All Forum Posts by: Douglas Snook

Deb

Sorry you are getting the run around. I have watched several houses and almost none ever seem to sell. How they conduct business is screwy to say the least. Houses are go from "all bids being considered" to back on the market with a buy it now price, back to an auction etc. It does not seem to be a true action if you ask me. Ebay has it right, why can't they? I understand they want to get the maximum for the property but really. Just have a reserve and go from there.

If you search here you will find other complaints and comments I am sure

Welcome to BP. Are you looking to flip in the Framingham area? Have you thought of Worcester?

Scott, have you signed a Purchase and Sale with this Seller? It will set out the "penalties" if you do not close. You may lose any deposit you have given. You may open yourself up to a lawsuit for them to compel you to close. Maybe the seller will give you back the deposit and let you walk. Maybe you can hold back a certain amount pending eviction of the tenants. Does the other side have an attorney?

Again you really need to talk to a New Hampshire attorney familiar with real estate law.

I agree with Christopher, there is a part of your post that is missing. Were you promised a job doing property inspecting with this mentor? Can you get back you 9-5 job?

Find out on you own what the requirements are in your state/area to be a property inspector. Usually there is some kind of course required and/or working under a licensed party for a while. Is that what was supposed to happen with your mentor?

How did you find this mentor? Can you search for another?

Good luck and keep us posted

Thanks for sharing. I think the important take away is that you did something realized it was turning wrong and got out.

That and sharing it with us.

Scott are you working with an attorney on this deal or is it closing through a title company? If so perhaps that attorney can help you with this issue. You need to know the law specific to NH. I think Troy 's info is right on the money It sounds as if you are going to need an attorney to assist you with this eviction, especially because it is your first one.

You need to know everything about this tenant from the seller - names, any security deposits etc.. I think it would depend on where the eviction is if you can take it over or if it is better to start over yourself.

Good luck and keep us posted!

Just my two cents but I think there could or would be a problem with a wholesaler who is also a broker/agent. For example: a  person who wants to sell comes to you since you advertise you are a broker/agent. Now they are your client. How can you suggest that they sell to you at a price below market rate? I think that would be unethical. You have a duty to get your client the highest/best price the market will bare.

Now if you are out there looking to buy/wholesale/flip being an agent/broker should not enter into it. You are advertising by direct mail, bandit signs etc. to get your leads, not advertising being a broker/agent.

Now try being a lawyer and broker! Fine lines to walk who you are representing!

As for my two cents, if I found a deal that I was going to wholesale, I would certainly be clear to sign the offer or anything else with "and/or assignee" after my name. Also document how you got that lead so the seller can not say later own they thought you were their agent/broker so why didn't you get me more money.

Is there a specific reason you only want a mortgage on one? I mean I can see the appeal of owning one free and clear (and can think of a couple of reasons) but if it can't be done at the moment it can't be done.

Not sure who you are getting the loan from but you might want to be sure that if you pay down a chunk (or want to sell off one of them after a while) you can get a partial release to free up that piece. 

That I think would be up to who ever is giving you the loan. Personally I would not give a loan for $130k on a property priced at $100k unless it could be proven that the property is worth the $130k. I think most banks would agree. Don't know what a hard Money lender would do. Might be different if the place is valued at more then $130k after fixing and the extra money was going to be used to fix it up.

Just my two cents worth

Welcome to BP! I am just down the 495 in Bellingham. Used to go to Taunton frequently. Feel free to contact me if you have any questions