All Forum Posts by: Roland Paicely

If there is an inspection done on the property the investor/buyer usually would pay for it.  Not you and certainly not the seller.

There isn't a set amount.  You have to figure out how much you can wholesale it for and how much you are going to make.  That's what your offer is based on.  If the gap is wide or close it really doesn't matter.  The only thing that matters is that the numbers work.  Keep in mind that most of the time the seller will reject your offer because it's too low.  Expect that and you'll be better prepared mentally.  

It sounds like there is a lot going on with this.  My first thought is if you find him an off market property.  What condition is it in?  Many lenders will not make loans on properties that need a lot of work.  There are exceptions.  But since you're just getting started.  I don't know if I'd advise you to tackle this one.  Normally when we wholesale a house.  It's to a cash buyer, no banks involved.

I'm assuming that after you get the house under contract that you have assigned your interest to an investor/buyer.

After that usually the title company will prepare everything and set a closing date.  At the closing is when all of the final documents are signed.  There are some variations of this.  However, this is fairly common.

Actually, I'd say there a quite a few houses that are wholesaled that have a mortgage on it.  It's normally paid off at closing.  If there is enough equity after liens are paid it can work.

First of all, I'm not an attorney.  But I'll add my opinion.  The first sentence basically says that you are the buyer, not going to wholesale or assign it.  Although, as a Principal it is possible to wholesale it.  The second part says that the agent will not get paid from the seller of the property.  Probably so that the agents broker doesn't feel like she's being cut out of a deal.  

May not be accurate.  But that's what I think.

Very admirable...........I wish I had that drive at 18.

Some investors prefer that there is a tenant.  That's their business model.  Those numbers sound good.  Although, there are investors that don't care for Section 8.  There are others that prefer it.  I'd say put that bad boy under contract and find a buyer.

Sounds 100% legal.

Good luck Mahogany.  If you need any more help feel free to reach out.