All Forum Posts by: Ralph C.

Buying a 9 unit below market value with seller financing. Adding 2 units to a current storage area and updating the property.. then refinance the property with a bank and pay off my existing seller financing note. Need advice on how to go about structuring this deal and and legal advice I might need. Thanks

Have you negotiated and agreed on price, terms? Due diligence? Need more details here...

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Originally posted by @Marvin McTaw:

RE: directly reaching out to human resources department for internship

@Ralph C. it's because achieving the end goal is usually easier when there is an introduction from a known quantity. I'd rather work through someone who knows someone than just cold emailing if possible. Cold emailing is not out of the question, but would rather try this avenue first.

@Adam Abdel-Hafez - thanks you for the co-op idea. My understanding is he is already pursuing the formal internship avenues. His goal is to try hitting the problem from multiple angles at the same time. He knows I do real estate investing but unfortunately my work is currently primarily residential so I don't interface much with these types of organizations. I told him I would check with the network here to see if there's anyone who might be able to help.

@Dennis R. - thanks for the suggestion! I'll encourage him to check it out. Do you known anyone in Enercon he could directly connect with? You can message me here on Bigger Pockets or shoot me a text message as well with the contact's information and background on them.

I wasn't referring to "cold emailing", if you really want to intern just present yourself at the company or call the hr dept directly. When you want something bad enough you go and show up, introduce yourself and leave your resume. Remember, if it were easy, everyone would be doing it.

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Originally posted by @Account Closed:

Is Earnest Money mandatory when doing Wholesale Deals? Would closing a deal in (2) weeks from the signing of the contract be an incentive in exchange for no Ernest Money down ? Earnest Money has to be returned to the buyer if the closing does not take place before the specified date anyway.

Thanks For Any Input

Mike

The question then becomes do you have it?

It's not always mandatory assuming you are actually going to close the deal yourself (in 2 weeks) but it will give your direct seller the security you are.......

Secondly, if you are "assigning" (not wholesaling) the contract then you are definitely going to need em deposit regardless of how soon they are closing. Get the em from your buyer, if they don't get it then they are not serious and You will just need to close the deal yourself.

You don't want to lock up a deal and your buyer ultimately backs out leaving you with a pissed off seller who may cancel your deal.

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Originally posted by @Marvin McTaw:

I have a friend who is currently looking for an internship with any large construction or engineering firm in the Atlanta, GA area. He is currently a civil engineering junior at Georgia Tech and looking for opportunities in both civil and mechanical engineering. Please contact me if you know of anyone at Holder or any other construction firms with civil or mechanical engineering internship opportunities.

Thanks!

Why don't you guys just reach out directly to their human resource Dept? I'm sure they will admire your interest in working in an internship with them.

1 Vote

Originally posted by @Allen Mewbourn:

First time newbie, but i'm looking into the Cobb County Tax Commissioner website (cobb county Georgia https://cobbtax.org/taxsalelist ) for tax property auctions. Most are only around 4k (even though zillow has the properties for around 180k), could I perhaps use a hard money lender to buy and rehab the property, then put it on the market for a great price? Does this sound possible? good idea?

That's not gonna work. HML does not work here.

For Auctions you will need to come with cash or cashiers checks in advance with extra cushion up to the highest amount you are willing to pay. Get comps from a real estate agent to see where values come in. Zillow is definitely not a solid source, all that does is give you an idea, ballpark.

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Originally posted by @Michael A Rytina:

Thanks Ralph appreciate the insight

I imagine you can assign a contract on a REO as well ?

So I'm asking can you "flip" the contract without putting any EMD or anything down ?

If you have 30 days to close and you cannot find a buyer/investor to assign the contract that you are on the hook for it ?

Thanks again

Depending on the verbage in the contract and type of seller you are working with directly, you can flip the contract without you putting any of your own em down. Typically you will always have your end buyer (assuming you find a buyer quick enough ) drop the em deposit to secure the deal.

Regarding REO deals, banks typically do not allow assignments as stated in their contracts.

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Originally posted by @Michael A Rytina:

Being a newbie I have a simple question-

How much out of pocket cost is it to assign a contract to a buyer/investor?

Any chance someone can do a quick explanation in layman's terms!

Thank You

There really isn't a cost per se in assigning a contract to the end buyer..if anything they are paying you the assignment fee for the contract/deal.

Also, what you have invested in the deal is literally whatever marketing costs you incurred to get the deal in the first place.

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Originally posted by @Tommy Mosley:

hello I'm located in Georgia and was wondering if anyone could refer me to a good loan broker that I could possibly Connect me to some hard money lender's. I am in the process of trying to do a refi cash out on an owner occupied property... which I would like to use a portion of the funds to purchase a rental property and begin implementing the brrr strategy any advice would be greatly appreciated thanks in advance BP

* determine investor *

Best bet would be to Visit a couple of the local community banks right in your area for a regular Refinance,......cash out and go buy some rentals! Look into an fha refinance also.

Hml do not do oo properties.

If you can't refi due to personal credit, selling it is another option.

House hack your next rental/plex by living in one and rent other..

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Skip bird dogging, if you're going to be doing all that footwork you might as well get paid - get your license.

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Cleveland, Ohio

@andrew martin, I don't think there's any vibe of hating at all, it's really about being professional, ethical and disclosing all upfront, especially if you are a licensed real estate agent.

But Overall, Kind of sounds like a real motivated seller ( not sure he knows what was made on Assignment fee for middle man unless it was all disclosed at closing) and a buyer that was willing to pay the assignment fee since that's what this transaction really was, an assignment of contract. If it were a wholesale deal transaction would have been double close.

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All Forum Posts by: Ralph C.

Ralph C. has started 2 posts and replied 224 times.

Post: Buying a multi unit with seller financing then BRRR strategy

Post: Helping A Friend Looking For An Internship w/ Construction Firms

Post: Earnest Money Concern

Post: Helping A Friend Looking For An Internship w/ Construction Firms

Post: Hard money to buy and flip tax sales?

Post: Made $16k in my first Wholesale Deal

Post: Made $16k in my first Wholesale Deal

Post: Looking for a hard money loan broker

Post: I wanna be a bird dog!

Post: Made $16k in my first Wholesale Deal