All Forum Posts by: Karl Washington

Quote from @Eric Gerakos:

Quote from @Karl Washington:

Has anyone had experience with this? Where did you find your gator lender?

Easy, just check the nearest swamp....

S'good haha

I see a good bit of information on wholesaling to fix and flippers but not much on buy and hold investors. Any links, information, or pointers would be greatly appreciated!

Quote from @Chris Seveney:

@Karl Washington

Maybe this worked in 2009 when people were begging someone to buy their house but chances of this happening today are slim to none and slim left town

 Yea that’s kind of what my gut was telling me. Thanks for the response 

Hello,

What are my options to fund my EMD aside from putting in the contract that I'll pay it at the end of the inspection period or using a gator lender? Could you simply JV the deal?

Thanks for your help.

Quote from @David Ramirez:

To add to the previous posts you could also partner with someone that has some cash for the first few deals

 Awesome didn’t consider this 

So I ran across this Jerry Norton video where he says part of the time you may be able to pay your EMD using your end buyer's EMD if you put in the contract a clause saying that you will pay your EMD at the end of your inspection period. Has anyone had experience with this in 2023? Does it still work?

Another option I ran across is using a gator lender (pace morby's method) to JV on the deal. Does anyone have experience with this?

Appreciate the help.

Has anyone had experience with this? Where did you find your gator lender?

Quote from @Lydia R.:

Quote from @Karl Washington:

Hello, I haven't done my first deal yet. I'm worried I won't have enough money to pay the title company for doing a title search if my deal falls through for whatever reason. I also heard that I should tell the title company to wait to run title until I find a cash buyer. Would you all agree? If I do need to save up, how much should I save? 

 It depends on what state you are in. For example, here in TX the large title companies dont charge you for doing a title search. If the deal falls apart then it falls apart and title company eats the cost. But every market is different, and also every title company is different. Usually the smaller companies cannot afford to take a loss on title searches for deals that dont close. Maybe call a few different companies and find out what the cost is. If its $100-$200 and you cant cover that then you might want to wait to get started until you are better capitalized. One of the biggest reasons that wholesalers quit is because they start with only a few hundred dollars and arent able to keep going when they discover they need more than that to get started. I think having at least $1000 saved up should be the bare minimum before you get started. More than that if you are in an expensive market. 

Appreciate this response! Very helpful. Would you recommend 1000 even if I’ll be targeting on-market deals? I figured with earnest money I’d put a contingency that I’d pay it at the end of the 10 day inspection period after getting the emd from the buyer. Too risky? 

Hopefully not a dumb question but after I tell the seller's agent agent what to include in the purchase and sale agreement, do I send the contract to the title company or do they? 

Hello, I haven't done my first deal yet. I'm worried I won't have enough money to pay the title company for doing a title search if my deal falls through for whatever reason. I also heard that I should tell the title company to wait to run title until I find a cash buyer. Would you all agree? If I do need to save up, how much should I save?