All Forum Posts by: Sean Gallagher

Thanks!

Went with this

http://i35.photobucket.com/albums/d196/crazy3rdgen/prospro.jpg

Thanks Tom, I agree, it is very simple, professional I am just looking to put something on the back, a little detail of the company. I feel its hard to get a tag line, I would rather tell someone what my company does within a few small words. How about

Prosperous Properties, LLC specializes in buying, selling, & holding real estate.

I dont usually read details when I get a business card, but If I notice something is on the back I'll take a quick look. It shouldnt be anything new that I didn't already know from talking with whomever I received the card from to begin with. I feel its a small professional touch to the card, a few simple short details on the back?

Front side simple to the point, name of business, my name, and contact info with a nice graphic/background. Back I want to use for detail. I have

Prosperous Properties, LLC specializes in buying & selling real estate. We close fast and work hard to make sure both parties are satisfied at the end of a deal.

Is that usable? Is it too much? I figured a simple business message would be adequate here. I guess I could list buy & sell but that seems too plain. Do you suggest I have one card that shows I buy real estate and then another that shows I sell real estate. For instance a card I would give to a home owner who is looking to sell and then a separate card I would give to a rehabber working on a home showing that I sell property. I think what I have works for both and would be ok. Thanks for all opinions and suggestions.

Sean

Going to have to bump this thread to the top for a bit.. hopefully someone can go over what i wrote above this post

ok sounds good...soooo

-get buyers list
-find potential prop
-see if they want to sell
-make offer
-put it under contract
-go to title company
-give them earnest deposit check for escrow & purchase agreement
-Tell the title company you will be back with an assignment contract & a sales contract
-Locate buyer
-Show them figures/ theproperty
-If he wants the deal, go ahead and assign the contract, both signing the assignment as well as the sales contract and ask for an earnest deposit check which will also be given to the title company for escrow, so i guess if youre going to make 10k off this deal, make the assignment contract 9,800.00 and ask for a 200.00 EMD from your new investor? I assume if you deal with the same investor all the time you dont have to hassel them with an EMD on every deal..?

At any point should I wait till i know I have a clear title so I dont get myself into a financial danger with fees?

How long does a title company usually need to close a deal?

am I on the right track?

-so what happens from here? When ever the title company is ready to close and my investor has the funds ready to go they go to the title company on their own time and so does the seller, they sign paper work and then i am sent a check. Or maybe even my investor will cut me a check after close or is that the job of the title company?

thanks for anyone who is willing to give up their time for me to read this and reply, let me know what you think

thanks

If I could get away with a 100.00 emd thats no problem at all and I would rather deal with that other then a promissory note as good faith or consideration.

Financexaminer, I sent you an email, if you get a chance/have time please check it out for me, thanks!

I thought most houses that are wholesaled usually aren't on the market?

After searching google for emd in delaware, i couldnt get a direct answer but 1% seems to be standard across the whole real estate community... So I cut a 500 dollar check on a 50k purchase, (contacting my title company first to see who to make it out to) I assume this gets deducted from the agreed purchase price. Say 500 emd, amount due at closing 49500, total purchase 50k.

Not writing my own contract, just trying to understand these contracts I received to use..

So I guess I have to be very confident I will find a buyer because If something goes wrong and I dont close its pretty much, my 500.00 goes toward any fees the title company already put on and then probably what ever is left will go to the seller.

I did a lot of searching, some things still dont make much sense since I am seeing a ton of misleading info.

I'd rather not post my contracts on here but write some things that are confusing me..

Some say you dont need an earnest deposit some say you do, some say you can just do a promissory note?

This is whats in my contract tell me if you think it should be changed, I tried looking up real estate laws for Delaware to see if I need an earnest dep, like what I can get away with to create a binding agreement but can't track it down maybe I'll have to contact a real estate attorney but then I'll have a ton of questions and will probably wind up paying for it.

A. Earnest money deposit check [ ] or promissory note [ ], which will remain as a binder until closing, and be held for Seller by closing agent (chosen by Buyer) for Seller until closing, unless sooner forfeited or
returned, according to the provisions of this Agreement. $_____________________

Is it even possible to put a promissory note as a binder in this instance because a promissory note has guideliness such as interest, amount to be paid and how long. The contract just wants you to put an amount here which I dont think is right? Guess I can track down the $$ amount in Delaware for an earnest deposit that would make a contract a binding agreement.

So I assume its a good idea to get an earnest deposit from my investor, especially if I haven't made deals with him before, Whatever that amount may be..im not real sure yet but all earnest deposits go to the title company correct and then theyre held in escrow? I wonder if they are small amounts like 20-50 bucks if they can just be given to one another as a check.. well thats the first question I had on my contract : ) thanks for all your time..

learning more and more each day! pretty soon I'll look back on my questions and notice how silly they were cause most of the info is right infront of your face.. I just like to get a consensus of what is working for most