All Forum Posts by: Miguel G.

 Real Estate agents usually ask for 1-3% although they may ask for more.

As a wholesaler, I try to put in as little as possible but no more than $100 for a great deal.

As an investor with a house trying to sell, I try to get as much as possible. Maybe even 10% in Earnest Money Deposit.

I am just saying if you're a newbie and an investor is selling you a house, make sure you have an attorney looking at everything or you may lose your shirt. Once you have lots of experience, then, you know what to do, right?

by $10 I meant the earnest deposit amount

Also, if you cannot get the house under contract for less than $10, then, the seller is not really motivated and you're wasting your time. You're out to make money not lose money, remember!! It's all about you.

Recently I ran into this guy who I thought was selling his house. When I met him at the house it turned out to be an investor. The house looked good for the price but he was asking a 10% earnest deposit and we had to go with his contract with an 8-day inspection. The guy was demanding a check right there. I told him I only make checks out to title companies.

 Anyway, we signed everything and I went to the title company just to check his wording on his contract. The title company told me even though he wrote an 8-day inspection period he never specified my funds would be refunded and he most likely would force me to go through with the sale if I changed my mind since I could not get my money back.

Something that I learned is if you're a newbie, don't deal with other investors unless you know them personally. A lot of them are just out to get you. Once you have a lot of experience and a good attorney reviewing any contracts, then it should be ok to do business with them. 

I got a call from a home owner who is going through divorce and wants to get rid of his property for what he and future ex owe which is $79K. The property market value is around $100K but it's located in a part of the city which is nice but it's in the outskirts and not many people want to move down there. Would you guys recommend doing a subject to? I'm not 100% familiar on this kind of deals but my understanding is that the title transfers to my name and then I'm on the hook for monthly mortgage payments and can't back down. Share your thoughts. Thanks.

 The problem I saw on my experience with seller financing is that a lot of low-income people do not understand the concept of interest. I tried doing seller financing with the typical 11% interest rate and 20% downpayment(10K) for high-risk renters with no credit and my experience was not a good one. Most thought my offer was ridiculous. But then again, maybe I didn't try hard enough.

 Yah, I am having second thoughts about this. I am thinking about just selling the property and start from scratch again. I don't want to do rentals as I don't want to deal with renters and their problems even with the help of a property manager.

Anybody from Kansas City with some feedback?

I'm trying to sell a property with options. The property price is $60,000. I want to collect $10,000 as downpayment for the option and $900 dollars in monthly rent. I will apply $400 out of the rent towards the downpayment. I then ask people how long they want the lease-purchase for? Of course, in around 10 years they will have a credit of $60K. Is there anything wrong with my logic? The property is in Kansas City. Let me know folks.