Archive for August, 2015

The Profit Newsletter August 2015 Edition

Download The Profit Newsletter for August 2015 (PDF)

The Profit Newsletter - August 2015The August 2015 Edition of The Profit Newsletter is available for download just in time for our Atlanta REIA Main Meeting on August 3rd with Vena Jones-Cox. There are 52 pages of valuable information this month for your real estate investing success. Download it and check it out! The Profit is Atlanta REIA’s digital, interactive newsletter for serious real estate investors delivered as an Adobe PDF file to read on your PC, Mac, Smart Phone, iPad or other mobile ready devices. Many of the articles and ads in The Profit contain many hyperlinks you can click to get more information online! The high res version of The Profit is “print ready” for those who want to print the newsletter on their home or business printer. Be sure to Subscribe to The Profit by Email or Subscribe to The Profit by Text so you don’t miss a single issue.

This month you can enjoy a variety of real estate investing articles from Vena Jones-Cox, Don DeRosa,
Kathy Kennebrook, Frank Iglesias, Karen Bershad, Bill Ham, Kimberlee Frank, Ron LeGrand, Mark Jackson, Russ Hiner, Larry Harbolt, Tony Pearl, Bill Cook, Jim Hitt, Bob Massey and Michael Vazquez.

Atlanta REIA Business Members can Advertise in The Profit for as low as $599/year for a single full page ad or two half page ads. Just call us at 678-701-7160 to discuss a special plan to promote your business to our members, friends and followers throughout the year.

Wholesaling FAQ For The Educated But Scared

Vena Jones-CoxIf you’re like most people, you’ve been wondering all along when we were going to discuss all the awful things you’re imagining might happen to you as a wholesaler. And I have no desire to sugar-coat things for you, but the truth is most of the things you’re imagining are extremely rare, and easily overcome. Here are some of the most frequently asked questions about such fears:

What happens if I can’t find a buyer for a property I have under contract?

If you can’t find a buyer, one of three things has happened:

  • You’ve made a bad deal, in which case your buyers have certainly made you aware of this or;
  • you haven’t marketed the deal hard enough to get the right buyer or;
  • you haven’t given yourself enough time to get your buyers into the property before your inspection or partner approval clause runs out.

As you’re probably already aware, any of these 3 failures is unlikely to harm YOU, if you exercised the recommended inspection clause. You’ll simply void the contract under that clause, or renegotiate for a lower price or more time, or in a worst case scenario, let the seller keep any earnest money as per the liquidated damages clause.

In the first case, you might try renegotiating the contract price or option price—you’ll know what to re-offer after you’ve shown the property to 4-5 people. In the other two cases, if you’re certain that you’ve created a good deal, you might consider paying the seller an additional, non-refundable option fee or deposit to extend the period of the contingency and closing. A third possibility is to buy the property yourself, although that is outside the scope of this course. Remember, as long as you have a liquidated damages clause, you’ll lose only your earnest money; if the property is controlled via an option to buy, you’ll only lose your option fee for not closing. But don’t make it a habit.

In any case, it’s important, as an ethical wholesaler, that you let the seller know as soon as possible that something has gone awry, and that you won’t be closing as promised.

What if the buyer backs out before closing?

 

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