All Forum Posts by: Tyrus Shivers

@Johnny Brown

So are you wholesaling or rehabbing this yourself? With 65% of 120K that leaves you with about 22K in repairs. Did you estimate the repairs? You should have talked to a HML before, obtained a pre-approval. Your contract should have stated private funding. I assume this seller did not ask for a POF because for a cash offer you would have needed a bank statement.

Talk to HMLs before looking for deals. They can at least provide you with a POF and tell you if they will fund the flip in the area you are looking.

@Andrew Syrios

Yes it is. Just go to Resources and then Fileplace. It should be one of the most popular downloaded.

@Andrew Syrios

This has been discussed in many other posts here on BP. The end result of every conversation is that the 2% rule is not a law and it changes based on location.   It is just a quick measuring rule for investors. It is probably best just to use 2%, 1.75%, and 1.5% to get a general idea. Personally I just use a spreadsheet provided in the FilePlace by @J Scott to see what I am willing to pay and how the numbers work out. 

@Haider Zaman

Yes, if you get the property under contract the status should change.

BPers,

If you are looking for Realtor services both for listing and buying I am happy to assist! What I deliver is ethical, practical, and customer-focused services that each of you deserve. My goal is to meet your needs and build lasting relationships. 

Also, I am providing Property Management services in Howard, Anne Arundel, and Baltimore County/City. Again, if you are looking for fair, honest, and a management team that will not only manage, but increase your profits please contact me. 

V/R
Tyrus Shivers
President
CAS Property Investing
Direct: (240) 621-0193
Fax:(1443) 276-6847
[email protected] (Business)
www.cashomebuyers.com
REALTOR ®
Douglas Realty
8096 Edwin Raynor Blvd Suite C.
Pasadena, MD, 21122
Office: (410) 255-3690
www.tyrusshivers.godouglasrealty.com

I would take the offer and bring in the results to match!

@Jon Deavers 

Exactly right!

@Russell Ponce 

Yes, it should be disclosed. I would create a P&S for 60K and then use a separate addendum with the seller saying that I plan to assign the contract for 70K. Then assign it to the buyer and place in the assignment the original purchase price for me was 60K. That is how I would do it. It will save you the headache for someone claiming you did not disclose everything and you accepted a net listing. It is easy in my opinion once you have your license to just list on behalf of the seller.

@Ronald H. 

In most cases EMD is 1-2% of purchase price. I have seen banks ask for 10K or more, but I usually counter that and they come down to 2K. Do you have an attorney? I would get one and make sure the seller's attorney is doing everything by the book. Just because the title say attorney does not make him legit or ethical for that matter. You need representation in the deal as well, unless you are comfortable.

@TraVaughn Cobbs

Not sure about the laws in your state, but accepting a net listing is illegal in many states. That means if you get a property for say 60K and then agree to collect anything over that you have violated licensing laws. If you get licensed first and foremost you have to disclose your status. Then in order to properly wholesale all parties involved must know and you should act as the principal in the contract. Essentially you would tell the seller, I am going to purchase your property for 60K and I will sell it for 70K. Your buyer would also have to be aware of this as well. In the contract your fee would be the 10K not just a blank figure.