All Forum Posts by: Michael Thomas

@Joe Villeneuve @Bill Gulley Thanks guys. I will move to a more standardized PA. One thing I want to do is build trust. That was my main concern with the potential seller's response. I have access to the standard forms but I wanted to make sure my "out" clauses were in place. Thanks again for the insight. 

I live in Michigan and found an absentee owned house. The wife was MOTIVATED to sell but the husband didn't trust the contract. I downloaded the contract from the FilePlace here at BP. The deal fell off because of this. Has anyone had this issue? Should I use a standard PA or just assume the seller isn't really motivated and move on to the finding the next deal? 

Thanks for the ideas @Brian Gibbons and @Christopher Hunter 

I have a deal on the table and I really need some strong opinions and advice before pulling the trigger. A good friend has moved out of town and is a serious motivated seller. Her tenants left and she's just looking to get out. She agreed to work with me and wants whatever help I can offer. It is a tight deal but I'm wondering if I can pull it off. Its in a neighborhood with comps all over the place but there isn't a lot of supply. It is a good area. She owes 25k on the mortgage and is willing to sign a PA for that much to get out. The ARV is around 50k and it will cost around 10-15k to fix up for an investor to rent out. The rents in the area are from 650-750 per month so it will cash flow.

I know there is not a lot of meat in the deal but I really want to help my friend and get my first deal. Can anyone share their thoughts around this situation?

It seems like you need to be at 59k to make the deal work unless you can pull something off with the bank or the seller can make a big payment. Is there anyway to get the rehab cost down?

Ok thanks again @Al Neal

Thanks @Joshua Lawrence 

Thanks @Al Neal. Congrats on getting your license at Keller. Perhaps we can connect off this post and stay connected.