All Forum Posts by: Adrienne Bryson

You are being completely reasonable. These things are standard, and for good reason.

I think it's silly for her to expect you to just take her word for it that she can afford the rent, has good money management, and regularly pays her bills on time.

Oh well. Plenty of tenant fish in the sea

I think most issues come from a lack of honesty, rather than a lack of legality. Don't leave your seller in the dark. If they meet you, get to know you, sign a contract with you, set a closing date with you, then show up to closing and there's a stranger there to buy their house, they may feel lied to our swindled.

Make sure the seller knows you intend to assign the contract to another buyer, or at least that it's a possibility.

Your wording is a little confusing so forgive me if I misunderstand, but it sounds like what you are talking about is illegal.  It sounds like you're talking about signing a contract with the seller to buy a house for let's say $200k, then going to the buyer and selling them the same house for $210k.  You can not do that because at this point you do not own the house.  You can't sell something you don't own.

Your legal options as a wholesaler are:

- Buy the house.  The seller sells you the house for $200k, when you close you legally own the house.  You can then resell the house to your end buyer for $210k.  You can set it up so that all this happens the same day; that's a double close.  You close with the seller in one room, then walk into another room with your buyer.  You have to buy the house with your own money.

- Sell the contract, not the house.  Sign a contract with your seller agreeing to buy their house for $200k.  Then assign that contract to your end buyer for $10k.  Your buyer pays $10k to purchase the contract from you; that's contract assignment.  They are not buying the house from you.  That buyer purchases the house directly from the seller for $200k, the same amount that's on the original contract.

Maybe you can start giving out gift cards... Like $100 before Christmas for tenants that pay early.  Make it "policy" and tell future tenants about it before lease signing so it is seen as an incentive instead of a gift.

You could make it a Home Depot card or something, which would make it more likely they'd get something for the house, win-win!

Is is possible that you got the addresses wrong?  I ran into a similar issue last week where a couple of the properties I made note of "didn't exist".  One house was on the corner, but even though the front of the house and the mailbox were on one street, the actual address turned out to be on the other street.  Then there was a house between 1605 and 1609 with no visible address number that I of course assumed was 1607.  Turned out to be 1605-1/2 and was not on the county website because it was technically part of 1605.

I agree with Robin your best bet is to ask around.

It's my understanding that it can't legally be called a bedroom unless there's a closet and a  method of egress (window large enough for an adult to climb through).

I'm not any kind of expert by far so take this with a grain of salt, but could you market it as "2 bedroom with a bonus room/office"?  Perhaps since you're replacing the roof you could put a skylight in over the "bonus room" and increase the appeal...?

If the cabinets themselves are in good condition, why not just replace the doors and drawers? Much cheaper and easier than replacing. And brand new doors look like brand new cabinets, better looking than repainted old cabinets

Bump :-)

If you're going to wholesale you'll have to double close, you won't be able to assign a contract. So keep that in mind.

Then that raises the question...what if they don't have the same last name?  Do you just go with the name listed first, alphabetical, him, her?  Or "Mr Smith and Ms Doe"?