All Forum Posts by: Rickey Wallace

Thanks Kimberly Farrally . That's actually a really good thought to have on the contract to have like an extra week if a "worst possible scenario" shows its head. For the $500, ¿r those the same contracts u use for various transactions (one time fee) or is every time u get one under contract, u take it over to the attorney for review?

Sounds good Vince Grove . Duplexes r an easy way to learn the ropes for landlording, especially if u use the "house hacking" concept, as Matt F. had mentioned. Currently, we r finishing up rehabbing our primary to rent out in a year or 2 (special type conventional financing) n I was lucky enough to talk my gf into possibly moving into a 2-4 unit next, using HH under FHA to b able to purchase for 3.5% down (btw, a great nugget of info if u have money saved up or r able to get private money to do for a first home purchase). Lol it's funny bcuz I was eyeing up a duplex in the mount joy area (didn't do any numbers yet) but I can't quite figure out how the taxes work over there yet. Some homes were EXTREMELY higher than my area, while some were around Lancaster city taxes. Just didn't make sense yet lol

Good day, Matt F. ! Unfortunately, I do not have an answer for u but I, too, am curious to what that would be since I'm around that location. Also, maybe u might b able to tell me y that is important for u. Listening to the podcasts, so people have stated that cap rate is vital while others don't care at all n it doesn't affect their business at all. Also, this will bump the post back to the top so we might get answers 😄

Welcome, Vince Grove ! Coming to BP was a great idea for ur plans! Take in as much knowledge as u can from here so u have a better idea of how u want to progress in RE. Have u considered how many units to start w/?

Yes lol you're absolutely right Adrienne Bryson ! I was just so eager to ask the question, I stopped work n typed it quickly while trying to paint the picture. I had meant the situation where one room has the buyer n another holds the seller. I think that is the simple assigning w/ both not meeting but it's happening the same day as the closing. The DC is the one I think I'll favour more in about a year or 2 unless the investor is willing write out the check for me to close lol

Thanks Robin Wilk but in the scenario I mentioned, ¿do u think that would suffice to excuse me from that responsibility?

Yeah I'm studying for my RE license, as we speak, n that section in RE law stated that the original assignor is ultimately liable if the assignee doesn't perform. I'm not sure if that's a law all across the nation but knowing how to combat that ahead of time will surely help once I begin wholesaling regularly 😅

I just read that if u successfully assign a contract to someone else but they fail to perform their part of the contract, responsibility reverts back to the assignor to fulfill the contract So, if I have a double closing going down on Tuesday, seller shows n begins their paperwork, buyer comes in and decides to opt of the transaction, doesn't that give the seller the option to force me to buy? How would I protect myself from that happening?

My gf was looking through some listings last night n stumbled across a listing that caught her attention. Simply put, an investor had several SFRs listed under one large price tag (about 12), detailing each separate lot on the listing, each property strewn about in various locations in my city My questions: how would the financing work if purchase all together? I'm assuming that these properties were bought at various times, which would make for all separate titles so ¿would I have to purchase them through several different title transactions? Since its one deal, would a bank take on like 12 mortgages (w/ or w/o Fannie/Freddy)? Would one residential mortgage b able to blanket all of the properties? If not, would it have to b under a commercial loan to satisfy the mortgage?

Thanks David Dachtera ! That's a lot more helpful. Lol I hadn't meant to imply that others wouldn't have a "due on sale" in their contracts. The linked post emphasized not going Fannie so one could QCF, as if it would b simpler under other financial lenders (like portfolio) to do such an action n not get called on it. There'd b like 4 mortgages on a house and no owner to easily be found if that was the case 😂 If u meant "upon acquisition" as in purchased and placed immediately in, not as an individual but str8 into the LLC, ¿u state it should come LLC then property? Is that the preferred rite to go w/ an LLC?