All Forum Posts by: Steven Mitchell

anyone use?

@Mike Cumbie unfortunately the agreed upon closing costs were only in a text.  We didnt think we had to get a document because never in my wildest dreams did i think someone would agree to xyz and then contract for xyz+1500.  This is crazy.  

we gave 5k earnest money, agreed to 82.5k and at most 2.4k miscellaneous and closing costs. HUD gets to us and its an additional 3.9k. We call them on it and they say they incurred more costs than normal in acquiring the deal. He mentioned they had to end up paying some of the sellers closing costs. So they just passed it on to us.

They didnt consult us on the price increase.

Now its a big ordeal negotiating down to the price we agreed upon.

Id just like to make sure that we arent being unreasonable. To us, we agreed upon a certain price.  And our margins arent large enough to just absorb a 1.5k hit like that.  I feel this is very unprofessional.  This wholesaler tells me he does 30 deals a month so Im at a loss why we are having an issue over something I see as very obvious.  

towards our ten loan limit?

we looked at hard money when we were starting out and had to pass, it was simply waaaaay too much of a haircut to the tune of half the profit.  

What we did was find some wealthy investors who had their money in mutual funds and offered them a straight 15% per year backed by the property deeds.  This gave them a large, safe return and reduced our money costs by half (once you cut out the points and the fees its so much cheaper).  

i use an app called mint, its very easy and does everything.  

i know it sucks going through it now, but youre learning a ton of good lessons on this one.  Your next project will be a cakewalk after applying what you are learning now.  

im not hating.  If you can get it get it

150k for setting up the deal?  Jeez I am in the wrong business.  

@Kuba F. i like that too.  We also take into consideration the lowest comp.  We generally try to play it safe and only buy deals where we will break even if it only sells for lowest comp.