Need Help With Flipping A Great Deal With No Money
I need help on flipping or assiging a great deal to another investor. The guy wants a $500 deposit and I am reallllly low on cash right now. The house is for $29K with $3k repairs needed and ARV of $55K. I know how to flip it but I don't have the money for the deposit right now. Any suggestions?
If you have really done your homework, and I mean REALLY done it, go to one of those Payday loan companies and borrow the $500. Or use a credit card if you have credit. Get a loan from a family member, just trying ot think outside the box here,good luck.
How did u come to $500.00? Did the seller give that as a requirement? Are u dealing with a realtor or private seller. If u are dealing with a private seller,see if he is negotiable with the earnest desposit. Whatever u guys agree upon, make sure you put your money in escrow. You never know if or when the seller can run off with your money or something. Also, I wholesale in Philly. Maybe we can talk www.later.take care.
mimi
If you are dealing with a private seller, then make sure you put the money in escrow! If he wants a $500 deposit, then make the seller also put $500 in escrow. That way if either one of you backs out of the deal, then the other party gets the money in escrow. You can also negotiate the deposit if the seller doesn't want to put $500 in escrow too.
One thing you can do in the future is put $500 in escrow with a real estate attorney that is on your side and leave it there. Whenever a seller asks for a deposit, then you can tell them you have $500 in escrow with your attorney and if they like, then you would be more than happy to have your attorney write a letter confirming this fact. That way the seller has to go through your attorney to get your deposit and it will deter him from taking it if he backs out.
Tanya
I usually put down like 100 at the most. They can not force 500.00 for ernest money
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