All Forum Posts by: Miguel Dormany

Hi @Jenni Utz, no there was no extension signed. So I don't owe him anything correct? I can walk away and keep the property so what happens to the termination contract since he refuses to sign it?

Hi All, my question is I have a contract on selling a home of which I had to complete many things like a new roof, HVAC, and plumbing. The contract to supposed to close on last week and now they say they are still waiting on the appraiser to go and reinspect the home so the VA can provide the loan. I have been patiently waiting but no longer am willing. So my question is this: I sent a termination of the Real Estate contract to the buyer and he is refusing to sign. So 1. am I obligated to sell to him since he provided the appraisal and inspections. 2. If I decide to keep the property what ramification would this have since he refuses to sign the termination doc as I would like to keep the property? 3. Lastly, he has been staying in a hotel the last 2 weeks would I be obligated to pay for his lodging?

 Thanks in advance,
Miguel

Hi @Thomas Subias and Welcome to your first post and Happy New Year. 

Learn as much as you can here, but most importantly take action. You can have all the knowledge you want, but if you don't do anything else with it it's useless. Just go for it, you will make mistakes as we all have. 

Getting into real estate has been the best thing I have ever done.  The only regret is that I didn't get started earlier. 

Good luck to you and your wife. 

Hi @Linda L., in Real Estate there are no shortcuts. If you are new to investing and have to money to invest the first thing you should do is educate yourself on how to become a real estate investor. This isn't probably what you want to hear, but just trying to keep it honest. If on the other hand, you are indicating on investing in real estate to sell to another buyer (wholesaler) this you can do with no money out of pocket. Just find a great deal and find a buyer that wants to purchase a home, you put the buyer and seller together and you get your commission is the difference. An option would be IF you are able to get a VA loan, you could effectively purchase a home with no money down. Hope that this helps you. Good luck to you

@Micah Watson, You are right on track! This is exactly how I operate my purchases. I took out two separate HELOC's on two different properties and here's what I do. I use the HELOC funds to purchase the distressed property and rehab it. Once all done, I rent it out and THEN finance the property pull the funds back out and pay off the HELOC and then repeat the process. It works like a charm. Good luck to you

This is one of those episodes that you have to much again as I just did. There is so much to get/learn from this episode that you can't miss. I am now going to buy his book as well. Thanks

Hi @Todd Keith

I'm interested in this property. Could you send me some pics of the inside and are there any repairs that need to be done? My email address: [email protected]

Awesome Podcast and very inspirational. Also, bought the book and am looking forward to incorporating his views. Learned a lot from this podcast a must listen!!! Thanks

Hi @Neill K. and glad to see you here in BP. You could not have came to a better site to learn about RE investing. Like you I too am into buy and hold rentals to become financially free. I know without a doubt I'll get there just am not certain as to how fast. I too invest long distance (from Italy) and purchased the book here on long distance investing which is a great book and has helped immensely. I highly recommend it because you are sure to get some ideas you haven't thought about. Good luck to you and hope to see you around in the forums.  

Hi @Marcus Mills and welcome to BP.  Yes the best advice would be to search here inside the forums under wholesaling, and also there are several podcast and books that cover this topic. If you become a Pro member there are also several past webinars that you can also watch. Hope this helps.