All Forum Posts by: Justin P.

@Kevin Lackland , You may want to check Head over to the BWI meetup tomorrow, or at least join the meetup group. I have heard good things about it and you may meet someone who can point you in the right direction.

You may also want to reach out to @Ned Carey from Bmore. He's a wealth of knowledge.

Welcome to BP @Dorian Mccray . I am a noob in PG county and am looking to start investing in fix-N-flips in PG in the next 3 months. I'll shoot you a colleague request and maybe we can meet up sometime. I'm very familiar with the Hyattsville/Riverdale/College Park area.

Shameless plug Warning:: I'm looking for someone to partner with on fixing up and reselling my current residence in Hyattsville.

@David Weiss , I could see the need for a larger down payment. One of the issues is that the house still needs work, but on the other hand there is a good bit of equity to be had when considering the ARV. Is there a term for the clause that would let me reacquire the property easily-ish if they fail to pay

@Jeremiah B. for me it's about getting it done and protecting myself. Right now they have 2.75 stikes against them, so it won't take much to push me over the edge.

@J Scott I really like the kickout clause suggestion. I'm going to be looking into that one.

Now that we're on the subject of sub2, perhaps this is another means of me selling my house. Has anyone sold to an end buyer (person who will be living in the house) using sub2?

Thanks everyone.

Thanks, @Tiger M. & @Wayne Brooks . I'm not going to take them up on the offer, but it is a chance for me to learn about these things as I go. I want to be able to get some use out of them since they are tyring to pull one over on me.

As for my marketing, I've been marketing to investors and to the retial market on my own. Craigslist, postlets, zillow etc., sign in the yard, FaceBook page & ads, and the BP marketplace. The property has been pickup up by zbuyers (I think that right) and I got two investor referrals for that today alone. I'm getting lots of exposure, but only one solid offer (for 10K less than I owe) right now.

As for agents, I have had several offer to be my lister, and until recently haven't had one propose a plan of action more comprehensive than just putting it on the MLS (which I could do for $150 on my own). I finally found one that is offering to do more than just that, so I'm considering it now.

@Sarah W. , my contact info is in my signature ;)

@Tom S.

So Here's what went down today...She emailed to say that after discussing it with her partner, that it was not right for them as a cash transaction. She then asked to "buy the property subject to the current mortgage staying in place for 1 year with a 14 day inspection period. We agree to pay you $5,000 upfront at closing."

To be honest, I'm kinda ticked that I drove an hour each way to show her the property yesterday just to have her misrepresent what they could do (after I asked her what her intentions were on the phone). I have some time to kill tomorrow so talked her into bringing her partner to come meet me in person to discuss the options. At the very least, this will be negotiating practice for me.

Anyway, this new subject-to option seems to me like it could be an even sketchier deal than the last. Anyone have experience with subject-tos or know someone on BP who could chime in? What are the main pit-falls from a seller position besides the much talked about DOS?

Thanks, @Rob Powell . That's what I'm lookinf for.

I'm also offering to let the mortgage cary over until the final sale to save the buyer the $ involved with closing twice.

@John H. , I don't mind wholesalers, they just shouldn't represent themselves as cash buyers who have their own funds if asked. What I would look for is what @Dell Schlabach , @Ronnie Boyd , @Bryce Y. mentioned...POF + decent non-refundable deposit in case they back out. I would also call the bank to verify the funds.

Welcome to BP, Sarah. I'm just getting started in Maryland. Let me know what you're looking for, and in what areas, and I'll let you know when I come across something that fits.