All Forum Posts by: Jessica A. Smith

Morning BP!

Came across a lead for a 9 unit building FSBO. What I do know: asking price is $300K, units rent for $300 a week, owner owns free and clear, per owner building on needs cosmetic repair, units are walking distance to the beach.

I am a wholesaler, and would be interested in wholesaling this property. With this being my first time working on a commercial deal, how is this difference for residential? What are some questions I need to ask owner? Are commercial deals priced the same way as residential? I normally for the 70% rule as a guide for my deals.

Any help would be greatly appreaciated!

@Account Closed very sound advise. May I ask how are you able to find expired listings? Is that something only a real estate agent can pull?

@Alison Emmert just a suggestion. Do you have some realtors in your network. One could easily give you that information. Even if you're thinking on passing on this deal it would be helpful to your wholesale business to have a realtor to reach out to.

Hi, If you're still in need send PM. I'll send you what I have.

I had something similar happen. Have you reviewed the title commitment? I would suggest contact the officer handling your file at the title company. They should be able to answer any questions you may have.

Thanks for the info everyone!

@Greg H. Thanks for your input

@Daren H. I am not an agent. I used the standard TREC purchase contract. It states I have 21 days to give notice to seller to terminate contract. I'm not to concern with getting my EMD back, but more so wanting to close title. If I'm understanding the title company correctly the sellers will not be able to sell in the future unless this transaction is closed.

BP,

I'm in need of assistance again. I'm looking for what form to use to release earnest money funds. Deal fell apart at closing table, and title company is requiring a release of earnest money contract before they will close title. Never had to deal with this road block before. Everything I've found online is to be used only Texas Association of Realtors.

Bobby,

Quick question: The purchase price of 300K includes your wholesale fee?  I normally try to stay within the 70% rule when calculating how to price my wholesale deals. So according to that rule this property should be priced at $239K or lower.

Jarrell,

Not sure if you were able to lock down the contract to use yet, but always check the file place here on BP. It's been helpful to me to view the documents others have used.