All Forum Posts by: Doug Eric Gueirn

As always trust no one and do your due diligence. You could always try create a legal contract between yourself and the investor and add certain clauses or liens that prevents the buyer from scalping you. @Carlos Valencia @Albert Bui

That's a great idea

0 Votes

Seattle, Washington

Quote from @Steve K.:

Yeah, definitely don't sign a contract saying you have the intent and ability to buy a property if you have neither because that would be inducing the seller to enter into an agreement under false pretenses/ "fraud in the inducement" (misleading the other party as to the facts upon which he/she will base his/her decision). The contract could be voidable and you could even be held liable for any damages the seller incurs due to you tying up their property by lying to them. So don't lie. Also don't get legal advice from BP or any wholesaling "gurus". Talk to an attorney.

That makes sense. What are the wholsalers using as contracts to make these deals? What clause states that "I" am the entity securing the contract and having the right to sell or assaign the contract to the person who intends to buy the property?

1 Vote

Seattle, Washington

Can someone clear up for me where when I fill out these contracts, where it says "Buyer" I have to put in my LLC and name. I get nervous about this because I don't want to be sued for not having the money to buy the property. Also what makes me nervous is the fact that I don't tell them that I am not the buyer of their property but have to say that I have "Partners" when I really don't.

1 Vote

Seattle, Washington

Thank you Lydia, I appreciate the advice.

0 Votes

Seattle, Washington

Right, ultimately it is up to the seller to negotiate his favorable terms. I am just getting the ball rolling with a general offer.

0 Votes

Seattle, Washington

Bake the pet deposit into the rental deposit. You know you will be able to keep it all when they leave

2 Votes

Quote from @Hugo McBride:

How would you invest say $800k?

[...it is a smaller more winnable

lottery ;) ...]

I often ask this question to friends to show them that one does not have to wait to learn and have a strategy.

This time I'd like to ask the successful people in the group how they would invest that $800k.

The opportunities are endless with $800k of starting capital. The hard part to all this is starting from nothing and building to "F U" money wealth.

1 Vote

Quote from @Bill B.:

You’re offering less interest than they can get guaranteed by a bank. I think that would be a hard no. If there’s a realtor involved they will be hard pressed to bet 10% after closing costs. That means if you fail to follow through and they have to pay 10% again to sell the’ve done all this for nothing but a large headache.

MAYBE with no realtors, so most of that 20% goes in their pocket, a 7-10% interest rate, and a balloon in 3-5 years, MAYBE, if you have great credit.

What would be the best terms to offer then?

0 Votes

Seattle, Washington

Quote from @Shaun Martin:

Can you trust other players: Unfortunately there are lots of people out there willing to get ahead to your detriment. That said this business is a lot easier to navigate if you have people you can trust. Trust for information, helping sell (and buy) deals, take on projects, expand horizons, etc. These relationships will take time. You can't force them.

Stealing Your Deal?: LIke previously said. If they deal is a deal you should be able to get it sold. I am presented many "deals" where the perosn with the contract has signed it based on ARV x 0.70. Many times this is not a deal. If the ARV is 300,000 and the rehab is 200,000 - is paying 210K a deal??? While that is an exaggerated calculation - hopefully you see my point.

Is your contract legit? Contract law is strong in the U.S. If you have a legit contract you can enforce it. Sometimes it may not be worth your time but you have the opportunity. I am surprised no-one has said it yet - but spend an hour or 2 and sit down with a local real estate attorney. Before booking time be sure to ask qualifying questions regarding their knowledge.

The information you get from this will be priceless.

I did this myself a number of years back. Lucky for me he let me record the entire conversation. I refer back to it all the time.

I am happy to share the audio file with you. Just message me. The attorney is a Colorado-based attorney. However much of the information is true for many parts of the country.

SUMMARY: Don't waste energy worrying about people stealing the deal. If you come across a scoundrel (which will happen) just learn from the experience. Hopefully it doesn't happen much to you.

For the record - I have never had anyone steal a deal while under contract. Like previously said - if it falls out of contract then it's no longer your deal.

Thanks, i am not going to worry about it too much. I was just wondering if it a prevalent problem in the profession.

0 Votes

Seattle, Washington

What is the best downpayment and interest rates that are usually an attractive offer (For Buyers) when negotiating a seller finance deal.

Is the following seller finance offer good enough>

%20 downpayment
%4.5 IO
$1000 EMD
Balloon

0 Votes

Seattle, Washington

All Forum Posts by: Doug Eric Gueirn

Doug Eric Gueirn has started 6 posts and replied 26 times.

Post: Can I trust other players in the real estate game?

Post: Contract says that I am the buyer

Post: Contract says that I am the buyer

Post: Can I trust other players in the real estate game?

Post: Are these attractive seller finance terms to a buyer?

Post: Potential tenant cliaming their 2 dogs are emotional support dogs

Post: Let's say you won the lottery ...

Post: Are these attractive seller finance terms to a buyer?

Post: Can I trust other players in the real estate game?

Post: Are these attractive seller finance terms to a buyer?