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All Forum Posts by: Ron Cole

Ron Cole has started 3 posts and replied 21 times.

Ok, I'm new in the game of real estate and I believe to establish yourself in todays world you need to have one.  Let me put it like this and you can ask yourself this question.  I have a land line (home phone) at home but I also have a cell phone that people can reach me at all times, do I still need a land line at home?  The only time that land line will be useful is when i'm home but with the cell phone, i'm reachable 24/7.  If you can answer that, you will know what to do when it comes to having a website.

lol...not a word.

Wonderful outcome on the comeback with this deal man.  Congratulations to you and Happy New Year!!!

Post: Finding wholesale deals via MLS?

Ron ColePosted
  • New York City, NY
  • Posts 23
  • Votes 8

In the game of wholesaling you'll need to be first in reaching the seller. To do this you must have a system in place in order to succeed.  That system is called marketing.  Your marketing system must be attractive to the seller where as he's  motivated to sell to you.  So what's needed in the system to make your marketing work?  I went to vestaprint to help me with  marketing.  Business cards, post cards, door hangers, and even a website.  Now see that wasn't my attention to get a website but that goes to the credit of vestaprint, it was made so attractive that I was what...motivated to get one.

Post: How should the assignment contract be worded to protect me

Ron ColePosted
  • New York City, NY
  • Posts 23
  • Votes 8

It's in the talking stage of doing so right now...

Post: How should the assignment contract be worded to protect me

Ron ColePosted
  • New York City, NY
  • Posts 23
  • Votes 8
Originally posted by @Account Closed:

@Ron Cole

The assignment agreement isn't used to protect you, it is used to assign the purchase contract.

@Curt Davis

The earnest money would have been negotiated in the purchase contract. 

Alright, thanks for the info. 

Post: How should the assignment contract be worded to protect me

Ron ColePosted
  • New York City, NY
  • Posts 23
  • Votes 8
Originally posted by @Wayne Brooks:

Ask yourself this....do you think you can find a buyer on your own who is willing to pay more for the property than everyone else who has seen this property, both agents and their buyers, during all the time it has been listed and advertised to the world?

 If the property is listed then I would obviously say no.  

Post: How should the assignment contract be worded to protect me

Ron ColePosted
  • New York City, NY
  • Posts 23
  • Votes 8
Originally posted by @Curt Davis:

you will run into issues if this home is listed on the MLS with an agent. They are not going to entertain a wholesaler.

 I've informed the agent that I'm a wholesaler and asked her have she ever worked with one.  She answered yes.  I've found this property on loopnet, found out about it from one of the podcasts from here....

Post: How should the assignment contract be worded to protect me

Ron ColePosted
  • New York City, NY
  • Posts 23
  • Votes 8
Originally posted by @Wayne Brooks:

The NOI is Not $99k on a gross income of $114,000, not possible if you use any kind of of even optimistic assumptions about vacancy, repairs and capex. I'm guessing that supposed $15k is just taxes and insurance.

 I can honestly tell you, I have no clue.  I never even expected to be in this position this early in the game.  I'm excited but worried at the same time. 

The agent is asking for 10% down of the seller's asking price, $75,000...I'm wondering if that's her (agent) earnest money?

Post: How should the assignment contract be worded to protect me

Ron ColePosted
  • New York City, NY
  • Posts 23
  • Votes 8
Originally posted by @Curt Davis:

Call me crazy but to only make $10,000 on such a high sale price deal seems to me a little low.  Its still a lot of money but just my initial thought.  

If you are worried about your end buyer backing out you need to make sure you collect a decent earnest money deposit.  You also should somehow let the seller whom you are getting the unit from that you are not the actual buyer bc if something does go wrong you cant actually pay cash to buy it and you dont want to be using vague contract lingo to back out. There are better ways to approach this deal. 

Good luck

Thank you for your input, I sure will get in contact with the seller's agent and make that clear.  I've told her I was a wholesaler but she should inform the seller as well.

Thanks again.