All Forum Posts by: Dave McEvoy

I think I'm going to have a really hard time finding a lawyer that would do these types of transactions. I had an issue today with a wholesale deal, was told that I pay for my own attorney and title search since most buyers use their own. Out of pocket $1500 plus my EMD and lose it a if I back out of deal. Not sure if it's a NY thing or nationwide. Not sure what to do anymore.

I have a potential deal in place to wholesale a property in NY. My attorney stated that end buyers use their own attorney's and that I would have to pay out of pocket for my attorney plus title search if the buyer doesn't want to use my attorneys title company? So in essence I'm paying a $500 EMD fee plus attorney and title search. All total nearly $2k. Not to mention if I back out of the deal go whatever reason I'm out my $500 plus attorney fee. Anyone else specifically in NY run into this issue?

I'm a interested in the coaching ad well. I'm trying to wholesale now but figure I can figure it out on my own rather than getting coaching for it. My questions are how long does the coaching last for? Also I'm concerned that I cant find a investor friendly attorney that are familiar with the creative financing @michael Quarles discusses. 

OK so can't take my cash offer but is asking about a lease option. It's not in the best area, a lot of renters. House needs some work. How else can I go about this? His mortgage is still more than my cash offer would be. Could I do a sub2? If so how would I take into consideration the work it needs? Could I wholetail it? Again just trying to expand my knowledge and would hate to lose a deal if the seller is motivated.

When they ask you to borrow money tell them to go to a bank! I'm kind of in the same boat, I won't let anyone bring me down. I love to prove people wrong!

@Jackie Lange

yes that is what I'm looking to possibly do if I can do better than a wholesale deal.

Seller financing seems interesting but the end game it what I'm unsure about. Do I sell it to an end buyer with owner financing as well? Do a lease option? I'm waiting to hear if there is an existing mortgage still. Thanks for the advice everyone, please keep it coming and keep everyone updated on the progress.

I can see the benefits of the 70% rule and lowest comps average means of making an offer; I think Sean Terry does a combo actually. My thinking was would there be another way of acquiring this house if he didn't take the wholesale offer? Could I do owner financing, assuming it's owned free and clear, or possibly lease options?? Just trying to expand my horizons and no be a one trick pony. Again thanks for the advice everyone! greatly appreciated!

@jackie Lange yes that is what I'm looking to possibly do if I can do better than a wholesale deal. 

Seller financing seems interesting but the end game it what I'm unsure about. Do I sell it to an end buyer with owner financing as well? Do a lease option? I'm waiting to hear if there is an existing mortgage still. Thanks for the advice everyone, please keep it coming and keep everyone updated on the progress. 

Honestly was only looking to wholesale it, possibly a lease option and adding back to the seller. I've only begun to investigate seller financing but not sure if I'm ready to pull the trigger yet. 

I have a potential deal for a SFR, 3 BR 1.5 bath. 4 floors believe it or not. Potential seller is an absentee owner that contacted me from a direct mail piece I sent and he is definitely motivated. ARV shows approx. $175-180k. Needs about $45k rehab or so. Let's assume the seller won't take my cash offer of an MAO of $70k to wholesale. Any other options? I'm looking into seller financing or lease options but haven't done one before and don't want to dive head first without knowing what I'm doing. Rent in area is about $1600 month; and not entirely sure if there is an existing mortgage or not. Just looking to expand my thinking so I don't leave a potential deal on the table. Thanks for any advice! Happy holidays!

if I were for example just an investor how do I go about listing a potential property on the MLS w/o access? Do I find a realtor and give them a cut of the profit?