All Forum Posts by: Account Closed

 Hey Christina, I'm an Agent here in Los Angeles

I know a TON of listing agents that refuse to work with buyers period. Which is fair because buyers oftentimes don't like to sign exclusive agreements so agents end up working for free when showing buyers homes etc. This agent is more than likely just making sure that they get paid if they do any work representing a buyer (in this case you). It may feel unfair, but they are well within their right to structure their business that way. 

Truth be told, a verbal offer holds no value. You can't open escrow on a verbal offer alone. And even though the Agent may be "required" to tell the seller about your offer, they are not "required" to represent you and assist you in preparing the required documentation. 

Reporting this to the MLS/Board will be a waste of time. My advice is to literally call any agent that is local to your area and tell them you would like to submit an offer on a property. I'm sure there will be a long line of agents willing to help you get this across the finish line.

If you were local to California, i'd type up your offer for you in seconds lol 

Best of luck! 

Hello, 

So I have a "tear down" property under contract for 590k (+ closing costs). It's zoned C2. It's a tiny unfinished 2 bed 1 bath 750 sqft home that sits on a 8000 sqft lot. (There are no approved plans or permits.) 

Where you do you all normally network with developers? Facebook has proven iffy for me in the past. I've reached out to a few realtors on my team and they are running through their contacts.

Any strategic advice would be lovely :) 

@Oluwasegun Oluwadele just about update. We closed on this June 4th. All issues were resolved and everyone was very pleased with how it all turned out. Thanks for the help along the way. On to the next.

@David Denzy it’s pretty wild but here in SoCal mobile homes are going for like 120k 😂

So my current investing strategy has been assignments but I’ve been feeling creative.

I’m talking to a seller right now who really wants me to find a buyer for his mobile home. The home definitely needs some tlc so he and I have agreed on a pretty discounted selling price.

I’m wondering, rather than assigning it to someone else, could I offer to have him hold the title while I flip it and then when he sells it I take a cut of the sale.

The deal would roughly outline like this:

Whatever cash I put into the flip, that amount will be seen as my “percentage of equity”.

So if its currently worth 50k in “as-is” condition and I put 5k into the flip then I’ll have 10% equity (roughly) in the property. Then once we list the house to sell in its new condition, let’s say it now sells for 85k, I’ll collect 8,500 off the top at closing.

Is this something that I can make happen? Ive never flipped anything before but I have a good relationship with the seller and I feel like it’s a win win for both of us.

I have about 5-10k I can spare and I just thought of this while I was going to bed haha. Thoughts?

@Dave Ramirez how were you able to build your own? I’m looking to do the same.

I have a relationship with a few RE Agents that send me off market properties in the Las Vegas area. Do any of you have experience networking with other investors? 

What is the best way to get in touch with people? I'm trying to set up a relationship where I send deals in exchange for a finders fee (not looking to wholesale these properties).

How do I go about this? 

@Wayne Brooks I operate with full disclosure. My seller was very well aware that I was not the End Buyer. I believe in transparency.

@Aaron K. Not complaining. Just confused. Thanks for the help clearing some of this up. Everyone has to start somewhere so I’m gonna see this all as a learning experience and keep moving forward.

Ok let me start off by saying that I am NOT a real estate agent. This is my first wholesale deal and here's whats happening. 

I have a property under contract and I've JV'd with another investor who brought an End Buyer to the deal. We opened Escrow and the EDM has been deposited.

Now prior to signing anything I informed all parties that "all tenant affairs will need to be handled after closing by End Buyer". 

Three days after EDM was deposited, the End Buyer wanted to "see the property" I thought nothing of it. I was able to get him into the property without any problems. 

Now he's currently negotiating "cash 4 keys" with the tenants, which I don't mind but it goes against what I initial stated (all tenant affairs will need to be handled after closing). Tenants are more than happy to comply so I'm not too worried about the mishap. 

But now, its been DAYS and the escrow company has been asking for the End Buyers entity docs so that they can roll out the escrow instructions for closing and the End Buyer has been non responsive. When asked, he says things like "sorry I didn't see the email. sending them over today" but he never sends. 

So today I thought i'd give him a call and see exactly whats going on. I was very kind and understanding and truly just wanted to know exactly whats been holding him up. We were supposed to close today but because he has been unresponsive, thats not happening. 

He then proceeds to give me an excuse about "needing to figure out if he will use his current entity or a different one". I responded "ok well when do you think you'll finalize your decision" and he says "by the end of the day" 

Now, before I was able to get off of the phone he brought something new up. He mentions that he never received a "Transfer Disclosure Statement", "Tenant Estoppel Certificate" or a "Sellers Questionnaire". Now this is my first wholesale deal so I had no idea what he was talking about. He told me that he would send me blank versions of those docs. Cool.  

After I got off of the phone I relayed all of that information my escrow company and they told that the "TSD" etc docs were not necessary. 

So I sent him an email saying they weren't necessary for closing. 

THEN.. he sent a long reply about how every seller in california is legally required to submit that.

After some research, I realized he was correct. Now, at the end of his email he mentioned that a 9a report was also required. 

HERE'S THE THING 

He entered this agreement well aware that none of those documents (including the 9a report) were available or discussed. 

Getting the TDS and the other docs filled out and signed wont be too much of a problem, but as far as the 9A report goes, thats a whole process that could take weeks. 

Why would he enter into this agreement what all of this knowledge and then delay closing (intentionally or unintentionally) and then on the day that we were "initially" supposed to close, bring up the 9A report that we obviously don't have. 

I'm feeling right now that i've made some "rookie mistakes" and I'm owning that. But I zero idea how to move forward. 

Any advice/help would be GREATLY appreciated.