All Forum Posts by: Blake Morton

@Patrick Pendley The city is not involved, and there are no tags. The house is in rough shape though.

Thank you for the input! I will be meeting with the owner soon to see if we can make a deal. 

I am located in Waco Texas and have the potential for a wholesale deal. The property is a 2/1 and in need of heavy rehab (there was an attic fire a year ago, electrical work needs to be done). What are you all paying for wholesale deals like this? ARV will be $130k-$150K.

@Kayla Givens the "ADU" I'm referring to is the camper slip. I want to look into the legalities of it in my state/county but it feels like it could work!

My fiance and I just bought a house that is going to be our primary residence that we will be house hacking. The property also has an RV hookup with electric and septic. We are wanting to rent the RV parking out as well, I'm curious if anyone has done something similar and what the pros and cons of doing that have been? We are essentially viewing this as an ADU. Any input is appreciated!

@Will Barnard My logic with having him close then purchasing from him was to appeal to the fact he wouldn't have his money tied up for very long. The property would have been my primary residence that I planned to house hack. Moving forward with this goal in mind how would you suggest structuring a partnership with my friend to do this when I find another deal?

Thanks for the input, everyone! The deal ended up not working out, but the final strategy was to have my friend pay cash for the property, close in 14 days, then sell the property to me where I could buy using my conventional loan. It would have worked out beautifully but we did not get our offer accepted. 

@Grant Sylvester That absolutely helps! So are you saying the cash offer should mention that they would not actually be taking possession of the property? I plan on calling my lender tomorrow to get them in the loop. Offers for this property are being cutoff on Thursday so I'm having to move fast.  

I am currently trying to land a deal in a very competitive market. I am using a conventional loan and having to compete with cash buyers with every deal I find. Would I be able to have a friend offer cash on the same property, then essentially wholesale the property to me (he makes a profit selling to me and I still get the deal, win win)? If this is a a good strategy how does the reassignment of the contract to me from him work? Disclaimer, my friend actually has the cash to close. This isn't a false cash offer scenario. 

Thank you for the input! I will be reaching out to some local title companies.