All Forum Posts by: Account Closed

My subject is not direct, but a legitimate question.

I recently got a prime follow up call for a prospect that could absolutely be wholesaled. Upon making an offer and coming to negotiating terms with the seller, I needed to find an attorney who is familiar with how wholesaling works. After reading a response to a forum posted by @Tyler O'Malley, apparently all RE attorneys are familiar with wholesaling or are able/willing to work with you. This is not the case at all. After several phone calls with attorneys, I have not gotten one single attorney who wants to deal with wholesaling because it is a "dishonest" thing to have the seller under the impression that YOU are going to close on the property and/or it is a waste of their time because "most of the time these assignments of contracts never work out". After giving it some serious thought, it does seem pretty dishonest to mislead the seller into believing YOU are going to close on the property and then worst case scenario ending up voiding it all together through a "weasel clause" and wasting everyones time. My question is can anyone convince me this is not a dishonest business and also is it possible to find an attorney willing to work with you without actually being dishonest with him too.

Hi everyone,

I'd love to network with any rehabbers in the chicago land area and hopefully help each other out with some deals. Any out there?

I'm going to try and make a long story short here. I'm trying to purchase a house from an older women. She lives in a nursing home because her home was deemed unsafe to live in by the town. This women is willing to let the property go for very cheap and we came to an oral agreement. The problem is, she is very old and has no family to give her advice and her lawyer is out of town but being a very great deal for me I would like to get this in writing asap. Is it illegal to present her a contract through a personal meeting between just me and her? Or does someone have to be there to consult and witness her decisions? Any suggestions are appreciated.

Curt Davis why would you not put a rando in touch with your lender? Wouldn't he be happy you found him the clientele

Hi everyone, I recently had a guy respond to a yellow letter but instead of needing to sell a property he needs a hard money loan of 35k. I told him I can have my guy contact him because I have a lender. Is there any way I can benefit from this. Maybe a finders fee? What steps should I take? Thanks for any input.

Pete T. Cal C. Haha alright. Thanks fellas

I just received a very angry call from a response to my yellow letters. This women was an older women and she seemed to be very insulted and said my "letters" were stupid lol. She continued to go on about how she is offended that I would state I'll give her an all cash offer and buy it as-is. She then said I will report you and hung up as I tried to explain to her I'm not out to get her. She seems to think what I have done is illegal by sending the yellow letter. Has any one else had similar experiences?

A property I am looking to make an offer on has a flooding problem in the basement every time it rains. The sub-pump is located in the corner of the basement. I'm guessing in order to prevent further flooding I would have to dig out the concrete floors and re-locate the sub pump more to the middle. I would hire a contractor to do this but does anyone have any idea of how much this would cost? A rough estimate would help.

@Todd Plambeck Sorry, *MAO*. I determine the ARV. Subtract $XX for repair costs, 1 % for purchase costs, 3% for holding costs, 3% for sales costs (without realtor), $XX for minimum acceptable profit, and 3-5% for a hedge factor.

Joe Gore