All Forum Posts by: Lilly Fang

Thank you everyone, I got 5k down.

Another question is that we constructed this as a cash offer. I thought a cash offer meant no conventional bank, appraisal, etc. involved. However, I would like to use private lenders' money, which is from my two friends. My friends agreed already, and we just need a note. We will close on time. If not, I will use my actual cash. Will use my friend's money violate the "cash offer" rule? And one friend wants to wire her money directly to my account without any note. Is that ok?

Gosh, so much to learn. 

I am under contract with a wholesaler, and the contract says the assignee will be paying cash.

I do have enough cash. However, I would rather use private lenders' money and I have it ready, which are from two close friends. Will escrow have problems with I use private lenders' money? If not, can my friends wire money directly into my account, and I can use that money to pay for the property?

One friend actually suggested that I wire money directly into my account. However, the other friend (who is a loan broker) said it's better to do a note, so that I can refinance as a rate change in 2 months.

Thank you, everyone!!!! I love this forum.

Because the condition is better than I thought, and someone else was looking at the house as well and seemed very interested in it, too. Now I have learned a lot. 

UPDATE: My contractor went to look at it, and it's okay to go. However, I found out I had to clean up that messy house (lots of trash, like a hoarder's house). This is probably my bad: PInPoint says delivered vacant, as is. I assume as is means as is, no repair. I randomly asked: it will be cleaned up, right? The guy said: no, we said as is.

Can I still re-negotiate and get 5k down? We had a verbal agreement, and they sent me the contract, which I have not signed yet because of the walk-through. I am pretty sure they don't have a buyer higher than my price because I saw them just advertise it again at my price minus 5k. Will I be blocked in the future?

I don't like their tactic. The PinPoint guy is accusing me of renegotiation. I feel like I am dealing with time-share or car sales.

they only sent the assignment contract. There is no walk-through clause in the contract. I have not signed it. There is a non-refundable EMD of $10000 within 24 hours. I am requesting a walk-through with my contractor today and will send the EMD. I have decided that if it's not possible to go with my contractor, I will cancel it. At least I learned something from this experience.

Thank you, everyone! I will insist on a quick walk-through with my contractor friend, and if that is not allowed, I will walk away. Deals will come again. 

I am new to this, too. Just signed a lease with college students.

Pro: higher rent, probably no eviction

Con: dirty, mess

I cleaned up a house my friend rented to 4 students. They left a huge mess. However, while we were cleaning up, we treasure hunted out at least $3000 stuff, including $300 cash on the floor, several un-opened Amazon boxes, new-in-box computer/gaming items, hair tool ($300), YouTuber's gadgets, new with tag heated jacket ($220), an unassembled exercise bench ($500 at least), so many new or near new stuff that you can sell. It's a good job for my teenagers to treasure hunt and sell them on Facebook. I also took their abandoned newer furniture to my rental so that I could charge $400 more a month for my furnished house.

I just started buying off-market properties for BRRR for myself. I usually JV with my partner do flips, but he handles everything. I only contributed financially and gave some design ideas. That says I don't have much experience.

PinPoint Offers sent me a few deals, and I placed an offer on one without seeing it. They called me, saying my offers were the top ones, and gave me a very short notice to look at the property. Yesterday, at 4:30 p.m., I got the notice, and I had to be there at 6 p.m. I went there by myself and had a budget in mind afterward. I actually increased my original offer by 10k, and PinPoint accepted my offer today. My flipper friend suggested I go there tomorrow with his contractor to ensure I am in good hands. I talked to PInPoint about this. PInPoint was very unhappy and seemed like I made this very difficult. 

My question is: am I acting dramatically? Out of norm? Break some industrial rules?

non-refundable EMD is due in 24 hours, which is tomorrow 6pm. We can go there and have a look anytime before then, and I can send EMD if everything is as I planned. It won't delay any progress. The owner lives in the house, but she is very friendly. I don't think it will be an issue to go there one more time for 10 minutes. PinPoint sounded like if you want to have a look again, we will give the offer to others. Anyway, the PinPoint guy said I will have to talk to my team tomorrow.

I have never bought directly from the wholesaler or PinPoint. Am I breaking any rules here? 

I am planning to rent out to college students. This post is very handy. Thanks!