All Forum Posts by: Tommy R

OK, so I just want to make sure I'm doing it right, here's my 2 sections, tell me what you think-

3. PURCHASE PRICE. The purchase price for Property to be paid by Buyer shall be $____________________________ subject to adjustment as hereinafter provided (“Purchase Price”). Buyer shall deliver to Seller within 2 days following the Effective Date the amount of $15.00 as non-refundable consideration for this Agreement.

and further down:

11. EARNEST MONEY. Buyer shall deposit with the Title Company the amount of $___________ as “Earnest Money” for Buyer’s obligations hereunder. In the event (i) Seller Fails for any reason to close this purchase and/or (ii) the Property is damaged by any peril the Earnest Money shall be immediately refunded to Buyer. Agreement may be recorded of public record. Earnest money deposit(s) to be due after inspections have been approved by the Buyer. If blank, then no earnest money will be required beyond the non-refundable consideration for this Agreement.

-so please tell me if this is OK, especially the EARNEST MONEY section.
Thanks

Thanks for the feedback everyone,

for further clarification, the consideration amount, in the contracts is stated this way:

"Buyer shall deliver to Seller within 2 days following the Effective Date the amount of $15.00 as non-refundable consideration for this Agreement."

So my last question is, do I pay the Seller directly or is do I simply put it in escrow?

Thanks for the info guys,

yes Keith my contract is actually just a little shy of 2 pages, it's short and concise and I put it together by consulting about 3-4 other contracts provided to me by other people I know, and some members here (thanks if it was you :) ),

so then as James is saying I dont need an EMD, just to give a certain amount as a non-refundable consideration, (though my EMD I would want to be refundable, in case I am unhappy with the property), hence why I want to keep them separate.

Thanks for the fast response Keith,
I called that a "non-refundable consideration," and put that under my PURCHASE PRICE heading - my EARNEST MONEY DEPOSIT is a different heading in my contract.

My issue is this:
What if the seller wants, say a $1000 earnest money deposit. Say it was a really promising property and I was OK with doing an earnest money deposit- but I want want to inspect the property first (and don't want to have to rush to do it within 48 hours).

You said yourself that a non-refundable consideration is due within 48 hours, so wouldn't it be better to split it up- and get that $10 in within 48 hours as a non-refundable consideration, but then have until after inspection to get your earnest money deposit in (at least buying yourself 5 days).

Just to make sure I made my question clear, again,
-can I split these into 2 different parts? (that's how I currently have it).

1 being the non-refundable consideration (say $10).

and the 2nd part being the earnest money deposit (where I can have a clause that says if it's blank, it's $0).

And if it's not required, what % of the time would you say that you do give an earnest money deposit?

Also, can I have a provision on my contract that says "If left blank, then no earnest money is due" or something to that end?

Thanks in advance~

I don't have a RE license, so do I have to put a certain amount into the contract in order to wholesale (without a real estate license?)
-if so, is there a certain amount required? Or can I just do $10?

-I saw on some contracts it's there, but any other tailored for California did not have it in there, any feedback is appreciated.

http://finance.yahoo.com/echarts?s=NBG+Interactive#chart6:symbol=nbg;range=2y;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=off;source=undefined

I've been thinking...
europac.net, I know they have only a 4% or so markup/commission, I'm open to other reputable sources too, if you've bought silver and had a good experience, please tell me who you went through here, thanks.

Things to consider:
If you're doing 20k mailers a month, you should not expect 5 figures a month. 5 figures starts at 10k, that's ~1 deals month, which would be unimpressive for a campaign that would realistically cost you $20-30k a month (if you outsource it so that you're not working 80-120 hrs/week).
I'd expect mid 6 figures a month with a campaign like that

Nice that youre thinking big, but if you want to think bigger, without building a huge operation(which is a LOT of work and will take time to build a system- not to mention a completely different skillset than standard wholesaling (sales skills/basic networking vs (big time) managing/business admin), try thinking bigger deals- like huge commercial buildings, skyscrapers, cities or countries.
-but hey that's just my style, to everyone their own.

It honestly seems questionably more advantageous to do wholesaling without a Real estate license (If you know what you're doing).

So my question is, are there any limits?

For example, for wholesaling vehicles, I've heard you can only flip about 3, and after that you're required to get a dealer license.