All Forum Posts by: Mark Durham

I disagree. IMO, the last CON in my reply does make it worse than most other funding sources. For me, it would probably be my LAST CHOICE of ways to fund a deal(s). 

I would be VERY RELUCTANT to do it at all because of the negative consequences and I would only do it if I was 1000%+ sure that if my deal(s) went bad, I had a back-up plan (or 3 back-up plans) to be able to prevent it from happening.

@Account Closed You stated the main pros & cons in your post. Pro: you have a source of $ available to use to invest & earn you more $ (hopefully). Con: you'll no longer have a Free & Clear house, you'll have a new loan you have to repay with a new pmt. you didn't have before. If the pmt. isn't made, your parents will be foreclosed on & lose their house. 

You have to decide if that risk is worth taking.

@Melanie Moran - With the limited info you've supplied, I'd probably do that deal (with as much DP as I could negotiate) & an AIRTIGHT contract reviewed by my attorney & I'd close with MY attorney.

@Kenny M. - I agree with @Theresa Harris. Try to keep it F&C if you can. 

Look into ways you can reduce your outgo. I've already talked to many of my creditors. Most are willing to defer payments for a while.

@Mike Lee Not necessary IMO.

@Mario Fletcher I may be able to help you. Message me in the Contact Us form at the bottom of the page at REISGA.com 

@Linda Chanthakhinh No harm in sending a contract to the seller to see if it gets a response. 

If it works for you, you may want to put in a shorter (7-10 day) inspection period to see if that helps. 

You may just have an obstinate, unmotivated seller. You could try the Take Away Close. 

Good luck!

@Linda Chanthakhinh

Since he is a family member of a friend and probably isn't very savvy in buying real estate, you should be extra diligent in doing your due diligence, and make sure he is aware of all repairs, problems, issues, etc. you find.

Selling a bad deal to a Laotian Monk will probably bring some bad Karma to you.

@Raphael Abergel 

You'll find tons of info here on BP. There are also books, courses, etc. where you can learn the basics.

@Linda Chanthakhinh Typically, in a wholesale deal, the property needs repairs (often a lot). Typically, buyers who aren't investors, are expecting a property in like new condition. 

Does this property need repairs? If so, does the buyer know this?