All Forum Posts by: Chantél Fielder

Thank you @Tony O'Brien and thank you @Melissa Gittens!

@Jill Cleary the purchase price is $50K.

@Percy N. Either. I want to close this deal and want it to be a win-win-win for the seller, buyer and PM company. We have worked so hard that I want to feel like it was lucrative for any party involved. Even if another buyer is secured. And will do!

Hi All!!

I have a motivated seller, property management company, buyer with over $1500 in Section 8 rental vouchers...and my buyer is still trying to obtain finances for the deal. He is an international investor and after some paperwork needed to be filed to allow him to invest in the country, he is now trying to secure financing.

My question is, can I use creative strategies to either obtain this as my own rental property or expedite the sale? (seller is getting antsy, though still remaining patient as this transaction has been a "learning curve" of sorts for many of us!)

Transactional funding? (Will it last longer than a few weeks if used on a rental property? I found a lender that lends for up to 365 days but am not sure about for rentals) 

Are there any other creative strategies I could use? (I am short on cash which is why wholesaling the property was my first approach. I want to complete the deal, which is why  am looking into other options.)

All advice is appreciated!

@Mike Cumbie also EMD put into escrow.

@Trevon Peracca and @Mike Cumbie thank you for your feedback!

Mike, it was stipulated in the initial contract that the seller and myself signed that the EMD would come to establish the firm date after such walk throughs and inspection occurred. I feel that I have given both parties much sympathy throughout so that the deal can flourish and finalize and at this time do see where each is coming from as I would want a form of security if I were the seller and I would also understand not wanting to 1st deviate from the contract (as the buyer) and second not wanting to place EMD for a property that I would want a walk through on after a lengthy and albeit slightly confrontational eviction with the tenant.

This is where my issue lies.

At some point one or both parties has to bend!

Hi there!

I am proceeding with a wholesale closing and have run into an issue. This is a non-traditional transaction as my buyer assigned is out of the country. The seller is aware of this and both parties have been accommodating of each other's time and circumstances that have arisen. Recently the EMD has been a topic as the seller was requesting that it be placed before myself and the property manager walked through an additional time (to be the eyes and ears for the seller as there was an eviction post my initial walkthrough).

The EMD establishes the firm date which is contingent upon the receipt of all documents including the title policy and survey (both of which are outstanding at the moment). My buyer wants us to see the property once more (and maybe conduct an inspection before he establishes the firm date and posts the EMD). This is understandable since he is out of the country, and since the firm date will lead to the closing. Our contract states that my buyer assigns must have access to the property (as necessary) before the firm date is established. I understand the seller wants the EMD, but also understand the buyer's concerns.

With all of the delays we are not at a standstill, but there seems to be a contract in place that will side with my buyer. 

Can the clauses of my contract with the seller obligate the seller to allow the buyer access to the property before the firm date?

All help/input is appreciated!

HI there!

In the last few months, I received about 34 off market commercial real estate property listings. I am still a relative newbie to the residential wholesaling side of RE, and have been advised by an amazing seasoned Investor to not spend time on properties that you can not see or check out. (The listings are in states outside of my own.) I always have visited the properties that I have marketed and wholesaled and do this to assess a clear estimate of repairs so that I know as much about the properties that my buyers would need to know. In this case, there is not a definite way to conduct my own due diligence as I am out of state and do not have associates in the area. The Investor who shared the listings with me does have additional information about the properties upon request.

My question is, what can I do with this list? (Not trying to market them here on BP as my account does not have that capacity) I see that although I can not invest the time needed to determine the scope of repairs and damage, these properties could be an asset to the right individual as there are many different types of properties. I also know that due diligence for commercial properties is more advanced than that of and for residential properties.

Should I ignore the list or try to pass it on? (My buyers list consist of buyers for residential properties only for now)

Is it frowned upon to "charge" for the list? 

Thank you in advance!

@Steve Vaughan thanks! I know that all industries attract people of all choices and try to keep an open mind. I'm grateful for the Bigger Pockets community as without it one could easily not have sound advice in any of their REI dealings especially those that seem a little off putting. Common sense is essential, but I didn't want to assume that just because I wouldn't do something, that it didn't have relevance to the tasks at hand.

Hi @Ryan Dossey ! He had a list of addresses that I later assumed were from a realtor he was working with. I am not sure of the logistics of their contracts, but knew something was off when he never could tell me beforehand if the property was vacant or damage to the interior ect (things that I use to market the property accordingly)

His asking prices were low but pretty common for the area. He told me that he had over a hundred properties and had no time to sell those on the list. I also didn't have a lot of time but made time to research, list, communicate with potential buyers and schedule viewings. I was happy to do so until I realized that there was information that was not available that made everything look very unprofessional. When the buyers are ready, the sellers should have been prepared beforehand, and this wasn't the case. Money was lost on a sale or two and I'm sure he is still losing money by not having the general/standard information available. But I wish him well nonetheless and see this as a lesson learned!

Hi there, @Jay Gray ! I try to remove fear from my mind and give everyone the benefit of the doubt, while still remaining a law abiding citizen. I know there are "tricks of the trade" and I don't expect people to reveal them...but I knew things were off. Since my post I severed contact and business dealings with him as I found that he wanted me to do all of the work while we "split" the assignment fees. I kindly and professionally let him know that I am not an employee of his and a partnership includes work from both parties. And that was the end of that! Luckily I have found a very professional investor to conduct future joint ventures with.