Answering Newbie Questions About Lending!

Рет қаралды 937

4 ай бұрын

Let's talk lending!
I'm not an expert, just a guy that's doing it and learning a lot along the way. This is a basic breakdown of what I look for in a deal and how the transaction looks.
Is it an amazing business? Yes! Is it also risky? Absolutely...
Let me know what you're able to get out of this!
Follow Chris! / christopher_geddes
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Пікірлер: 9

@schrope_321 4 ай бұрын

What other questions do you have? Let me know! ⬇️

@timesmasquerade2012 4 ай бұрын

Great vid Ryan - unambiguous, crisp, to the point.

@vanillasf 4 ай бұрын

Pretty cool, I wish you talked about what happens if wholesaler has a buyer, but they withdraw at the last minute. Not your fault, not the wholesaler's fault but your money is lost to the benefit of seller

@schrope_321 4 ай бұрын

If they had a buyer that means EMD was submitted by the buyer. Their EMD would be non-refundable, so I would just keep it

@vanillasf 4 ай бұрын

@e_321 Don't get it, the wholesaler come to you to fund their EMD and have a 10 day inspection. That inspection period is there for the wholedsaler to find a buyer. Why would you say that the buyer is funding the EMD? Are you not funding the EMD?. Now the buyer is found within the 10 day inspection period but backs out of the deal after the 10 day inspection. What happens to your EMD?

@damonjcrawford 4 ай бұрын

You have two EMDs in this scenario. The first EMD to secure the contract with the seller (called the A-to-B contract; A is the seller and B is the wholesaler) is what Ryan funds. The second EMD comes from the buyer (called the B-to-C contract; B is still the wholesaler and C is the buyer). If that buyer backs out after their inspection period (or if the EMD is nonrefundable from day one), the buyer forfeits their EMD. Ryan's EMD refund comes from the buyer EMD. A comprehensive wholesale contract will detail to the title company/attorney what happens to the EMD. It should spell out that the buyer EMD forfeits to your lender, Ryan. Which is why the EMD you get from the buyer should always be larger than the EMD you commit to the seller.@@vanillasf

@fg4246 4 ай бұрын

@@vanillasf I think I understand your confusion. Let me see if I can help. Ryan would be funding the initial EMD (usually needs to be delivered within 3 days of an executed contract). Once this initial EMD is funded, the wholesaler can now utilize his entire inspection period (let's call it 10 days for this example) to find a buyer. Most of the time, once a buyer is found, a wholesaler will require this buyer to deposit an additional, non-refundable EMD into title. This is to show 100% commitment from that buyer toward actually buying the deal. If that buyer then ghosts or does not follow through on the purchase, Ryan now has recourse toward that second EMD (as the first will likely already have been dispersed to the seller due to buyer's failure to perform). Hopefully that was helpful.

@vanillasf 4 ай бұрын

@@fg4246 Gotcha, thanks!