All Forum Posts by: Simon W.

Hi BPers,

Two days ago I got a property under contract and one of the cash buyers asked me for in his exact words

I didn't use a Title Company because I decided to let the end Buyer to use their own so I can use my own time to look for more deals.

I am assuming the Title Company can search these things up, but would cost me for each search. And I don't even know if this person will even "consider" buying it.

Any suggestions would be appreciated. Thanks!

Yancy,

It depends what you want to do. I was at one time thinking about it, but I rather just focus on what I need to do first. So I decided to skip it.

@India M. ,

I just did some quick calculations and seem like this isn't a real deal.

$35K (ARV) - $15K (repairs) - $5K (fee/profit) = $15K priced without the wholesale % component

Let's just do 90% of the ARV

$35K(0.9) - $15K - $5K = $11,500 is what you should pay

and 90% of the ARV is not exactly a good deal as well. that's only a 10% discount off the "Value"

Feel free to PM me and connect with me.

Did you and the seller VERBALLY agreed on the price or you have it under contract?

Hi @Brian Woodson ,

You can wholesale these to BUY & HOLD investors as long as the numbers make sense to the End Buyers.

-Simon

Thank you, Matt.

I think I need to find a title company to verify it.

I am also trying to figure out if there's any charges I should know about. I don't want to be spending $$$ if the deals don't fall through and have to cancel.

This will be my very first deal. I never bought a house before or anything of that sort. So a bit paranoid on things. multiple scenarios are coming into my head haha and they aren't all good scenarios.

Hi,

I am about to put a property under contract. The property is owned by a LLC that has two members.

Only one of the members signed my Agreement to Purchase contract. Do I need both of the members from the LLC to sign to make it valid?

Hi @Shaun Roberts

Welcome to BP! Like @Brandon Turner said love your enthusiasm!!

I'll definitely look you up for your contact info. Turns out I am starting to wholesale properties there. Love how BP connects with each other somehow! :)

@Matt Inman It would be helpful if you can provide a title company as well. I can make some comparisons. Is there any fee to open up and/or cancellation fee?

As for Allentown, it's okay. I actually live in NYC, but I want to focus my real estate in PA. I am planning to move to Allentown or rather Lehigh County area.

@Shelby Reed thanks! I'll probably give them a call. Since you worked with them, can you tell me about their requirements and any fees involved?

HI BPers,

I am about to get a property under contract. The property is out of state, Missouri, and I live in NY.

Do I need to get a title company in Missouri?
If so, do anyone have any recommendations?

I am going to be assigning this deal. I was thinking if I need to pay any fees to open up an account with the title company. Are there usually cancellation fees in case my buyer backs out and I can't seal the deal?

-Simon

If you really like the house and the cap rate make sense, but for whatever reason you want the tenant to be out, just negotiate with the seller to get them out. I am sure there will be leeway to do this.