All Forum Posts by: Pierre M.

It makes a lot more sense now. I hope you get in touch with the seller.

Good luck with the deal.

I am still confused as to which contract the end buyer's lender would need if the end buyer is using conventional financing. I would like to see an assignment contract. I've done a search but still can't get any results that show the contents of the contract. Where can I find one or can you share what yours looks like?

If this buyer hasn't returned your call, don't you have a list of buyers that you can call?

I wish you luck with your deal.

Great Post Jason! Looks like a great deal.

I am new to wholesaling and to REI in general and I have several questions that may help me and other newbies.

Do you have a contract with you and your buddy, and how did you write up the purchase contract? (both names?)
Did/Will you put up the earnest deposit or will that come from the end buyer?
How will you write up the contract between you and the end buyer?
What would you suggest to newbies that go out to wholesale but do not know how much to estimate for repairs? Should a wholesaler ever pay for a home inspection?
Is there a formula you use for your assignment fee or is that a number you and your buddy came up with?

I hope these are reasonable questions and I wish you the best of luck with this deal.

Thanks,

Pierre

What I have seen is that some appraisers have lowered their going rates because of decrease in business over the last year or so. The normal rate of $350 drops to $325 or $300 if any reference of a competing appraiser will do it for that amount. They are hungry for business but again depends on the details of the property and amount of work to be done based on a look-up.

I am a mortgage broker in FL. Single Family Home appraisals usually run between 300-375 in my area. Even with an "Investor" appraisal, which includes a rental market analysis (hence the extra $$$), I agree with Ezloanz that the appraisal is still high.

I also agree that the fees are excessive for the loan amount.

Respectfully,

Redeals,

I would really like to learn more about this "no doc" program. Please email me

Thanks,

I believe Wellsman is referring to running the applicant full doc under DU or DO. If the credit score is high enough, and loan makes sense then you can ignore the documentation in the findings. Some lenders charge a fee for ignoring those findings.

However, this is not a NINA loan. This is a full doc loan that can be approved without documentation.

Correct me if I'm wrong Wellsman.

Thanks,

Any Real Estate Attorneys or CPA's out there that want to comment?

:D Thanks Jon!

:superman: <--- Play one in real life :mrgreen:

If I understand the recommendation correctly .... I should have ONE LLC regardless of how many properties I own. Correct?

PM_Broker