All Forum Posts by: Tim Wilkinson

thanks, @Shaun Reilly. Buyer will pay tax stamp, but the taxes were not made implicit.

Our nickname is Taxachusetts :-)

about $14 per thousand. This property is $425K

Of course. I live in MA. It's always a large amount. taxes on this property are 6500 year

@Brandon BealeIt is not late, but a year is due in May 1. I was pretty sure that MA owes taxes from previous year, and they are not paid in advance of the year. 

Good morning,

I put a home under contract with the following terms:

Cash 

no contingencies except personal inspection

Buyer pays all closing costs, including tax stamp

When I went to the tax collector, I found out that the taxes are up to date, but will be due again in 6 weeks at closing. 

If I did not mention the property taxes, how do I ensure the buyer pays 10.5 months worth of taxes at closing?

Welcome, @Sarann K.

@Shanda BrownYou will meet them at the REIAs, but they are also on BP.

Shanda, if you are marketing and talking to a lot of sellers, it would pay for you to be networked with realtors that are investor friendly also. I know this is off-topic, but you can get investor friendly realtors to sell for 3 or 4 % on rehabs if you are doing volume. 

Also, there are some realtors that will offer you referral fees of 1/2% for your dead deals. 

If I have a seller that is not willing to accept my offer, but is motivated, you tell them that YOUR realtor is the best in the business and they will sell this property quickly for more than you offered. When the realtor sells, they will give you your finder fee. It's not legally part of the broker fee. It is just equivalent to 1/2%. 

I believe in large part this is because of gurus that tell people that anyone can wholesale almost immediately and some just jump the gun too soon. It only take one bad deal to ruin a reputation. 

Having said that, most buyers are pretty savvy and will do their own due diligence and not take on a bad deal. That bad deal will probably make them not want to look at any other deals from that wholesaler. 

Rehab estimating and comparative market analysis takes a professional to do it right. If you are not a builder or a construction estimator, your estimates will likely be very vague or off entirely. Maybe you can consider partnering with the folks that have these skills and are trustworthy before you engage. 

Having a master team is essential to making the most of this business, IMHO. 

Best of luck to you, @Shanda Brown. I love what you had to say in your post. I wish most wholesalers cared that much about being ethical.