privilege to terminate the contract and you as buyer donot have any loophole to force them not to terminate.I am not an attorney and this is not legal advice .But this is what i feel after reading the above mentioned paragraph

Any recommendations for an investor friendly CPA/ Tax professional in Houston Texas please.