All Forum Posts by: Zach Schaar

I have heard everything from $5 x total sq ft, all the way to $25 x total sq ft. Honestly, I think it's extremely unreliable. It may work for you once or twice, or like someone else said an extreme rough estimate for your end buyer, but is by no means accurate. Yet I've heard this alot lately.

Chances are (as mentioned earlier in someone elses response), if you're just wholesaling, all you need is a ballpark estimate. Make friends with a licensed contractor that can give you estimates. That way your credibility with your end buyers is good because they know you know what you're talking about. Presentation is everything.

*good luck*

There is a gentlemen who is willing to get rid of his property for the remaining cost of the mortgage ($5,000). This would be no issue at all, except for the fact that he currently has a tenant in the property that needs to be evicted, but the owner of the property is reluctant to pull the trigger and kick the in debt tenants out.

Question #1 - If someone bought the property, could they just evict the tenant outright? What avenues would need to be taken?

Question #2 - If I sign an assignable "wholesale" contract, could I personally evict the tenant, and what recourse would I need to take?

Thank you again!

There is a gentlemen who is willing to get rid of his property for the remaining cost of the mortgage ($5,000). This would be no issue at all, except for the fact that he currently has a tenant in the property that needs to be evicted, but the owner of the property is reluctant to pull the trigger and kick the in debt tenants out.

Question #1 - If someone bought the property, could they just evict the tenant outright? What avenues would need to be taken?

Question #2 - If I sign an assignable "wholesale" contract, could I personally evict the tenant, and what recourse would I need to take?

Thank you again!

So I just reviewed a better contract and you're right. I see the section where it's talking about the end buyer paying closing costs, etc. So here is my next question, do I include these charges in with my assignment fee? Or do I charge an assignment fee, and advise my end buyer that they will have to pay the closing costs seperate from the actual assignment fee.

Sorry for my simple minded questions. I really appreciate your guys' help! Thank you.

@Will Barnard and @Matt Devincenzo

Yeah, I get what you're saying. Maybe I need a new contract. haha.

Yes, I am using an assignable contract. Otherwise I wouldn't be even considering flipping the contract to an end buyer. The contract states that seller will pay all closing costs and fees at closing. That's the issue, they read it in the contract and say "Well, I'm ok with this deal with the exception that it says I have to pay closing costs." So with that, they want me to re-write the entire contract in the sense that the end buyer pays closing costs and not them. This is more of a sales/negotiation issue that I'm wondering about. How can I get the seller to pay all closing costs? Just general negotiation on my end? In that case I need to sharpen up on my closing skills. Just wondering if anyone had suggestions and/or the same issues happening to them.

Thank you, and sorry if my question was a bit confusing! :)

Hi! I am Zach Schaar. I am a new wholesaler to Columbus, OH. My last 2 appointments, something interesting has happened, and I'm interested to see what negotiation skills people use to work around the issue.

The #1 thing that has happened to me both times that they would accept my offer, IF buyer (end buyer) would pay all closing costs. I estimated the closing costs with my title company to cost anywhere from 5-800 dollars.

Example: Purchase Price of $9,000 offer was accepted under terms that end buyer pays closing costs, which in this case we'll say totals $800.

Could I write on the contract Total Purchase Price $9000 and then underneath that include a line that says "Net To Seller", and put $8200, or $9k-fees. I mean basically they would be taking the closing costs out of the proceeds of the sale.

I just want some good solid advice on this issue.

so if I were to put an addendum in the contract with the seller that notifies him of that would that work? Because then I would have the sellers consent. Or, would it not work unless the original seller was able to screen the possible buyers so that way he knows who he's selling too. Does that make sense?

Here's the scenario. I want to know if this is permissible/allowable, and people's feelings on this.

A house for sale at $20k, owner will finance with a $5k down payment. If I sign an assignable contract for this deal, the $5k down payment being due 30 days from the contract date, would I be able to assign this contract to another interested buyer? Or would this not work because the buyer would be making payments to the owner in which he has never personally met and arranged this with?

If this sounds confusing, let me know I can try to clarify, but basically what I'm asking is finding a buyer for an owner finance deal, whereas I keep part of the downpayment in place of assigning the contract to another buyer.

Thanks

Here's the scenario. I want to know if this is permissible/allowable, and people's feelings on this.

A house for sale at $20k, owner will finance with a $5k down payment. If I sign an assignable contract for this deal, the $5k down payment being due 30 days from the contract date, would I be able to assign this contract to another interested buyer? Or would this not work because the buyer would be making payments to the owner in which he has never personally met and arranged this with?

If this sounds confusing, let me know I can try to clarify, but basically what I'm asking is finding a buyer for an owner finance deal, whereas I keep part of the downpayment in place of assigning the contract to another buyer.

Thanks