All Forum Posts by: Will Gaston

@Wayne Brooks No I don't think she would care.  I've never heard of assigning without the assignment clause.  Have you ever tried this?

I've got 2 properties that I am scheduled to close on for 10k total next week.  I've accepted an offer for 16k that is going to close on the properties immediately after I close.  My attorneys fees are $500 for each property, so I will be coming out of pocket $1,000.  The end buyer will also have to pay to close (only $500 total because of all the title work, etc will already be done.)

Is there a way to avoid a double closing?  I foolishly did not write "and/or assigned" on the original contract from the seller, so I'm not sure what to do. Any suggestions would be appreciated.  I've bought lots of rental property, but this is my first wholesale deal.

@Will F. 

I've seen that plenty of times on Zillow and that's why I don't use it.  They've gotten a lot worse with spam lately.  I would suggest using Craigslist because it seems much easier to get a fraudulent listing removed.  When someone steals my listing on CL like they did yours on Zillow, I send the link out to 4 or 5 friends and have them flag it and it gets removed immediately.

Hello All,

I have been buying rentals in Columbia, SC for 10 years and recently came across two properties that are not in my wheelhouse (I rent higher end properties across town) that I would like to wholesale.

Two properties for sale in Columbia for $22,500. Properties are being sold together and in "AS-IS" Condition. 

1440 Kingston Street:

-3 Bedrooms/1 Bath
-Approximately 850 Square Feet
-Brick
-Needs approximately $3,000 clean up & repairs
-Vacant but neighborhood rents are $550-$600/month

2210 Liberty Street:

-Approximately 900 Square Feet
-3 Bedroom/1 Bath
-Wood Siding
-Needs approximately $5,000 in clean up & repairs
-Vacant but neighborhood rents are $550-$600

Current tax values on property are a combined $55,000. Property taxes are Get in these properties for around $30k total and have $1,100-$1,200/month in potential income. Cash only buyers, please. 

Not sure how to (or if I can) attach pictures, but can email them to you.  Thanks for looking- J. Will Gaston

@Roy N. I spoke with my agent and she can add them to my commercial liability policy.

@Steve Babiak and @Jay Hinrichs Thank you for your responses. I think both of the suggestions could be great for future projects.

@Roy N. Thanks.  I just emailed my agent to ask and will report back.

@Roy N. Thanks for your reply.  I am not worried about the risk of the actual property, but rather someone trying to sue me if they hurt themselves while on the property and then try and and go after me or my business.  

I don't have business insurance, but rather a commercial umbrella policy that covers additional liability above and beyond my landlord policies. 

Hello All,

I'm closing on two properties this week for $5,000 each. I am trying to find somebody to wholesale them to but may not be able to before I have close on them on Friday. (I do not want to push the closing back because of the relationship I have with the seller).

How can I get insurance on them? I will probably only own these properties for a week or two max.  Not worried about the property, but rather about my liability.

My insurance agent does not want to insure them on a landlord's policy for one week and he doesn't think that I could add them to my homeowner's.  I also have an umbrella policy with another company that has an additional liability on all of my other rentals. But I believe if I added those to the umbrella policy they would require a regular landlord policy to be place as well.

Anybody have in suggestions?  I doubt anything will happen, but that's what insurance is for, right?

@Chris G. Thanks, Chris. It's going to be tough because he seems to be a pretty cheap guy. He's an attorney and was at the house cleaning it himself. He has no idea about highest/best use of his time.

@Wayne Brooks I definitely don't ever like to pay FMV, but was thinking it might be worth it if I could net 10k/year in profit. I've offered to lease Property #1 for 3 years and pay him $8,000 a year (with lump sum payments of $4,000 every 6 months) and I be responsible for all repairs. He said he would consider it...