All Forum Posts by: Latoya Pryor
Latoya Pryor has started 21 posts and replied 77 times.
Post: EMD placed with Title Company
- Real Estate Agent
- Richmond, VA
- Posts 81
- Votes 12
I just got my first contract signed. I was informed from another wholesaler that I should not have turned in my EMD to any title company cause if the deal fails I could be charged up to $2000 by title companies for them pulling title. Do they automatically pull the title? She is just holding my emd funds in escrow until closing as I discussed with her(title company). I was also told I could be sued by the owner if I did not have enough funds in my LLC to cover the cost of the contract!? This has me shaking in my boots because I for one learned the EMD was refundable provided the contract clearly stated. And for two I have the right to void the contract within a certain period of time if I do not find a buyer? I'm so confused now. You hear all of this you don't need money to wholesale then I'm being told I have to have the funds available and ready if I do not find a buyer. I'm worried now. I was excited at first. This info is from someone that I was contemplating on doing a jv deal on this property. But he suggests I use the law firm he uses since he has built a rapport with them. My guess is I would need to assign contract over to his LLC since he says he has the proof of funds available. Makes no sense to me. Can someone clarify to me what is going on?
Post: Wholesaling contract help....
- Real Estate Agent
- Richmond, VA
- Posts 81
- Votes 12
Quote from @Tom Gimer:
The EMD required under the A-->B contract is a separate obligation from the EMD required under the B-->C assignment... as are the deadlines for making each deposit.
Most wholesalers open title as soon as they have a ratified purchase agreement with the current owner, and then work on assigning to the end buyer while the title company does its work.
Thank you for clarifying that!
Post: Wholesaling contract help....
- Real Estate Agent
- Richmond, VA
- Posts 81
- Votes 12
Hello All
If you get a signed contract (wholesale) with a seller do you then take documents to the title company and/or attorney or after you've gotten the assignable contract signed by an end buyer? How does the emd work if contract says within 48hrs? Is it 48hrs from when both contracts are signed? Need help!
Post: 80 Acres zoned R3 Henrico, Va
- Real Estate Agent
- Richmond, VA
- Posts 81
- Votes 12
80 acres uncleared available on Buffin Rd in Henrico, Va. Zoned R3 Great opportunity for a builder. Has approval from the county for 120 build-able lots or your choice of usage within county guidelines. In Varina school district. Message me for more details if anyone is interested. All cash offer $460,000
Thanks
Post: Pulling Land Comps
- Real Estate Agent
- Richmond, VA
- Posts 81
- Votes 12
Post: Pulling Land Comps
- Real Estate Agent
- Richmond, VA
- Posts 81
- Votes 12
Quote from @Eliott Elias:
Look at sold MLS data and go back a few hundred days. If there are still no comps, use tax value.
Thanks. That's what I eventually ending up doing. Another person was telling me about a formula which involved numbers. I was confused they probably was throwing me for a loop lol
Post: Pulling Land Comps
- Real Estate Agent
- Richmond, VA
- Posts 81
- Votes 12
Any help on formula or what to do to obtain comps of land? Thanks in advance
Post: Huge Land Wholesale deal
- Real Estate Agent
- Richmond, VA
- Posts 81
- Votes 12
Quote from @Jay Hinrichs:
well think who your buyer is.. it will be a new home builder. or lot developer.. as such they will know far more than you will about the property. And nothing you tell them will be taken as gospel they will do their own DD.
U can do your checks to make sure the seller is not fibbing to you.. Unless your getting an absolute smokin deal no builder developer is going to close in 25 days thats just not done. Most land deals like this closing times is 3 months to a year or longer..
Thank you for the straight forward answer! This is all new to me
Post: Richmond Real Estate Meet-Up
- Real Estate Agent
- Richmond, VA
- Posts 81
- Votes 12
Quote from @Brandon Spurlock:
Quote from @Latoya Pryor:
Quote from @Brandon Spurlock:
Quote from @Latoya Pryor:
Quote from @Brandon Spurlock:
Hey James, welcome to RVA! There are a few meet-ups that can be found on Meetup.com in the area. Less officially, a few of us from the BP Rookies FB page hooked up and have started meeting on the 2nd Thursday of every month, for fun, accountability, idea sharing, networking, etc.
I'm a year or two late on this post lol. Are your meetups still being held? I would love to attend. I am also a newbie wholesaler in the Richmond, Va area.
What is the name of this group? I've attended Todd Miller's meetup 1st saturday of each month and I've also attended RISE meetup which I believe is tomorrow as well. Is this the meetup you are referencing to?
Found them on meetup. Thanks!
Post: Richmond Real Estate Meet-Up
- Real Estate Agent
- Richmond, VA
- Posts 81
- Votes 12
Quote from @Brandon Spurlock:
Quote from @Latoya Pryor:
Quote from @Brandon Spurlock:
Quote from @Latoya Pryor:
Quote from @Brandon Spurlock:
Hey James, welcome to RVA! There are a few meet-ups that can be found on Meetup.com in the area. Less officially, a few of us from the BP Rookies FB page hooked up and have started meeting on the 2nd Thursday of every month, for fun, accountability, idea sharing, networking, etc.
I'm a year or two late on this post lol. Are your meetups still being held? I would love to attend. I am also a newbie wholesaler in the Richmond, Va area.
What is the name of this group? I've attended Todd Miller's meetup 1st saturday of each month and I've also attended RISE meetup which I believe is tomorrow as well. Is this the meetup you are referencing to?
Great! Do I need to reach someone to sign up for attendance or just show up? Also is there a meetup cost?