All Forum Posts by: Consuela Adams

Advice please? So I found a off market lead and the seller only wants me to talk to his agent from now on and he also wants to only use a GAR (Realtor) contract, that his realtor will prepare. This is the purchase and sale agreement that agents use when the house is on the market. I've never used this purchase and sale agreement before, what can I have them add to the agreement to make sure my contract is assignable? He also wants the EMD to be 2,500🙄 and sent to the real estate attorney in 3 days😳. He did agree to close with my attorney of choice though. Should I even pursue this? 😒 who's paying the agent? will she get 6%? 🤔 what should I look out for on Realtor purchase and sale agreements?

Thanks for any advice

@Andrew Postell great info!! Thank you so much! I will look more into the down payment assistance programs!

@Andrew Postell yes

@Brie Schmidt thanks for the advice! I did get pre-approval for the loan but cash for 3 months or closing cost is something I do not have. I was wondering if there were any other creative financing ways to fund the deal. Thanks again for the advice.

Seeking Advice: I'm looking to buy a duplex property in Atlanta with an FHA 203K loan, found the property myself off market. The property would generate excellent cash flow with more that 9% of cash on cash return. I believe this would be a excellent BRRRR property. It is in a excellent school district. How should the off market deal be structured on a contract when no Real Estate Agents are involved? What other funding could I use for closing and the down payment if I have no cash to fund the deal?

Thanks for any feedback

@Mike Wood thank you for the advice!

Question for new builders-, if a buildable lot is In the flood zone could a new foundation be built on cement blocks and if so would the property still need flood insurance? This lot is near a creek.  

Question for new builders- if a lot is In a flood zone would it be required to have flood insurance if the foundation is built up, on cement blocks? The specific lot is near a creek

@Jeremy Monroe thanks for the advice! I was thinking the numbers were really tight for it to be a good deal for a flipper. Between holding costs, realtor fees it wouldn't be much of a spread.

So I viewed my first hoarder house yesterday. It's a manufactured home sitting on a foundation on a double lot, so it would be viewed as a SNF. It's in a good area in the top 10 best school's districts in Georgia. The neighborhood has only single family homes. The tenant hoarded badly, walked out on the seller and the seller is desperate to sell. She owns 80k on the property mortgage and liens and she just wants what she owes. The property needs at least 40-50K rehab. ARV is around 190k, which I think is pushing it as a fix and flip. I'm thinking this would be a good buy and hold as the flipper would needs more wiggle room money for this to work and the fact is a manufactured home.. How should I wholesale this? Would this be a good subject to deal to sell if so how do you structure the deal as a wholesaler?

Thanks for any advice