All Forum Posts by: Lamont H.

@Charles Hollis yes the contract was drafted up by a lawyer that Mr.Ibrahim referred to me. He's a really good lawyer and yhe contract he drafted up for me is rock solid! The only thing with that is most of the sellers i run into lokk at it and immediately want to involve their lawyers which 9 out of 10 times is going to cause you to have to negotiate more than tou would have liked to. Trying to get it alil shorter to make it less intimidating to sellers

@Charles Hollis exactly what @Ibrahim Hughes @Sean Brooks said. This site has been a great resource for me. I will even go furthur and say that i have searched the internet for a well put together R.E.I forum for a long time before i ran into BiggerPockets. And i would have to say this is by far the best one out there. I would recommend this website to anyone who isp involved in real estate. It is just a great resource to have trust me. Iike Ibrahim stated, he has helped me and answered questions for me that i would not have known the answer to. He's also in my market so that helps alot. One more thing in this business being presistent consistent is key, so dont let one question not getting answered make you thibk something doesnt work just keep digging your heels in and you will get the answers your looking for. Hope this helps

Lamont H. 

@Ibrahim Hughes  

your a life saver man. Thanks alot

@Ibrahim your a life saver man. Thanks alot

Hello BP family,

Ok so i went to meet with an owner today in Bergen NJ. When i got to the home the owner was not there but his maintenance/property keeper was. He told me the owner wasn't there but that he told him to let me in. Before i got to look around he took me to the basement and told me that the house had Asbestos around the old pipping in the basement. He also told me that the access Point to put oil in the tank was between the back yard and the driveway. Never dealt with anything like this but the guy went on to tell me that the title won't clear without that done. Now my question is do i put that the owner need to take care of it first or is that something that i can negotiate with him in terms of the price we agreed on for the home? any information will be greatly appreciated!

Thank You in Advance

@Michael Q. Thanks for the recommendation! is this a free service ? (probably a stupid question). Also have you found the comps to be pretty accurate? and you mentioned that SitexData is a Fidelity company and the Comp service you recommended was First American Title/Corelogic company, what is the difference just curious?

Hello BP family,

I recently went to look at a property in New Brunswick, NJ. Its a pretty small property but within walking distance of Rutgers University. The owner rents it out to college students and the property is not in the best condition. I want to make an offer on the property but having a hard time figuring out the comps. I currently use SiteXData as my comp resource, which is pretty good, but i'm still having trouble gauging the ARV fro the home. Can anyone of my BP Fam help me out on this one. I don't want to broadcast the Address for obvious reasons but if you would like to help me out please sent me PM and i'll be happy to share the info with you.

Thank in Advance

Will be there....count me in! Thanks @Darren Sager

Hello BP Family,

I was told that a Purchase agreement was kinda risky to have between me and a seller if i was looking to wholesale the home and didn't already have a buyer lined up to purchase the thing. I was instead told to use an Option agreement because it gives me the option to buy the house but not the obligation.

I don't want to tie up someone's property with a purchase agreement, only to not find a buyer in time and have to back out of the deal. i was told a seller would have grounds to come after me legally if that happened.

Can someone please let me know the 411 on this. And in detail if possible.

Also if anyone has a good option and purchase contract i can see to give me an idea of how i should operate, that would be a god send.

Thanks

Lamont H.