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All Forum Posts by: Corey Demuth

Corey Demuth has started 54 posts and replied 424 times.

Post: if you can't locate an investor, do you have to buy the house??

Corey DemuthPosted
  • Real Estate Agent
  • Tampa, FL
  • Posts 456
  • Votes 123

1.) you find a house that needs some work

2.) you contact the owner, find out he is motivated, throw him a lowball which leaves plenty of room for you to make your assignment fee and make an investor a good bit of cash after they rehab and flip it or rent it out

3.) the seller and you sign a purchase agreement essentially saying you have the exclusive right to buy the house for the next 30 days

4.) you fail to get an investor to buy the property because, well, you're new to all this

is step 5 you have to buy the house? or do you just tell the seller sorry my investors weren't interested? can he go after you legally for wasting a month of his time??

thanks!

Post: Subject to - Option agreement

Corey DemuthPosted
  • Real Estate Agent
  • Tampa, FL
  • Posts 456
  • Votes 123

can someone clarify on "making payments" ? I have seen other people post (joe kaiser i think) that they talk to a seller and ask "would it help if i took over your payments?" i don't understand how that works, why you would do that, how does it lead to a wholesale transaction, etc...

if you sign a purchase agreement for 30 days, does that mean you have to pay their mortgage that month?!

Post: Ok so I've found a few deals... how do I submit an offer?

Corey DemuthPosted
  • Real Estate Agent
  • Tampa, FL
  • Posts 456
  • Votes 123

there's a big debate about that. half the people here tell you to discretely lie about it until you are ready to go for the kill strike, others say to be totally up front.

i have no experience but i seriously doubt most agents will want anything to do with you if you are totally up front about this and especially when they ask you how many transactions you have closed previously and you say zero, don't be surprised if you suddenly hear a dialtone.

they say it's easier to ask forgiveness than permission; if you play it right and close the deal, you might be able to come across as never having intended to deceive the agent about your intentions and get them to work with you again (the bottom line is you closed and got them money)

Post: Anyone have a sample assignable PSA?

Corey DemuthPosted
  • Real Estate Agent
  • Tampa, FL
  • Posts 456
  • Votes 123

you can get them online but talk to a lawyer if you want to make sure everything gets included.

for the easy answer though, here you go:

Contract To Purchase

Post: how to estimate/find/determine ARV

Corey DemuthPosted
  • Real Estate Agent
  • Tampa, FL
  • Posts 456
  • Votes 123

how do you estimate the realistic value of a property after repairs will be performed? or even just the value of a property (that doesn't need repairs) ?

do you have to pay money for some kind of appraisal service or to have a contractor look it over?

Post: Love the site, but. . .

Corey DemuthPosted
  • Real Estate Agent
  • Tampa, FL
  • Posts 456
  • Votes 123

josh, any way you could make it so that when you view the "my discussions" page, threads that have had new content added to since you last viewed them show up as bold? a lot of forums do this.

sometimes its hard to remember how many hours ago you looked at a thread or who posted last

Post: Hate to cry over spilled bad loans, but...

Corey DemuthPosted
  • Real Estate Agent
  • Tampa, FL
  • Posts 456
  • Votes 123

I hate to sound like a jerk but I can't help but blame the homeowners mostly; I'm sorry but don't take on a debt if you cannot pay it, or do not understand the terms of it, this is so basic.

Post: You put your WEED in there...legally!

Corey DemuthPosted
  • Real Estate Agent
  • Tampa, FL
  • Posts 456
  • Votes 123

first, rich hit the nail right on the head. let the idiots sort it out for themselves, if this will cause a migration of stoners to CA (read: away from me) then I'm all for it. I'm no bible-toting conservative and I've tried a lot of things before but the people that smoke weed consistently are just morons. I don't know why everyone argues that it's not bad for you; the evidence is right there! you know that burning you feel in your chest when you inhale the smoke? the coughing it causes you to do? no, you're right, it's not bad for your lungs... give me a friggin break. and everyone I know who smokes consistently slows down and loses a lot of mental sharpness and coherence. I've had bosses, friends, peers, and just about every sort of acquaintance you can imagine who were users (many of them only former users), and they all showed definite signs. christ look at that idiot's face on the fox news program the original poster linked here. nothing says "i smoked myself retarded" quite like that blank stare they develop.

whitney, i live in ny, and frankly papa johns and dominos are way better than the crap you get in a "real pizzeria" in brooklyn or manhattan. sorry, but its true!

so, from a practical standpoint, while i don't encourage this, i think you would get a better product because without having to hide their equipment, growers could really push the envelope with hydroponics and such. space is a big problem when they are trying to hide sodium lights and ebb flow systems in their basements. ever been to epcot in disneyworld? you know the ride where they show you the work they are doing with alternative growing methods and hydroponics? well, imagine that for pot. trust big companies would come up with some phenomenal product. it would blow away the crap that gets smuggled in from mexico and canada, and the stuff that a bunch of idiots with no real qualifications or knowledge of botany are churning out of their grow houses.

check this out for example:

http://www.nydailynews.com/news/ny_crime/2009/03/27/2009-03-27_firefighter_sanitation_worker_arraigned_.html

do you really think either of those idiot firefighters should be generating a product that people are going to essentially consume? god knows what kind of garbage they are misguidedly or intentionally putting in as fertilizer...

and, the tax would be heavily outweighed by the increased production and cutting out middlemen (dealers mostly) since the farmers could just sell it themselves directly now that there is no legal risk.

one benefit i can possibly see is that some of the lowlifes that come into this country because they are involved in the drug trade, would perhaps not come if they could not longer make money by smuggling pot here. of course the cocaine and heroin would still flow but a lot of times there is a distinction; people who smuggle/sell pot often don't do other things as well.

Post: Several Wholesaling questions...

Corey DemuthPosted
  • Real Estate Agent
  • Tampa, FL
  • Posts 456
  • Votes 123

alright thanks... how do i estimate the holding costs, the repairs, and the ARV? I mean in the beginning, before I know a lot about it

Post: Several Wholesaling questions...

Corey DemuthPosted
  • Real Estate Agent
  • Tampa, FL
  • Posts 456
  • Votes 123

Thanks! So if the house is going to be worth 225k after repairs, try to get the seller to let it go for 157.5k?