All Forum Posts by: Karen Bowser

@Michael PInter, what type of difficulties did you encounter?  I have a property under contract right now.  Hopefully I won't be blindsided by any of the issues you faced.  Any heads up is welcome.

@Damon Bodine Thank you for organizing this!  Looking forward to meeting you in person next week.

Thank you for the warm welcome and advice, Michael Lee.

Hi, I’m Karen Bowser and I’m recent to wholesaling. My focus is on properties in and around Hempstead, Long Island. Long term I want to buy and hold property in various locations.

I learned about BiggerPockets from a trainer at a real estate class.  After looking at some of the discussions I decided it was time for me to post my intro!  Glad to be a part of the BiggerPockets community.

@Account Closed

You've gotten a lot of advice on how to deal with the seller and buyer so I will leave that alone.  Moving forward, try to get some/all of the fee from your buyer upfront if you have not done business with them before.  When you check with your real estate lawyer please confirm this: The contract should have included provision for a check to be cut for you in the amount of your $4000 fee during closing.  I am not a lawyer so I could be incorrect about this.

Also you are not under any obligation to reveal that you are going to do a contract assignment.  I get it that some people will get upset but it really is none of their business.  So long as they get their money at closing.

Best wishes!  Don't let this stop you.

@Jerryll Noorden,

Hi, my understanding is that you simply need to let your buyer know that you are charging that 14K fee and that they are getting the right to buy the property for 100K. I'm not sure if you have a formula for coming up with your fees. Mine is based on my calculation of the ARV (After Repair Value).

Contract assignments are definitely doable.  BUT I am finding that many people (realtors, sellers and seemingly some lawyers) do not understand them.  So keep gathering your info like you are doing, get your "educational spiel" together and be prepared to educate some people along the way.  Biggest thing - you want any realtors you represent you to get it AND you want your Buyer to be okay with your fee.  Repeat business is a beautiful thing!

Another option to add to your list:  one of my realtor's is using dotloop for disclosure statements.  

For comparison you may want to look at whether the track work that was done on the 7 line a couple of/few years ago had any real effect on housing prices.  People complain about the inconvenience but I wonder how many people will really go through the hassle of moving.   Perhaps if their lease was expiring during this time they would consider it.  However if people like the area there is a real risk that they would not be able to afford to get back into Williamsburg after leaving.

Seconding the use of DocuSign.  I have had a positive experience with it.  It is easy to use.