All Forum Posts by: Payton Gonzales

Ok, thanks for the advice, @Steve Morris

Coming back to this... I got the terms and it has the earnest money being written directly to the owning entity itself versus a title company or escrow agent... that seems a bit odd, no?

Thanks @Jonathan Greene.  I think a lot of the hesitation comes from my own ignorance of being new to the process, so appreciate the feedback and validation.

Thanks for the reply @Jon K. 

Yeah, that makes sense - was wondering if it was just a "give to get" situation, which is understandable. 

Appreciate you sharing your experience and suggestions!  I may be back to this post, but this is super helpful in getting to the next steps.

Let me apologize in advance as I'm sure this has been written about somewhere, but I'm only finding forum posts from folks looking to get into wholesaling or others describing what their marketing process looks like for finding wholesale deals.  I'm looking for information on what to expect from the buyer's perspective and what the process looks like.  If you can point me in the right direction of another post, happy to go there, but with that said...

I recently came across a deal listed by a wholesaler.  I reached out, had a brief conversation, and after that asked via email for a copy of the contract to understand what the terms and process look like from their side.  Here's their response:

"The process on our end is very straightforward. Our contracts on all our properties are 100% as is, we don’t allow for any option periods or contingencies once in contract and buyer pays traditional closing fees. We typically can close in a week and require a 5k deposit via cashier check or wired to us due at signing of contract.  I’ll send you over a copy of the contract for you to review once you get me proof of funds."

The high level terms largely seem as expected (e.g. sold as is), but I'm wondering what I need to be aware of / what I don't know... I've bought deals before, never wholesale, but from reading forum posts I've found that less than reputable practices seem to occur a bit more frequently in wholesale transactions, especially around deposits.  In this case, they're asking for a deposit of $5k on a property under $100k... Does this seem normal?  

A lot of this should be cleared up once I provide proof of funds and can see the contract (even that seems weird that they won't allow me to see the contract before providing POF). I plan on executing a title search and performing an inspection, but does anyone with experience in purchasing wholesale properties have anything to add on what to expect, things to watch out for, or steps to take in the process?

Thanks in advance for any input!

provided, it shows Pro members get Landlord Forms.   I was under that impression as well, but when I go to get the Ohio lease agreements (or any state for that matter), it's looking to charge me for it.'

Am I mistaken or are those landlord forms free for pro members?

I'm sure I'm missing it somewhere... but property management recommendations (or reviews) for Cincinnati, OH?

@Slocomb Reed Seems to be the case from what I'm seeing.. Thanks for the input!

Thanks @Michael Badin!  Much appreciated.

In contract on a 4-plex right now in Ohio that was built around 1930.  For background, there is some termite damage on it,that should be taken care of prior to close, as well as some other minor fixes to the roof, basement, etc.

I received a quote for the building for an After Cost Value (ACV) policy, which was about 40% of the Replacement Cost policy.  

I understand the question is more on my tolerance for risk, but what are folks' thoughts on the difference between the two types of policies for investors?

Thanks in advance for any replies!