All Forum Posts by: Pratik P.

Adding square footage usually isn't worth it when you consider the added cost for construction, permits, labor, holding costs and time. Also doing weird "bonus" deals with contractors isn't a good idea. Keep it simple!

0 Votes

So you're saying ARV is about 180k. If the loan payoff is 143k, that leaves a 37k margin. I'm not seeing where you would make money in this. Selling cost alone will be 8% ($14,000), then you have to factor in cost of rehab, financing and a profit.

2 Votes

@Account Closed I have to disagree with you 100%. I fully recognize that many people helped me throughout my RE journey and I try to pass that along on a regular basis on this site and also off this site. You're welcome to go through my posts and verify this. However, when someone SPAMS the same message multiple times, challenging and daring people to help them, you will not be taken seriously by me and many others. That's why no one is responding to his NINE copy and paste posts. It's okay if you disagree with me.

3 Votes

@CHRISTOPHER U. CHARLES No one cares about your challenge LOL

1 Vote

Originally posted by @Kelly Clark:

@Pratik P. What is the marketing product that you qualified for?

It was their batch skip tracing. We have a portal we log in to, upload a spreadsheet and it sends back phone numbers pretty quickly. Scrubbed against DNC.

0 Votes

Value add multifamily allllllll the way.

Buy>improve>hold>sell (1031)>repeat.

You won't cashflow with 10 500k houses renting at 3k. Also, I highly doubt banks will give you 10 mortgages with your history.

1 Vote

Originally posted by @Jay Hinrichs:

Originally posted by @Pratik P.:

Originally posted by @Jay Hinrichs:

Originally posted by @Pratik P.:

Originally posted by @Jay Hinrichs:

Originally posted by @Pratik P.:

They are trying to scare you out of the transaction. You have a legally binding contract and both parties are fully expected to perform. I personally wouldn't let it go so easily but it depends on your situation and patience to play this out. If you decide to just cancel, I would ask for money for wasting your time.

keep in mind they can just simply open escrow at another title or escrow company and close before anything happens..

Definitely a possibility

yup if I was the seller that's what I would do.. simply move it to another closer.. its just the price of doing business..

ONe thing he could do though and I have done this successfully.

IS take his contract and sue in small claims court..

this was a little different I had a contract to buy a timber deed in the foot hills of Portland.. And the seller wanted to back out after we had the contract signed.. WE have to arrange log purchase orders schedule our loggers ( they move from one job to another ) etc etc.

So what happened I am not sure but I suspect someone can behind us and offered more.. and the guy was pretty rude about it.. normally I would just move on.. But I decided to see how strong our Timber deed purchase contract was in the eyes of a trier of fact.

So we go to small claims I am suing for 7500.. my profit on this deal would have been a little under 70k.. on a 120k purchase price and we are usually in and out on a job that small in 2 weeks fully paid in 4 weeks.. ( why I always say my days of timber were the best of my career there is simply no faster or bigger money than that gig) Anyway I present my case including copy of bank statements showing the cash available to purchase. .. the seller does not really have a plausible reason for cancelling.. other than the letter he wrote telling us to stay off his property.. Judge ruled on the bench in our favor.

the guy opens his check book writes a 7500 dollar check and throws it at me as he leaves LOL.. So for you guys who think your within the law on your purchase and wholesaling without the ability to close.. Maybe try small claims.. see how it plays out..

Sometimes just the threat of a lawsuit will get people to the table. It worked for me recently where the seller was trying to back out due to cold feet. We let him know we'd sue for specific performance which would put a lis pendens on the property, clouding title (which I would have done). The house was going to tax auction soon so that got him to closing pretty quickly. But like you said, if you can't prove that you have the means to close, I think that would significantly weaken your case in court. But i'm not a lawyer lol

ya bully tactics can work.. agreed..

I know it seems like bullying but in this case, I paid for a lot of the sellers moving/storage expenses and spent a lot of time on him, so I didn't appreciate being taken advantage of.

0 Votes

Originally posted by @Jay Hinrichs:

Originally posted by @Pratik P.:

Originally posted by @Jay Hinrichs:

Originally posted by @Pratik P.:

keep in mind they can just simply open escrow at another title or escrow company and close before anything happens..

Definitely a possibility

yup if I was the seller that's what I would do.. simply move it to another closer.. its just the price of doing business..

ONe thing he could do though and I have done this successfully.

IS take his contract and sue in small claims court..

0 Votes

Originally posted by @Jay Hinrichs:

Originally posted by @Pratik P.:

keep in mind they can just simply open escrow at another title or escrow company and close before anything happens..

Definitely a possibility

0 Votes

All Forum Posts by: Pratik P.

Pratik P. has started 25 posts and replied 789 times.

Post: Contractor asking for a bonus

Post: Family wants to sell us house under mrkt value. What should I do?

Post: NO MONEY NO CREDIT WHOLESALE STEPS 🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥

Post: NO MONEY NO CREDIT WHOLESALE STEPS 🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥

Post: Anyone using TLO, LexisNexus, or Tracers?

Post: I have access to $500k cash, should I put $50k down on 10 SFRs?

Post: Wholesale Seller wants to back out after signing contract.

Post: Wholesale Seller wants to back out after signing contract.

Post: Wholesale Seller wants to back out after signing contract.

Post: Wholesale Seller wants to back out after signing contract.