All Forum Posts by: Thomas Moran

@Randy E.

Hey Randy, thanks for the response. I am worried about regret of a missed opportunity, but also more so of buyers remorse. I basically told the wholesaler that if I can’t verify via a professional that it’s not a foundation issue then he should entertain other offers. Might kick myself for this later. Maybe he’s bluffing though and will let me get an inspection. I don’t know. Either way I’ll chalk it up to experience.

Thanks!

@Caleb Heimsoth

The metrics of the deal are 3 bed 2 bath brick ranch 1300 square ft. .5 acre lot.

Ask is 133k comps have it at 191k rehab looks to be about 20k.

My plan was to BRRR it, and just sell/flip as an alternative exit strategy if I can't refinance or find tenants or sh%# hits the fan.

PMing you now Caleb

@Caleb Heimsoth

Yes it is NC. In fact since you’re from Durham you might know the location of this one. It’s 5 or so minutes from RTP...right where S Miami and US 70 intersect.

You’re correct. It’s a 2,500 deposit before I can inspect or anything that’s why I’m sweating bullets thinking about this. On paper it looks like a great opportunity but I don’t want to burn myself on my first deal either.

Thats super helpful, John. And everyone else. Please everyone else chime in if that’s what you were referring to as “not veneer”. I think I’ll get in the crawl space tomorrow and check if there’s internal cracking and if not, mortar/seal & press on. 

Here is the link. Image uploaded not working. https://imgur.com/a/Z6BczTO?desktop=1

image upload is not working. Here is a link

Looks like the general consensus is that it’s not veneer. The wholesaler couldn’t provide me with the document proving anything so I drove up there myself and found that the windows are set back a whole row (see pic below). 

Based on the excerpt from this article it looks like that’s a good indication of brick walls, “...You can also check the depth of windowsills and doorjambs. These features on a house with solid brick walls are very deep because the walls are two bricks thick. Windows will be set back about one brick length from the outside in a true brick wall. Those in a brick veneer house sit closer to the outside of the wall.”

Thanks everyone so much for the support and advice. Just pinged the wholesaler and he said from the realist report that it's brick veneer. I am requesting a copy though, because even though I'm sure most wholesalers are trustworthy, I know they are not bound to the same legal obligations as realtors. 

Hey BP folks -

New investor here looking to close on my first deal. I've sifted through a huge pipeline of deals and have narrowed it down to two. The most promising one is a brick ranch 3bed 1.5 bath...1300 sq ft through a wholesaler.

I viewed it in person and it looks good. There is a lot of competition on the deal, with other investors. The main thing that's holding me back is this cracked brick. I am 90% sure it's brick veneer. Because I have to put down a deposit before the inspection... is this something (from the little information you can see) that would scare you off? 

Thanks so much for any feedback.

Cheers,

Tom

@Account Closed Great insight, thanks! I think so too. There are a lot of moving components here, possibly too many. 

What lawsuit would stem from this kind of deal and not your typical wholesale? Assuming there is a flexible assignment clause in the contract to begin with, and wholesaler #1 is honest with the seller and wholesaler #2 is honest with the buyer, what could go wrong? (famous last words - I know)