All Forum Posts by: Dave McEvoy

I really want to expand my knowledge past wholesaling as I can figure that out myself along with reading on BP. I'm also doing lease options. I want to learn about owner financing, subject 2, wraps, etc. The cool stuff. Not interested in being a long term landlord but what Ron Legrand teaches is interesting. Also not willing to drop $20k or more, that's just insanity. I'm strongly considering Michale Quarles system but can't seem to pull the trigger. Anyone have suggestions based on experience? Thanks everyone!

I'm still negotiating and made the sellers aware. They emailed me and stated "I have forwarded to our attorney and the attorney's will come to an agreement." I'm doubting I'll go over $50k at this point. Possibly $55k. I already the buyer set up, would like to give him a sweet deal too to keep him buying all my properties.

I made an offer on a vacant house and agreed to $67,500. I then tried to renegotiate to $58k as I believe the furnace needs replacement. They countered with $66k "take it or leave it" I followed by calling the county and town to see about any violations or liens. Come to find out there is a $12k tax lien for unpaid taxes since 2013. The best part if that the county is going to foreclose on 2/28. Do I go back to the seller and really lowball them knowing this? Do I even mention that I know this? Obviously a title search would show this too. I was thinking of offering $20k "take it or leave it" or you can kiss the house goodbye in a month and get nothing. Any advice is greatly appreciated.

So if I were to able to get a deal at 65-70% of market value, should the house be in retail condition? Or should be looking to do some rehab?

Wasn't trying to get out of paying the attorney, was just led to believe differently. So Jennifer how could I have in my contract to get me out with the inspection clause even though the end buyer would do that?

I guess even after all the reading, podcasts, I'm still confused about EMD and down payments. I always thought you out an EMD to get the contract signed with the seller. In NY we have to use attorney's so we can't write our own contracts. Everywhere I look wholesalers are touting putting down $10 as EMD and that's all they risk. I'm assuming at this point that other states can operate that way, NY seems very different and much more difficult. I can't afford to lose $1500 (EMD and attorney fee) if I need to back out.

I'm about to sign a contract for a wholesale deal in NY. Putting $500 EMD. My attorney said if the deal falls through that I'm out my EMD and have to pay him. I wanted an inspection clause to protect me in case I cancel the contract for whatever reason. He said I could only get my money back if I actually get an inspection and not because I wanted to back out. I was always under the impression if you were assigning contracts that the end buyer would use the wholesalers attorney to close the deal. Seems everything I'm learning in the real world of wholesaling does not work in NY? Wholesaling being no risk seems like a bunch of BS.

Yes I meant 10%. I offered $500 as EMD. I would take the same or more from my end buyer when I assign the contract. I was just under the impression that the end buyer uses the wholesalers attorney. I wasn't expecting to have to pay for my own attorney since I was assigning it. I wouldn't want to risk $1500 if I had to back out for whatever reason. (EMD & attorney fee)

You put down $10 EMD if you're wholesaling? What do you pay your attorney? Full closing price or basic price as he is only changing the contract vs creating one?

so in your experience how much do you put down as EMD and for an attorney?