All Forum Posts by: Stephen Chatto

In my opinion if you don't have the financial wherewithal  to pay the underlying payments if your tenant goes sideways  then it is not fair for you to take the seller's property under contract  as a lease option .

wow, that is a very complicated question and there are many more facets to it. Is there any money owed on the house that you're living in now? How much money would you get when you sell it? How much will you get if you sell it as is? How much will you get if you fix it up?What are your other resources you have available to you?

I sent you an email

I have a deal for sale near Wildwood, NJ.  It is a wholesale deal and we are selling the contract.  

23 Units Occupied (Residential) one storage unit currently used by owner.  

Here is a link to all the Details: http://smokinghotrealestatedeals.com/24-unit-cash-cow/

Let me know if there are any questions.  

Thanks, 

Stephen Chatto - 267-573-9506

You are the buyer.   The double closing has NOTHING to do with the seller.   You buy it at 10am and sell it at 10:30am.    Of course they want the Earnest Money.  Give it to them.  Why would you not?   That solidifies the deal for you.   As far as an assignment...  if your contract is assignable that is by far the BEST OPTION.   It is your RIGHT as a buyer to assign a contract that is assignable.  Don't apologize for that.  Most people don't even know what an assignment fee is and don't care.   They see that the purchase price they agreed to you on the paperwork and are happy as a clam.

Hmm I don't really understand.. Are you saying someone else has a deal and is asking for a non-refundable to JV with them?

I wouldn't do that. Get an Option Contract on the property with low EMD. If you don't trust the guy don't work with him. EMD from end buyer is non-refundable.

Local REIA Meetings are chock full of buyers.

What does your contract say.  If they are not giving you access then they are in breach of contract....   

On the other hand if you are telling them that you are "bringing a buyer" and you are not an agent you may be in hot water for acting as an agent without a license...  

I am not an attorney...  but if you had no intent and they raise a stink you may have a few questions to answer...

What's your position with the seller?  What did you tell them? 

-Steve

Seriously...

Wholesaling is basically getting a good deal under contract and selling that contract to a cash buyer.  

Steve

https://en.wikipedia.org/wiki/Wholesale