All Forum Posts by: Patrick Sullivan

Well folks,

I am practically broke at the moment, and have a terrible credit score. However, I have a plan to turn about 10-50 acres of land into a sustainable development center for learning how to implement aquaponics and renewable energy systems (wind, wave, tide, solar and geothermal) for year round food and energy production. I am looking for states/locales that have relatively lax building codes, and that can actually provide me with incentives for my plan.

I am looking for a partner who would be willing to fund the down payment and share in the proceeds with me. I would be responsible for all operations management, maintenance and the likes. I have the capability to do the leg work, it's just a matter of when and where things will take place.

If anyone is interested in this particular venture, please call or text me @ (978) 549-0853 and we can discuss matters of developing a successful business plan



Thanks,

Patrick S.

Hello Bigger Pockets,

I am wholesaling a deal in Athol, MA (Worcester County)

The seller has owned the property for approximately 2 years. Property still needs work, though seller is willing to sell "as-is" for 80-90K (because that is the total she paid for and put into the property). The primary motivation for the seller is that she would like to get the cash reserves to pay off her mortgage on a condo she owns in Northborough, MA. The basic property components go like this: 4 bedrooms (1st Floor); 2 bedrooms - 1 single, 1 split (2nd Floor); 4 bedrooms and 1 separate room (3rd Floor). There are also 2 full baths and 2 kitchens, with a separate "cabinet quarter" in one of them. The property is on approximately 0.42 acres. There also appears to be all new electrical (from what I observed and what owner explained), and there is new baseboard with a mix of pre-existing radiators throughout the property. The 2 furnaces and 2 boilers are only a few years old. The surrounding neighborhood is well-kept.

In terms of the assignment fee, I expect anywhere between 3-6% of closing costs, which is the industry standard range for assignment fees. Exact percentage will be determined based on situation and amount of due diligence put into a deal.

Any interest or questions about this deal please contact me (Patrick) directly @ (978) 549-0853



Thanks,

Patrick S.

@Steve Vaughan

She does owe more than the property is worth ... it is a two family, in a somewhat tough neighborhood, and the total outstanding principal is 124K

Hello BP Fam,

A few days ago I met face-to-face with a lady who contacted me after catching one of my bandit signs I placed throughout the area. In brief description, she is a burnt-out landlord who is behind on her mortgage and has no money coming in because her tenants are moving out soon and her brother (who lives with her) is no longer eligible to collect social security because they told them, "You are earning income from tenants", despite how their expenses far outweigh the income they received from the tenants. The sad truth is that both of them are noticeably physically disabled.

She mentioned a strong interest in going through with a short sale. Being a wholesaler, and not a licensed attorney or legal representative, what advice could I give her about the next steps she should take? Obviously this would have something to do with getting in touch with the bank, but is there something else she should know prior? 

Should this become a short sale, and the fact that I have potential buyers lined up, how can this become a win-win-win situation for her, myself and my investor buyers. Also, since we are dealing with banks in a short sale, and I heard that any "assignment" clause 9/10 times gets denied, would it be best to "acquire" the property with my investor buyer (buy and hold OR flip)? How would I set up an acquisition with my investor buyer when I have no money or credit to bring to the table (aside from marketing expenses)? Should I use another strategy altogether?

Hello BP Fam,

Later on today will be my first ever time meeting face-to-face with an actual potential motivated seller. With that said, what do I include in my discussion with her. I feel like we should break the ice and have her get comfortable to come back to me in a few days after this first meet (after thinking about it) with her initial offer. Therefore, I shouldn't bring out the contract, though I should probably bring something with me



Tell me YOUR thoughts! Thanks!

Hi All,

I was wondering what standard, state-specific forms should I use while wholesaling in MA ...

Is there a particular "Assignment of Contracts" form or would I just use "Contract to Purchase" and/or P+S differently?

I'm also keeping in mind, I need to AVOID double closing at all costs! I am upfront and honest with my buyers and sellers, and would like to avoid the complications anyway ... so I will ONLY stick to an assignment

Again, all I am trying to figure out is the correct forms to use and/or the method of execution with forms



Thanks Guys!

Hello BP Fam,

Just a quick question ...

Would the pre-drafted, state-specific forms created by U.S. Legal be sufficient for my Assignment of Contract (because I am solely a wholesaler rite now) and other required forms, or would it be better to pay extra and have an attorney draft the forms for me.

Of course, I have kept in mind that me or my investor buyer will have an attorney for closing regardless



Thank You,

Patrick

Thank you for yer feedback!!! :-]

I actually DID drive by the properties to the individuals I was going to send that particular letter out to though, though I realized the "pile of cash" part sounded tacky, thanks again for confirming that realization!



- Patrick S.

Hi All,

This is my third (and hopefully FINAL) proof read for you all on my letter to absentee owners. Here it goes:



Dear _____,

Hello, my name is Patrick Sullivan and I'm interested in buying your house at _____. I'm a private/cash buyer and do not need a mortgage. If you're looking to sell your home to a private individual without the hassle of dealing with a real estate agent, please call, text or email at the contact info provided below. I can make a quick evaluation, sign a contract within 1-2 days of reviewing the property, and close quickly. I look forward to working with you.

Thank You,

(Room For Signature)

Patrick Sullivan

Cell: _____

Email: _____

Hello All,

This is just a second try from the initial proof read under the post "Letter to Absentee Owner: Proof Read"

Tell me whether it looks better than the last and everything and anything you notice that I SHOULD improve about the message (format or content). Here it is:

Hello _____,

I drove by your property at _____ in Leominster. It has potential and the neighborhood does too. I’m interested in making you a cash offer to buy and hope you consider. If you’re about it and you're interested in making a quick pile of cash give me a call, shoot a text or send an email at the contact info provided below.

God Speed,

(Space for Signature)

Patrick Sullivan

Cell: [REMOVED]

Email: [REMOVED]