All Forum Posts by: Edward Mitchell

@Mike Cumbie. Thanks for the positive advice. I'll have to take this as a learning experience.

Originally posted by @John Thedford:

Congrats on your future purchase of these parcels! I certainly hope you are not, as you stated about the other buyer, a "sleazebag" that would dare back out on YOUR commitment!

I recently put 5 properties under contract with 1 seller using a P&S agreement. Linked up with an out of state buyer that said he wanted all of them. He never saw inside and didnt seem too interested with numbers. He claimed to also have access to transactional funding and he was going to use his transactional funding co to close the deal.

Oddly, he asked if I would help him find buyers after he purchased. (First red flag). He is my C buyer. WTH. I sent over the assignment contracts with each one having a $1000 nonrefundable deposit. He signed them all. However, its been 10 days and he's making excuses and has yet to put up any cash. The title co lawyer is saying since I did not put a contingency or clause on the date I needed to receive the deposit, the date would revert back to the original P&S contract with the seller. This means Im locked in contract with this sleezebag for 17 more days as the original P&S contract goes until Feb 15.

He claims he changed his mind and wants to purchase in a land trust and is waiting on his attorney.  Its been 10 days since he signed the original contract and he is dragging his feet and has not submitted any deposit and is no longer prompt with returning calls or clear with information.  I told him he could just move forward as and individual purchase and stop holding this process up and figure out the land trust on his own.  Is there any way I can null and void this contract as I have buyers with real cash in hand that arent here just to lock my contracts up to find their own end buyer? How can I get out of this?

Is wholesaling legal in Illinois? (Chicago Suburbs)

How do you guys suggest talking motivated sellers down off the ledge of wanting full asking price for current market value or are these essentially not motivated seller traits?

@Christopher Salazar I guess I'm just trying to find homes with equity so it will be of some significance for the motivated seller to profit. I'm still confused as to what equity amount, if any, I should consider when determining if these vacant leads are worth while. Any suggestions would help. I hull guess another question I would ask would be "if I am targeting vacants, what criteria should I consider so that I am not pursuing dead leads an wasting marketing dollars?" What do wholesaler a normally consider as it relates to the equity?

I have a list from driving for dollars of vacant properties. However, I want to niche down my marketing campaign to only those with 30-40% equity. Is there a way I can find this information before mailing to the whole list including those which may not have the desired equity statistics?

I have a list from driving for dollars of vacant properties. However, I want to niche down my marketing campaign to only those with 30-40% equity. Is there a way I can find this information before mailing to the whole list including those which may not have the desired equity statistics?

I have a list from driving for dollars of vacant properties. However, I want to niche down my marketing campaign to only those with 30-40% equity. Is there a way I can find this information before mailing to the whole list including those which may not have the desired equity statistics?

@Elizabeth Colegrove so after the contract is prepared to be assigned, will I have to have the seller put a lock box on the property so I can allow the end buyer to perform his due diligence?