All Forum Posts by: Terrez Jarrett

Hello BP family! I am in a bit of a dilemma. I am still new to real estate investing and I have a property that I want to wholesale for 5000.

I was able to negotiate the purchase price to 30,000 but how would I market this to more experienced investor buyers if it needs full renovation or may need to be torn down? It’s already to the studs, no drywall, insulation, etc. just the basic framework.

With ARV being 116k, my fee of 5000, and purchase price 30,000, would I be over analyzing and overworking myself if I am creating the full detailed scope of work as a wholesaler?

@Saravanan Saravanan This helps a lot! Thanks! I’m sure I may be able to find one in my area.

@Account Closed The lender presented himself as a private lender on all his documentation and emails. There were no points and the transaction fee was $1,520.00. There was no credit approval (which I didn´t see as a red flag because I have had lenders do that before and had no problem) and I he stated in email that I was approved upon the signing of Loan Repayment documents ( which I didn´t sign because I am not handing over $1,520 dollars for it to disappear with no protection). Also, There was nothing in writing stating that it was asset-based.

@Lydia R. Ok I sure will

@Jason D. Yes he was. I noticed the email address changed after about 4 or 5 emails sent. I´m glad I trusted my gut! @Wayne Brooks I figured it was a scam. It just didn´t seem right. I was not required to provide any other documentation besides what I already told to you. The loan wasn´t even asset based it was basically just a loan! Thanks guys for the support! I definitely appreciate it!

@Lydia T. Thank you so much! I’m getting to it now!🤩🤩 Do they charge any fees out of pocket?

@David Heath This helps much! Thank you sir. I have done study for over 2years and I guess I have information overload LOL! Thanks for your support!

@Wayne Brooks the lender is out of Dallas TX and I was preapproved. I didn’t check county records when I should’ve but I didn’t think to.

@Wayne Brooks I applied for private money on connected investors for a flip that I was about to sign contract on and close on. This lender emailed me. The loan was asset based.

0 points

48 month term on $100,000.00, 5% per annum interest

loan transaction fee $1,520, monthly payment $2,302.93, cumulative payment 110,540.81

I needed to send valid ID as proof of identity and copy of articles of incorporation because I have a business.

The transaction fee would have to be paid prior to closing.

@Lydia T. WOW! Just when I thought I knew a lot 🤣🤣🤣 This is absolutely new to me . I have not heard anybody talk about this. Are there any suggestions as to a specific lender to use or do you have a list of requirements that you look for with any lender?