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Updated almost 6 years ago,

User Stats

31
Posts
7
Votes
Yoni Rios
  • Rental Property Investor
  • Downey CA, United States
7
Votes |
31
Posts

trying to get my first deal and fell

Yoni Rios
  • Rental Property Investor
  • Downey CA, United States
Posted

Good morning all, I have few concerns. So I just started to seek the investor side of RE. 

Currently have a 3triplex bought FHA retail price few years ago. Wanted to get more into the investor side

and got some education for the last 10 month from books and podcast. currently have a  business so don't have the time to look for the deals from owners so I attending meetups, craigslist where I can build relationship  with wholesalers as I live in a very hot Market which is Los Angeles.  

Looked at a deal, numbers made sense in San Bernardino, CA. Deposit was 10k cash, which wasn't a problem, we were going to close with our own cash, quick fix and use as rental.

Well, I got some cold feet from the escrow and seller just need to learn from ya that have done this. 

Escrow sent me an addendum to sign, that I said it was okay for them to release 10k which was the deposit to the seller prior to

close of escrow, which was in about 7 days from that day. 

The only contingent I put was the property to be vacant 24 hours prior to close of escrow, as I didn't want to inherit a tenant. 

That's the reason I wasn't cool with signing that addendum from the escrow company. 

Can anyone give me some feedback on this, What risk do I take if I was to sign that addendum and the tenant doesn't leave?

Can I get my deposit back ? help 

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