All Forum Posts by: Account Closed

$5K is stronger than the average, but a $10K deposit and I am listening. To Justin's point, a large deposit might make it easier to accept a slightly lower

Place a LARGE earnest money deposit and/or pay closing costs.

As a seller a few weeks ago in a multiple offer situation, I received an offer (which was the highest) of $38,000 with Buyer paying all closing costs. The Buyer also put $38,000 in escrow with my agent (HIS FULL OFFER AMOUNT).

Not sure if this large deposit was intentional, but as Seller on that deal, he had my undivided attention and confidence in his willingness and ability to close. He closed the deal as soon as title was clear.

Hi Ashley,

Most standard agreements of sale will specify that the property (deed) shall be delivered free of liens.

In every deal I have done it is understood and in writing that the seller will pay off any outstanding debts including mortgages, tax liens, water & gas bills, old judgments, etc.

These payoffs are deducted from their proceeds at settlement, so they do not need to be paid off ahead of the closing.

Welcome to BP Mark!! I'm an investor in the Philadelphia Market and I specialize in providing off market opportunities.

I'm here too help if you have specific questions.

Welcome to bigger pockets Elisha & Brian. A few of us are working to organize a meeting in Philadelphia beginning next year. There are a few meetups I attend here now, and I will message you details.

If anyone is interested in helping with the meeting, PM me.

Welcome Troy Sheets

http://www.meetup.com/Wholesaling-Houses-in-Philadelphia-W-H-I-P/

This meeting is geared toward education of Wholesaling as a strategy. There are cash buyers, wholesalers, & hard money lenders in regular attendance.

If you are the source of the deal, meaning that you are the one who is the initial contact with the seller, lock up you position with an assignable contract. That is the only sure way to control the deal.

Trying to market OPD (Other People's Deals)? OPD or Co-wholesaling is a strategy I see many new investors attempt to get started in the business. I generally stay away from Co-Wholesaling for two reasons.

1. It is difficult to know if and when a co-wholesale deal goes to settlement-making it difficult to know I get paid.

2. Co-wholesaling damages my credibility with REAL buyers in my market. When they receive my email pitching the same deal as 6-10 other co-wholesalers, then I'm placed in the "me too" wholesaler category in their mind instead of the "guy who brings good, solid DEALS that no one else knows about." I prefer people think of me as the second guy when it comes to wholesale deals.

To be fair, I have done many deals both brought to me by other wholesalers and sold by other wholesalers. When I do business with these guys, I decide up front if I can trust them and have some control in the deal. I'm usually the guy with more experience who is running the deal-even if my name is not on the contract. I no longer email blast OPD's, although I did in the beginning with minimal results.

There is no comparison to having a signed contract on a REAL DEAL (65% of ARV-Repairs). That deal will always sell. If you need an example agreement of sale or assignment, you can download a copy of the one I use here .