All Forum Posts by: Scott Anderson

$15k spread before fees, commissions and closing costs?

Sounds like the seller and lender are the only ones making money.

You’d be losing money. Probably offer no more than $100k on that deal.

 Absolutely I am.  I wouldn't use them ever and advise clients against using them and against accepting offers with them.

Desperation.

They are horrible to deal with.

Could be pending sale to the wholesaler. Went off market, wholesaler approached, still contracted through agent with ER though not on market anymore. Agent then gets contract signed between client and wholesaler. Everybody wins.  

Wholesaler can get a contract to buy with the agent and be such a good deal they still can wholesale and be completely transparent about it too.

The wholesaler should show you the deal before you give them any money though. That’s just backwards and to me ridiculous.

Was the broker working for you or the buyer the first time around?

If for you, pay up/man up.  

If for buyer, that’s between them. 

Took me about 4 days. I was shocked. Luck of the draw.

I really liked the book finding and funding great deals from bigger pockets. It gave me good ideas that I quickly put to use. 

USDA loans in AZ Won’t be near universities. They will probably be an hour away at least they are up here in the “Phoenix” market. 

Get an FHA loan or conventional has some 3% options last I checked.

What if neither leave? You have to occupy within what? 60 days?

Sounds like a mess to me. 

5 day weekend. Enjoyed it, had some new thoughts in there I hadn’t seen in the previous 30 books I’ve read this year. 

You aren’t the bank if in a lease option. You’re a landlord.

Lease option charges more rent, they can be responsible for repairs (if legal in your area) up to a pre agreed to amount or in general. And the option purchase is not a down payment. It’s the cost of the option contract.

I would buy it at a steep discount or finance it, sell an option to buy at $5000 to purchase in the next two years at $150,000. And charge $1000 per month for the lease and they pay you back for all repairs Made by you not them under $200.