All Forum Posts by: David Ramirez

I’m getting ready to close on an investment property (condo) next week. My lender just informed me that my seller concessions exceed the relevant closing costs (including points buydown) and that the money left over will be a “wash”. Neither the buyer nor the seller would have access to it. My realtor is reaching out to the listing agent but told me the seller may have restrictions (unclear what the restrictions are) on changing the contract now since they are doing a 1031 exchange.

My question is – if the seller does not reduce the sale/purchase price and I max out on seller concessions, what options do I have to avoid this “wash”?

Hey Zaheer,

That happened to my dad when he bought his primary residence. We just took less credit but it was only a 2k difference so It didn't affect much.

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I wouldn't shy away from them. I would analyze the market, understand the target demographics based on comparables, and decide from there.

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In my opinion, attending networking events and getting referrals from other investors is still the best way to find independent contractors.

1 Vote

Hey @Jordan Schneider,

We had a similar issue in the past because we were not setting expectations correctly from the beginning. Your acquisition manager should paint a picture of how it will look after you go under-contract, mentioning that you'll need to send an inspector, contractors, and/or partners, and that it usually takes 2 or 3 visits. We make sure to do it before going under contract and right after we go under-contract when TC takes over.

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I've used REIprintmail for mailers. I've heard good things about Yellowlettehq so might check them out soon

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Facebook groups

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Not from Oklahoma but if you have any general wholesaling or flipping questions feel free to reach out!

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Oklahoma City, Oklahoma

Quote from @Mario Ballciti:

Quote from @David Ramirez:

Hey @Mario Ballciti,

When you say "They help you through the whole process", what exactly do you mean by that?

They bring you properties fit for you, they have connections with realtors, contractors, lenders etc... It's pretty much what I'm doing, but i want to be on the other side, so the investor.

Gotcha!

Feel free to reach out. Any good investment company should be able to help you with that.

My partners and I run a bimonthly real estate event here in Tampa, you are more than welcome to attend.

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Orlando, Florida

You should be able to but if you want to make sure call a title company in your area and ask

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Hey @Mario Ballciti,

When you say "They help you through the whole process", what exactly do you mean by that?

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Orlando, Florida

All Forum Posts by: David Ramirez

David Ramirez has started 8 posts and replied 1001 times.

Post: Seller Concessions Exceeded

Post: Should I stay away from STRs that only have 1 bathroom?

Post: How to find Team members like photographer, interior designer, etc.

Post: Selling a house the owner wont give access to!

Post: What has been the most productive service for mailers/ contacting potential sellers?

Post: How do I find wholesalers to work with in New Jersey?

Post: Oklahoma Neighborhoods and description please!

Post: What brokerages do double closings in Orlando?

Post: Is it possible to double close in kansas?

Post: What brokerages do double closings in Orlando?