All Forum Posts by: Anthony Mancuso

Thanks Gail. I just became a member of FFREIA last month. Unfortunately I will be unable to make it to tonights meeting but will probably be there next month. See you later.

I know this is an old thread but when the contract says "This contract is assignable with written consent from seller." How do you get written consent from the seller? Do you have them sign an addendum stating you are going to assign it, a seperate contract, or have them also sign the assignment contract along with the buyer?

He is an independent lawyer. He is an experienced real estate investing lawyer but not sure if he represents many wholesalers. It seems he usually handles closings for investor buyers.

@Steve....That's exactly how it is. You check a box under the contingency section to which ones you want to use in the contract. For example the Mortgage Contingency, the Property Inspection contingency I spoke of earlier, and a blank one for a write in contingency. Yes in NY all real estate transactions are handled by an attorney.

It sounds like collusion to me. According to my lawyer "The purchase offer that you have will not work in Monroe County. The Bar Association and the real estate Board have together reached agreement on the acceptable form for a purchase offer. Lawyers will not want to deal with an alien form that they are not familiar with."

After inspecting this contract further there is a space to write in a contingency. You think it's possible to drop my weasel clause in there. At this rate that will probably be shot down too. I am not too worried about unloading this deal but I would like to cover myself considering this is my first deal.

btw...really appreciate all the comments on this thread.

Btw...looks like I won't be using the above weasel clause. I spoke with my attorney and he informed me I have to use the specfic approved contract for my area. This thing is 12 pages long. It has a property inspection addendum but it's for using a home inspector to find any faults with the property. Not sure it would work as a weasel clause. Any suggestions?

My friends are telling me the same thing about just being firm with this guy and demanding access to the home. I know the seller is concerned about spooking his tenant. She is a single woman that has been renting from him for years. It seems he has a close relationship with her and doesn't want to upset her. Kind of like trying to break up with a longtime girlfriend...LOL. Plus it sounds like he might have had someone not close before and he is apprehensive to dive in again. I guess it is part of my job to finesse him and get him to agree. I do have a "weasel clause" in my contract. It is as follows:

8. INSPECTION:(a) Buyer shall have _______ days from Effective Date (“Inspection Periodâ€) within which to have such inspections of the Property performed as Buyer shall desire and utilities service shall be made available by the Seller during the Inspection Period; (b) Buyer shall be responsible for prompt payment for such inspections and repair of damage to and restoration of the Property resulting from such inspections; and (c) if Buyer determines, in Buyer’s sole discretion, that the condition of the Property is not acceptable to Buyer, Buyer may cancel this Contract by delivering written notice of such election to Seller prior to the expiration of the Inspection Period. If Buyer timely cancels this Contract, the deposit(s) paid shall be immediately returned to Buyer; thereupon, Buyer and Seller shall be released of all further obligations under this Contract.

The owner said the lease ran out and the tenant is just paying month to month but she is consistent with it. Good idea about being an insurance agent to get the pictures. I will try that. My plan was to market to landlords in the area. I have a listing of section 8 owners and absentee owners in the area I plan on marketing to. I am just trying to make this happen but this will be my first deal and I don't want to start off on the wrong foot. Thanks.

Newbie here. 2 Part Question.
Spoke with a motivated seller today about a good deal on a SFR rental home. Details below.
3 Beds / 1 Bath
ARV = $35,500
Repairs = Less than $5,000
Currently rented for $650 a month
Agreed upon price is $16,000

Just spoke with the seller on the phone and I initially offered $18K for the property. He countered at $16K if I pay all cash. I already explained to him that I would be but this definitely threw me for a loop. So I told him that sounded good and that I wanted to go over and see the property, take some pictures to show my "money partners", and sign the contract. I also told him I would probably need to bring my partners through the house at a later date. He hesitated and told me he didn't want the tenant to know he is selling so he would only be able to show me the house once and I can't take pictures of the inside. He doesn't want to have her be uneasy and spooked for no reason in case I don't close.

First Question - Should I be skeptical of this deal because of the uncommon lower counter offer and other stipulations?

Second Question - Will a buyer be likely to purchase this property from a newbie like me without being able to see the inside and only being able to go on my word and pics of the outside of the property to make a decision?

Are there people out there that are using assignment contracts to wholesale non-REO properties in NY? I am located in Rochester, NY and want to make sure this is a viable strategy in my location. I have heard NY is strict with their real estate laws so I want to make sure my exit strategy will work. If this is not possible what exit strategies are people using in NY to wholesale? I plan on meeting with an attorney soon but any input would be greatly appreciated.

Is there a Rochester NY REI Club anymore? I have been trying to contact TJ Harrington who is listed as the Upstate NY REI Club president located here in Rochester but have been unsuccessful. Does anyone have any information on this? Thanks.