All Forum Posts by: James Wise

Flat Belly Deli........awesome name. Did you ever open it up?

Welcome to the site jason.

Tough call. If he was a good tenant I'd prolly help him out. But I would not return the security deposit until after he got everything out. That way if he ruined the sod or broke something you could deduct it.

Not saying you should or should not go to college. But I will say that you do not NEED to go to college to invest in Real Estate. If you want to go to college I'd recommend going for something else that interests you so if later on in life you decide you want a change you have a back up plan.

Most important thing is for you to get some money behind you. I assume you live with your parents so save everything you can while living there.

If I were you my 1st purchase would be a multi-unit home as an Owner Occupant. You can get an FHA loan so your down payment will be small. 3.5%. If you get licensed as an agent most banks will want you to have done it for at least 2 years before they will count your income (as agent work is 100% commission) for the loan.

Good Luck.

No it's not that at all. Like I said if a guy offers to buy a property and he has every intention of buying himself if he does not find another to buy it from him. Awesome more power to him that is being an Investor.

The title of this post is

DEAL ON THE LINE - Deposit question!!! HELP PLEASE!

This deal is on the line because the O.P. is scared that he will have to put up a deposit on a property that he has no intention of buying himself and does not know for sure that he can move it to another end buyer. That is not in anyway "investing". The O.P. is trying to avoid "investing" a deposit at all costs and you have given him advice on how to do it. That is deceiving someone in a bad situation & I have animosity against people who do that.

@Bill R. You are giving someone advice on how to lie to homeowners. Telling him clauses that will allow him to get out of the contract if he can not find a buyer and or telling him to use such a small deposit amount that he can just walk away from it any way. Your business practice is deceiving and IMO wrong and I do not need to understand your thought process because I have seen all I need to see.

If you sign a written contract saying you will buy somthing then there should be no discussion on "how do I back out". You signed the agreement. You gave more then your word that you would purchase this home. If you find another guy who will take it off your hands for more then great if not you should be there at the closing table with your own money.

If some of you guys who do not know for sure that they can find an end buyer and do not have their own money to close on the house themselves want to sell real estate so bad why don't you go to school and get licensed as an Agent and be up front with these people? No need to pretend you have money when you dont. Explain honestly what your intentions are. "Hey Mr seller I really think I can find you a buyer, what do you say?"

Why the need to resort to lies? If you know you cannot buy it yourself you should not be writing up a contract stating you will.

@Account Closed .....agreed.

Do you feel any guilt lying to desperate homeowners just looking for a way out?

Private lenders are basically people you know. If someone is advertising that they loan money they are a HML.