All Forum Posts by: Richard C.

 Depends a lot on the location.  Some towns, with significant appreciation potential, it could be a decent deal.  In others, not so much.

$3500 a month for an investment of $365k (including closing costs) is not great, even for New Hampshire.  I'm not saying you're going to meet the infamous "2% rule", this isn't the Midwest.  But still, nothing about that says, "Too good to be true" to me.  

So bottom line, if it is in Manchester, Nashua or almost anywhere North of Manchester or West of Milford, I'd say it is not a good deal.  Rockingham County?  I'd consider it.

 Everything Thedford wrote is entirely correct.  She should report this dirtbag to the FREC.  The likely result will be a cease-and-desist letter (if this was the first complaint against him.)  That C&D alone will be enough to prevent him from ever being licensed.  If the commission already had him on their radar, significant fines could result.  

People involved in any industry have a responsibility to self-police, and keep the dirtbags from ruining it for the rest of us.

That is why complaints are important, and why I have decided to file a formal complaint against any and every wholesaler who contacts me.  They will get a C&D, and then they will never get a license and pollute the legitimate industry.

 You're assuming he actually is an experienced professional, based on his online presence.   It is very likely that is faked.  Most wholesalers making sight-unseen offers, and with no real buyer lined up (hence the parade through your house) don't know anything at all about real estate. 

You should list with a broker.  You can still get a quick sale if you price right, you will probably get enough more by listing it to cover the commission, and you will have an actual experienced professional protecting your interests.

You don't want to do business with people claiming that there is nothing wrong with lying to sellers unless it is specifically against the law.

 Except for the dishonesty and lying, everything he did was fine!  So what's your glitch?!?!?

 That is absolutely what he did.  That is what "wholesalers" are told to do, every day, including on BiggerPockets!  "Just get a property under contract, and then try to find a buyer.  If you have a deal, finding a buyer will be easy.  If not, you can always walk away using your contingency clauses."

So, if he is asking for more time, I would strongly advise you to look at the contract very closely.  Maybe scan it and post it here so we can help.  You may be able to get him in a twist.  If the only contingency he has that allows him to walk away is the inspection contingency, and he lets that pass, you've got him.

If I were trying to turn $250,000 into something that could support my family, with relatively low risk (not none), I would get an SBA loan and purchase an existing self-storage facility in the $2 million dollar range.

The "bureaucratic headache" of filing a FERC complaint is basically non-existent.  You have to fill out an online form.  There is certainly no reason to engage a real estate lawyer at your own expense in order to determine whether your complaint will be favorably received.

File the FERC complaint.  This guy may already be on their radar, in which case the complaint may be effective.  Worst case, you can help put him on their radar, and when others complain in the future, they'll come down on him.

"Wholesaler misrepresented himself."

"Water turned out to be wet."

The number of people who fail to understand this very basic fact is absolutely staggering.