All Forum Posts by: Pratik P.

As stated above, I don't see why subject 2 would be worth it on this one. Unless you plan on refinancing after renovations to pull out your out of pocket costs. 

Opening doors wide open for a lawsuit there

Along with the above suggestions, I would also suggest you stage every flip you do. I've found it to be worth it

@Kesha Myrick Sometimes you have to deal with this type of seller. Very unreasonable and get belligerent easily. Don't get stressed out or try to make sense of it. What I would have done is accepted the Oct 28th closing and signed an agreement I'm  holding back $X in escrow until the seller moves out on Nov 7th. If they aren't out Nov 7th, buyer will be owed a daily rate until they give you possession. 

Sounds like you're meeting an attorney to discuss your options. Let us know how things go. 

My first hires were a bookkeeper and lead manager. My lead manager is the first contact for all prospects. He basically qualifies them, gets basic info about the property (condition, timeline to sell, etc) and forwards them to me only if they are a motivated seller. At that point, I build rapport, go on the appointment, run the numbers and make the offer. That way I'm not wasting my time on tirekicker leads. 

No clue why it posted twice..

I'm surprised no one has asked you this yet....What does the contract say??? You should have received the original contract when you signed an assignment agreement. That contract will determine if you get EMD back or not. If there is a due diligence period and you are within that period, you can cancel the contract and get EMD back from title....I'm hoping you didn't give that 3k directly to the wholesaler

We do lots of marketing for off-market properties so maybe I can help. Like Lydia said, see if you can obscure the ownership by putting your properties into an LLC or Trust. We don't market to business entities because we assume the owner is an investor themselves. Also, those are hard to skip trace since there is no actual name. You can also put your number on the DNC registry as marketers scrub their lists against the DNC (they should be anyway). Those two things should slow down the calls/texts. When you do get called, ask to be put on their DNC list. You'll probably still continue to get mail. I personally welcome mail because I like to see how creative people get with their marketing and maybe I can call and see if they have any deals to unload.

I would file for small claims, it's pretty cheap. Like you said, it's a matter of principle and not money. Maybe a judgment on her record will let other people know about her. If you REALLY wanted to take it further, you can freeze accounts, garnish wages, etc. Also, I would not return the deposit

Like others have said, wholesaling off the MLS is a no go.

Having a legit POF is going to make your offer strong but not everyone buys with their own cash. We send a pre-approval letter and contact info of our HML so they can verify we're legit and funding will not be a problem.