All Forum Posts by: Nick C.

5 points and 15% interest?? Brutal. The mafia would be proud of those terms. In Florida the max that is legal is 18%; points and interest. If you're actually paying that you're getting hosed. 

Those institutional nationwide lenders do deals, but they back out a lot, and leave investors in a bad spot. Your best bet is to find a local lender through referrals. Getting pre approved is cool, actually closing on the property is way cooler. 

Of course you should try to buy it if you want it. The worst that can happen is the flipper says no. You’re overthinking this, just talk to the person. 

This is an mls rule, check with your mls to see if they will allow it. It’s not allowed here with stellar mls. 

I think you're researching the wrong things. You shouldn't be wasting time talking to title companies, lawyers, and CPAs, you should be talking to sellers. 90-99% of people interested in wholesaling never get a deal, if you can't get a deal all this is a waste of time. IF you get a deal, ask the countless thousands of wholesalers here on BP, or JV with someone who has done deals in your area to get to the finish line.

If the wholesaler is assigning the contract, his potential buyers will need to see it to know what they're buying. 

You could offer to take the property as is, with a price reduction for the outstanding repairs.
Or you could pay a few hundred bucks and have a lawyer write a threatening letter stating she’s breaching the contract. 
If neither of these work it’s rarely worth suing, those suits take forever and are costly. 

Brent is spot on. Also his profile pic looks like Tom’s from MySpace so if I could vote twice I would. 

If you’re going to be a landlord run it like a business. Document everything, screen tenants, have rules and stick to them, no exceptions. It’s tempting to be the nice guy and trusting but unfortunately this gets landlords burned more than anything. 

Sounds like useful information to have, I don't know this for sure, but this seems like the kind of data that would be illegal to give out or sell. You might want to look into that, however if I'm wrong, getting access to your friends database would be helpful. 

(iii) is particularly brutal. Unless I'm reading it wrong, it's saying if you have to back out of a contract, not only will you lose your deposit to the seller, but you'll owe this brokerage the commission they would have been paid. How's that for fiduciary responsibility... 

You could sign this OR find an agent who works hard enough that they're confident they'll find you a house, and won't need an agreement like this.