All Forum Posts by: Jonathan Ortega

i got a deal which i thought was a homerun. ARV 200k+, Repairs only 25k, and asking 121k. so far i have gotten crickets. Are people not buying because of COVID? should i pack up and hibernate my business until this is all over? anybody having a similar issue?

So I can't double close?

 In Georgia is different, title attorneys have to close your deal. I lived in Tampa FL and by the way I'm from Ocala myself, I went to Lake Weir High, but any ways when I lived in Tampa and was wholesaling there, we used a title company. 

Ok great you convinced me then , I am putting it under contract. Now I just need a POF

I have a wholesale deal coming up out there and it looks like every other house is boarded and vacant. The seller wants a POF and I dont even know if its worth my time to send it to him, get it under contract and then try to wholesale the property. It is a 3/2, it definitely has squatters, fire damaged, lots of overgrowth and about 50k in repairs needed. ARV is about 90k but I am not sure if its right. I am thinking about just putting it on an option contract and see what bites. Any thoughts?

OK so I have a FHA house with a tenant I am looking to get under contract and then wholesale. I feel as if finding someone to take over the mortgage is the best option as the cap rate would be way too low for a potential buyer otherwise. We are talking 7% or 8% cap if I don't do it like this so I'm thinking 20k to 30k down and take over a mortgage with a tenant already in there is a better deal. Its a Wells Fargo Mortgage. Anything I should be aware of when dealing with FHA or Wells Fargo? I was glad to learn that the buyer will have to qualify for the mortgage, that I didnt know. Another thing, I am in Atlanta GA and this House is locate in Montgomery Alabama. I dont know anything about Alabama, can someone advise me how to close this thing? Do I got to a closing attorney or a title company. Please help.

You mean wholesale it? Tell them I am tying to wholesale it?

By the way I don't really have a closing attorney yet, I mean I know of one but I am not committed to anyone yet. So if anyone could recommend someone for me I'd really appreciate it. I'm in Snellville but this property is located in College Park so any close to there would be perfect. Some one please help, I really am in Limbo with this one.

So I am new to Georgia. I'm from Florida where title companies handled closings not lawyers. So I got to go see this house tomorrow and the seller text me and tell me he wants to have his lawyer present during the showing. I don't think it should be a problem but I hope he isn't a pain in the butt and doesn't interfere too much with the negotiating or me taking pictures or whatnot. My worry is what about if he wants to use his lawyer for the closing, how am I supposed to do the assignment and all that. I don't know if I should double close in this case or what to do. Any wholesalers in Georgia ever dealt with this? Or any Lawyer from GA that can give me some free advise? Please Help. Need to know what to do ASAP.

Should I at least get it under contract and see how the buyers react to it? if need be let it go before my inspection period is over.