All Forum Posts by: Nicholas Novak

correct, super illegal to use buyers funds to close first transaction in Ohio don't know about cali. Like I said in Ohio sellers don't see the assignment fee, it's on the buyers HUD not the sellers. I guess the double close would keep the seller in the dark as well as the buyer for the time being but usually only the second transaction is recorded so they can go on Zillow or the auditor and see what you sold it for.

If you double close the seller will see the final sale price after recording. The benefit of the double close is so that the buyer doesn't see what you are making. I don't know what state you are in but the assignment should only be on the buyers side of the settlement docs, at least in Ohio which means the seller won't know what you are making. 

I would not go and just offer without intent to buy.  If it's a legit wholesale deal and you are buying deeper than 70% minus repairs and below, there isn't a hard money lender around that won't lend on it. Make sure you have enough cash to cover down payment and a few months of holding costs, not just 10 dollar earnest money.  If you actually can't get the lending than at least you tried and were not just trying to waste the sellers time or worse yet leave them in a worse situation than they started in.  If you have to close, just list it on the mls for a dirt cheap price and it will sell in no time, you will actually probably make more. If the lender declines you, you locked it up for too much. Hope this helps! It will also keep you above board

@Gerard Bateau Give me a call any time! Love talking all things real estate and HVA... My phone number is listed on my profile, it's prohibited here

Hey Gerard, 

I am franchisee in Cleveland, OH.  They have the cheapest hard money around, its 8.9% interest and 1 point if you sell the house within 30 days, 2 points if you sell the house within 3 months and 3 points if you sell between 3-6 months.  Those are not cumulative and all the points are on the backend.  Your DA will check the loan and your comps and make sure you aren't getting in trouble with value if you don't have much experience with comps.  I love HomeVestors! The system has changed my life. Its not for everyone, there are failures but the system works if you put your nose to the grindstone and persevere.

Feel free to contact me with any questions.

Hey Sara, welcome home! The market is incredible here... particularly on rent return. Wish you luck on the rehab.  Go Cavs!

@Adam Craig Yikes!!! That is definitely the same as long term private money lenders...

@Jen R. Out of curiosity, what are the seasoning requirements and LTV?

@Jay Hinrichs So you're saying you're the govt? Isn't that the Govt responsibility? The Donald might be changing democratic state a bit... 

I am prepared to close every contract I write, and I wholesale LEGALLY in Ohio, pretty sure @Bob Collett forwards all of my email blasts to the state. I have worked with them on doing it legally and I haven't heard from them in sometime now. 

Why aren't you guys after hard money, isn't that more or less predatory lending? 

The answer is it depends... if the property is on the corner of two main streets then it's value could potentially huge. If it's on a road where there is a lot of new development going on maybe, depending on if it could be a McDonalds or something.  Heavy commercial depends on the growth in the area. Here in Cleveland I have received a few call over the years where the properties were zoned commercial and I feel like it actually reduces the value. What happens is you reduce your buyer pool so small that it could sit on the market for years, which is probably why they called me. Hope this helps!

Seems like a lot of wholesaler head hunting going on here and in every other thread I follow... Guess you are on a mission, good luck! End the tyrany!