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All Forum Posts by: Nick C.

Nick C. has started 9 posts and replied 2162 times.

Post: Are all hard money lenders this bad?

Nick C.
Posted
  • Investor
  • Tampa, FL
  • Posts 2,283
  • Votes 2,956

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. 

Post: Should I Contact the Flipper Directly

Nick C.
Posted
  • Investor
  • Tampa, FL
  • Posts 2,283
  • Votes 2,956

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. 

Post: My client has a property under contract to purchase.... am I allowed to re-list it?

Nick C.
Posted
  • Investor
  • Tampa, FL
  • Posts 2,283
  • Votes 2,956

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

Post: Gathering My Team

Nick C.
Posted
  • Investor
  • Tampa, FL
  • Posts 2,283
  • Votes 2,956

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.

Post: Should I send my contract to another wholesaler when JV a deal

Nick C.
Posted
  • Investor
  • Tampa, FL
  • Posts 2,283
  • Votes 2,956

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

Post: What to do about seller unmotivated to close?

Nick C.
Posted
  • Investor
  • Tampa, FL
  • Posts 2,283
  • Votes 2,956

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. 

Post: What to look for in a flip deal

Nick C.
Posted
  • Investor
  • Tampa, FL
  • Posts 2,283
  • Votes 2,956

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

Post: Can I be a good landlord?

Nick C.
Posted
  • Investor
  • Tampa, FL
  • Posts 2,283
  • Votes 2,956

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. 

Post: Debt collector & wholesaling

Nick C.
Posted
  • Investor
  • Tampa, FL
  • Posts 2,283
  • Votes 2,956

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. 

Post: Did you have to sign an agreement with your Realtor in 2023??

Nick C.
Posted
  • Investor
  • Tampa, FL
  • Posts 2,283
  • Votes 2,956

(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.