All Forum Posts by: Julie Hassett

@Jamal L. - thank you for that idea, I just requested to close on the same day the tenant plans to vacate.  

He said he would be sending me a copy of the wholesale agreement. Then, due diligence on my part is to call the owner and say, "Hey, is this legit?" (in so many words)...

BTW, if any of you want to write an e-book on this subject, I'd BUY it!

Thanks, @Jeff B. ! 

Just to outline the actual steps if I move forward to make sure I got them correct:

1) contact the wholesaler and tell him I'll give him the $1,500 EMD for a three-day FRR/inspection process

2) He sends me a purchase sale agreement to sign

3) I sign the contract and deposit the $1,500 in escrow

4) I contact title company to ensure clear title

5) I contact owner to ensure proper contract.

6) I hustle to get an inspector into the property within three days

7) If all checks out to my satisfaction, I move ahead with the purchase.

Lastly, what kind of guarantee can I require that the current tenant vacates by the end of the month?

You guys are awesome. Thanks a million!

Thank you @Ned Carey and @Steve Vaughan ! Wholesaler just got back to me that EMD is $1,500.

I went in the property yesterday and met the current tenant who is vacating at the end of the month. No major issues visible and she didn't relay any. Flooring needs to be replaced and I would want to update the kitchen and bath. Possibly finish the basement if my budget allowed for it. 

(An identical unit with finished 4th bedroom in basement just rented across the street for $1,600)

How do I verify that the property is properly under contract like you suggested, Steve?

Ned, I'm not entirely sure what "first right of refusal on a higher offer" means. Would that be that if he got a higher offer than mine, I could either match it or he could get out of the three-day tie-up?

Thanks again.

Hello BP! Looking at a wholesale deal in Baltimore city (21213). It's a townhome in pretty good shape on a good street in BelAir-Edison (Pelham). Wholesaler wants $39K cash to close. No contingencies.

Question: I've never worked with a wholesaler and the idea of putting down an EMD that I can't get back if there's some major foundation issue (or the like) seems ludicrous.

Is this standard practice or is this too much risk for a first-time cash buyer to take? Can I request to bring in an inspector before putting down an EMD?

At $39K - even with a $30K rehab - the numbers work great for buy-and-hold on this street.

I've been scouring forums and blog posts and it seems that one area where the info is a little thin on BP is how to work step-by-step with wholesalers for the first time! Any input would be greatly appreciated. Thanks in advance!

Welcome @Daniel Woodall ! Sounds like a great plan and you should be able to find a duplex in Parkville where one unit ALMOST covers your monthly expenses. And then grow your portfolio from there! Keep us posted on your progress.

@Brandon Turner - can you put @Amy A. on one of your podcasts? More female-centric REI success stories are always good! :)

@Tilmon Smith - thank you for sharing! Congratulations. Could you please share some photos too? 

@Chris Strokes - @Alfie Bartley is also very interested in getting a team together to make these blockwide projects happen. If you are interested in being a part of that, let us know!

@Joshua Velte - In case he doesn't see that, I'm pretty sure it's the BWI Meetup.

@Scott Scharl - I'm definitely interested in talking with you.  Especially on behalf of my mom who's on a fixed income with some savings doing absolutely jack right now. Your proposition seems pretty straight forward. I'll be in touch! Go Sundevils!