All Forum Posts by: Corey Demuth

I read that like five or six times before I finally scrolled down and saw that rich pointed it out as well-thought I was going retarded for a minute!

Wow I didn't even know companies sold shares for pennies.

ok that makes a little more sense, at first it seemed as though the implication was that less water is being used dependent on the piping which is logically not possible? If the person runs the water for less time because they don't have to wait for it to heat up well that's of course a different story.

But if you wholesale a REO, isn't it impossible to assign it?

And don't you need to submit proof of funds and/or pre-approval with your offer?

If so, keep in mind a lot of people on here are looking to wholesale because they cant qualify to buy property outright for one reason or another...

Also, the investors I have spoken with told me that the banks take forever to get back to you (often months) and in many cases they have investors lined up making cash offers. A newb definitely does not want their first deal to be a nightmare and drag on for months, they want to close the first few quickly and get some startup funds.

The fact that the original poster is asking this question, tells me he is probably just getting started and thus does not think like a seasoned investor. He probably does not have the funds and know-how to get tied up in a drawn out deal right off the bat. He needs to close.

And I know technically buying it really cheap with cash or hard money and then reselling is still technically wholesaling, but I don't think that's his goal.

for the record i did look at the forms page but there are currently no wholesale documents such as a purchase agreement, contract, etc

I have noticed that a lot of people are asking questions about the contract you initially sign with a seller when you are wholesaling a house. Everyone on here has suggestions or tips on features you should include but they never actually supply the text that allows these features. For example, I have seen many posts suggesting to include an option or contingency to allow you to back out of the deal (using an excuse such as your partner did not approve, or something related to an inspection, or you cannot obtain funding, etc) if you cannot find a buyer by the time the contract expires.

However, I have yet to see anyone provide the actual text that adds this feature to a contract.

So, how about if some of the experienced members posted the contracts and purchase agreements they use, for everyone's benefit? Let's see what everyone uses! And some of the advanced users may even pick up some new ideas from each other, so it will benefit them too.

And, if anyone wants to be really generous and supply the actual document files (word, pdf, etc) I will gladly provide the hosting from one of my domains. So if you send me the files I will upload them all so all the members here can download them. (Josh if you do not like this idea and/or would rather host them directly on BP, please let me know.)

Getting hard details about the contracts is the one area I have had the most difficulty with. Everyone tends to be kind of vague and I have never seen anyone post literally exactly what your contract would say. You can find sample purchase agreements online but depending on your area you might want to get one developed by a real estate lawyer.

I see so many posts on here where people claim "I use this option or that contingency or etc etc etc to let me back out so I have no risk" but then they don't post their actual contract..

People claim to use inspections as a means of backing out, as well as saying that their partner did not approve, but they don't post the literal lines of text that allows them to do this on their contracts.

off topic its nice to see someone else from new england! I'm originally from CT, lived on the CT/MA border so I worked in MA for a few years in high school (sturbridge area)

I would just like to say, the posts that

go...

something...

like this...

are...

really...

annoying...

so can you please....

use paragraphs...

and not act like...

every phrase you utter...

requires deep reflection...

thank....

you....

just a warning, you do not want to try to wholesale a property that is bank-owned, at least not for your first several deals. you want to get to the owner before they actually completely foreclose (find them when they're a few months behind and desperate!)

Nick, can you explain this a bit?

First, are you saying you paid 5421.04 to bring the mortgage current, and thus gained the remaining 9578.96 in equity (since the owner had put 15k down) ?

Second, you rented it out to someone who wants to lease-to-own the property, and they are paying you 1500 a month in the meantime?

So the idea is to sell it to the person renting it in 2 years, before the mortgage adjusts, right?

thanks!

how does pex affect your water bill?