All Forum Posts by: Account Closed

@Jason Timmerman Is this real?! lol How did he "sabotage" a deal?!  He gave the owner a fair offer that would net him a reasonable profit AND had cash to close.  

YOU, on the other hand, misrepresented yourself as a cash buyer and tried to screw over an elderly person who didn't know any better. You didn't have it under contract and Im guessing you didn't have the funds to actually close on it. Tough sh!t. 

Things like this will happen when your business model is centered on screwing people over. 

@Tyler Scott  Here's a pretty good forum post on wholesaling to get you started:

https://www.biggerpockets.com/forums/12/topics/380162-went-bankrupt-trying-to-wholesale-heres-my-sage-advice

@Alisha Burgfeld You're probably not going to find a conventional loan for a flip, and loans for rentals are going to be 20% down or more. If you're looking for flip funding, you're looking at private/hard money loans at 2 points and 12% at a minimum, unless you've got friends and family that'll kick in the cash at a lower rate. Find some deals and i'll be more than happy to point you in the right direction or you can assign them and i'll walk ya through it

@Alisha Burgfeld Go talk to a CPA and get a good understanding of the tax implications / pros and cons of buying/holding/flipping real estate in an entity before you spend the money on an LLC. (anyone but Clarksville Bookkeeping & Accounting..they're beyond useless.)

@Alisha Burgfeld What is the loan for? 

OP - "Look I had the funds to close on this myself."   ..but you didn't, so someone else did.

Case closed. On to the next deal.
 

@Larry Smith Since there's NO equity in this whatsoever, the only way you should take this Sub2 is if the seller coughs up a LOT of cash at closing towards repairs. Break it down for him:

It will cost you X in repairs JUST to sell it for Y and after you pay closing costs, commissions you'll net Z (or more likely still have to come to closing with cash)

OR If you'll contribute X towards repairs, ill take the house subject to and save you the time, hassle and additional expense of selling it retail.

Good luck

"A down right shady move"  .. from someone who promised to buy someone's house without the ability to perform .. lolz

@Nathan Gesner  I've done many lease options, thanks.. but If you are entering into the transaction for the sole purpose of collecting the option fee.. "in hopes that they can't get their stuff together"  ..that sounds like it fits the bill for being predatory to me. 

How many of those do you think you're going to do before word gets around your town about how you operate? 

Wouldn't you rather have the reputation of the guy who ACTUALLY helps tenant-buyers through the process and gets them their home?