All Forum Posts by: Toni Romano

Okay @Marcelo Ricarte I will keep my eyes open. I'm in that area and I farm in Pompano Bch

@Marcelo Ricarte, You said you're looking for something greater than $200k. What is your maximum?

Hi All!

I am eager to learn all aspects of real estate investing! I just recently obtained my RE License and I have been doing a lot of research. Because I just recently bought a house, I have very little money to start investing with. This is where I've read that wholesaling is a great place to start. 

I have little to no experience but I have been doing nothing but reading and researching. I mean that's all I do these days! I am looking for someone in the area that I can work on deals with. I have time on my hands and access to the MLS. I am also from here and know a lot of people to build a pipeline.

Any advice is welcomed and appreciated! 

Toni

@steve thank you for your input! 

Hi!

I have a client who fell in love with a home and put in a strong offer (with inspection contingency).

He is currently under contract, and the inspection notes Cast Iron Drain Pipes throughout (House was built 1957 Pompano Beach, FL). We had a plumber come out to inspect the inside of the pipes and his report stated the entire sewer system was in good condition and he inspected every single pipe and everything was in good condition.

Here's the kicker: My client was told by his insurance company that there is no insurance coverage for cast iron pipes, no matter what condition it is in. So, if he can't get water insurance coverage, he doesn't want to go through with the deal. That's understandable, because if one of those pipes were to burst next month he is out of pocket over $20k. 

My question is: How can my client get coverage? Is there some kind of loophole or something I'm not seeing?

Thanks!!

@Andrew Michael That is great info! Thank you so much. I guess you're right, too many offers being accepted wouldn't be the worst thing in the world!

Hi BP!

You will be able to tell how new I am to this industry by the questions I have! ;)

When it comes to Wholesaling I have a few basic questions:

1) If I find a great deal and I put money down because I have an investor who says they would buy the contract from me... he/she could easily "flake" on me right? Then I'm stuck with the contract?

2) Wouldn't sellers automatically deny your offer if you're putting $500 down? That seems like such a small amount and they wouldn't take it seriously.

3) I have read in several places that you should be making 20-25 low ball offers at a time waiting for someone to "bite". If several of those offers are accepted, I'm stuck with putting several hundreds of dollars down in deposits?

Thanks in advance for your responses.