All Forum Posts by: Thompson Truong
Thompson Truong has started 1 posts and replied 2 times.
Post: Need advice 1st wholesale deal I have
- Tampa, FL
- Posts 3
- Votes 0
Originally posted by @Asad Shaikh:
@Thompson Truong have an attorney write a clause in the contract that property is to be delivered vacant. If it is not vacant by date of your walkthrough, your deposit is to be refunded or the contract automatically extended. Don't close with tenants, you will go through hell to evict them if it comes to that.
Appreciate the positive helpful feedback sir! As for as attorney is concerned, do I simply just contact them and say, "Hey there, I work with a group of investors and I have a property contract that I like for you to write a clause for," along those lines and do attorney charge for that?
Post: Need advice 1st wholesale deal I have
- Tampa, FL
- Posts 3
- Votes 0
It my day 3 of this 30 day challenge that I participated in by Maxwell. Awesome wholesaler on Youtube if you are new and wanting to learn from. I have this property I received by, "walking for dollars," around my neighborhood and its in one of the hot zip codes to drive or walk. I am just fortunate enough that this property I need help is within my neighborhood. She is 91 years old. She has a property that she currently rents it out until end of February. Her taxes is paid up-to-date. She said her renters are moving out end of February. Her motive is she wants to travel more before she dies. Roof is 10 years old. She doesn't know the condition in her home since she barely visits the property herself, but judging from outside condition with overgrown trees and roof age and she been renting out it looks like it needs up-to-date 2019 standard remodeling.
House details
1 bath 2 beds
690 sqft
ARV: $112,000
Repair: $25,000
Assignment fee: $10,000
MAO: $43,400
I have not look at property yet in which I need to setup appointment.
* Her asking price is $65,000 in which I know very well that won't be her cash walking out with.
* Properties in my area are selling between $120,000 - $140,000
* She wants to travel to Japan on March 26th.
My question is if renters are living inside the home, should I still get the property under contract and let renters live until remainder of the month in an event that I close it quick for her? Side note, is the renters are month-to-month so no contract for them. Is that something like an attorney will have to write a side note in the contract that they must move out by end of February given that they don't have a contract with the owner since its her word-of-mouth telling me this month-to-month with renters? This part is where I am confused about.