All Forum Posts by: Sam Ray III

Thanks for the input everyone, and thanks Gibbons for the letter of intent example

Right now a friend has asked me to try and find a renter with an option to buy for her house. she wants 2.5% down and we've agreed that she'll give me 0.5% of that down payment for my effort. 

What would be the recommended way of receiving that down payment? Providing I'm doing all the leg work of showing the house, Should I ask the potential tenant for two checks one in the owner/sellers name with the 2% amount and another check in mine with .5% amount

or should I ask for a check with the whole amount to go to me and then pay the owner/seller later

You think I should ask the owner to give me his estimate on how long he thinks the eviction should take and put a deadline on the contract based on that?

or should I just wait til after the eviction is complete?

Before I gave him an offer I was totally upfront with him and told him I would be assigning the house to someone else, and I told him the offer is still dependant on the inside condition. He seemed cool with both, he seemed very motivated to get rid of his house

I was given a lead on a wholesale deal, The tenants that are currently in the house haven't paid rent in months and won't answer the owner's phone calls. The owner says he is very motivated in selling and is ready to start eviction but the owner lives in another state. So it's no telling how long it might take to get them out.

I visited the house and the tenant refuses to let me view the inside. so I have no clue of the condition of the inside of the house. I gave the owner an offer based on best case scenario (which is most likely not the case) when it comes to rehab & repairs, and I told him it could easily change after we see the full condition of the inside of the house.

He sounded interested with the number I gave him and said he wanted to pass it by his wife. If he comes back and we agree on a number what do you guys recommend I do as far as contracts.

I have cash buyers I would offer this deal to, and I have done a few wholesale deals in the past with vacant homes, but I have never done any assignments with property with tenants in them, let alone delinquent & uncooperative tenants. I do not have the money to offer cash for keys (unless they where willing to accept maybe $100)

Would it be reasonable to write a contract NOW with a clause stating we can't close until the tenants are out or should I wait to write-up the contract after the tenants have been put out? (considering it might take 30-60 days for the owner to get them out)

any advice or incite would be great thanks.