They accepted an offer for $58,000.
What do I put for Earnest Money on the contract? It currently says zero.
I’m 99% sure this is another wholesaler.
Some state require at least $1 to make it all legal, not sure about Florida. I used to put down 5 or 10 buks but now I just write in zero.
If it’s another wholesaler that’s OK, Ive done deals with 5 wholesalers involved.
But you shud ask,
My Johnson, is this your house your selling? No, I’m selling it for a friend, oh, your a wholesaler, oh not really, Yea Kinda.
OK I need to know the numbers, what did you get it for? So your making x amount and I want to make x amount, we need to get together on this with the contract and everything.
I will run it past my list of 47,000 buyers, some are in Peru & Africa and I will start some mass marketing online.
As a side note they can actually pay you the earnest money.
The sellers are gonna give me $100?
Technically you could. That being said I usually put a $10 EM, and never actually give it to anybody. It’s taken care of at closing.
Really? That sounds like a perfect way to do the earnest deposit, which might even be construed as a note due and keeps the deal legit.
I lost $500 buks on a deal that I thought was a sure thing, can you say cloudy title, liens, probate goodbye money?
I liked the seller, he was way overweight and very sickly living in this decrepit hoarding house in bad filthy conditions.
He spent the money to move in with a GF for truck rental, & for some helpers, I was a sucker for a sad story. I of course never asked for it back.
This was a few years ago and I wonder if he’s still kicken.
I’m sure the process will become familiar to me after one time.
If they ever question me about the EM, I always say I’ll drop it at the attorney’s office with the contract (attorneys close transactions where I live).
I hate attorneys just as much as I hate Realtors. But we’ll see what happens.
My former bird dog Bob got me one of my first deals 4 years ago and since then we have done a bunch together.
He’s went on to do deals on his own. But he still calls me when he has the worst junkers. It’s funny how I can sell these junk houses that most people wudnt let their dog stay in. & Bob can find them.
Well he calls today with exactly what I want, a junky house that the tenants did a number on.
Bob got it for $35,000 I told him I could get us 42 or 45 for it.
Bob also sent photos, it’s a 3/1 1,000 SF huge lot and the after repair value is over 100K
I’ts really tore up, we will be happy to make 5K each for our assignment.
My buyers wont wait too long on this one. I’ll be surprised if its still available in a few days.
I also got it on CL for $48,500
Let’s make some Money…
This deal was no good because the people pretending to have the property under contract had no legal right to the property.
The actual owner walked out and told me he still owned it and he is on the property appraiser.
He said he would sell that one and the neighboring property for $400,000.
So, that’s $200k a piece? And you didn’t make a cash offer to the ‘actual’ seller?
Why not?
While you’re talking to a seller, don’t be shy to ask if he knows anyone who wants to sell. Sellers often know someone else who wants to sell. They flock together that way.
Keep dragging the net.
I got his number and needed to run the numbers first.
Just found out my prospect house has 22K in liens, it can be depressing dealing with all the BS and failure after failure.
But, that’s the nature of the beast, we pick ourselves up and keep going, failure is not an option.
Did you find that out through the title company? Did you lose your earnest deposit?
Another wholesaler I’ve done a few deals emailed and said he offered $16,000 cuz it had 50K in liens. I emailed Bob and he wanted to know how I knew it had liens cuz he had just met the seller and she admitted she owed 22K in liens.
Bob said when he went to the house a few dqays ago the tweakers wudnt let him enter the house but agreed to use Bob’s camera and took a bunch of photos. What a mess, Place was or shud be condemned. The meth heads were complaining about no heat and water. Squatters wanted some better amenities.
Bob actually got his camera back. Bob is embarrassed he sent me such a sorryass deal.
I come across some addicted people and living in these bad conditions.
They shud make that meth illegal.
Judging from the pictures, what type of work would you say this house needs done?
https://orlando.craigslist.org/reo/5989466848.html
Would you consider this a light, medium, or heavy rehab?
Hard to tell without knowing your market. In my area my buyers wouldn’t do anything other than a deep cleaning on that house to get it rent ready. How’s the roof, furnace and A/C?
Are these deals routinely found in your area? In my area I’m selling houses that rent for $650-$700 for $44-45K. That deal on that Craigslist link would be flying off the shelf in my area. I gotta convince my buyers to buy in Florida.
How much would insurance be on that house?
Similar deals are routinely found on Craigslist FSBO.
I emailed about the roof and have not heard back.
I don’t know about insurance.
I thought Florida was a good market. Am I wrong?
Compared to what’s available here, that’s outstanding cashflow. Depending on how much insurance and taxes are on a house like that. Insurance here is cheap; ~$60-70/month. I’ve heard insurance rates in Florida are high though.