Frequently Asked Questions
Who am I purchasing the property from?
You’re purchasing the property from one of our acquisition companies that has purchased it from a Bank Foreclosure, directly from the bank or wholesale dealer.
How long does the process take?
On average, the process takes 120 days. Your property will be renovated completely (including all permits) within 10-12 weeks and the property is typically tenant occupied within 30 days of the completion of renovations.
How do I get started?
In order for us to take the property off the market we require a $1,000 binder deposit and signed contract within 24 hours.
How is the renovation/repair money handled?
You will deposit the renovation funds in an escrow account at the time of closing.
The 1st draw (1/3 of repair funds) is requested via email and authorized by you to be released upon closing. This ensures that work can begin immediately.
Approx 4-5 weeks into the renovations, we provide you with progress pictures of the renovations and request the 2nd draw (another 1/3 of repair funds).
The 3rd and final draw is requested upon completion of the renovations. Someone from our team will inspect and take final pictures of the renovations. These completion pictures are sent to you at the time of the final repair draw request.
Do you provide any warranties?
Yes, we provide the following warranties for our wholesale properties:
- 90 day warranty from date of final inspect on entire scope of work
- 2 year cert on roof for labor/ 25 yr manufacturer warranty on shingles
- 1 year cert on plumbing labor manufacturer warranty on hot water heater
- 1 year cert on AC system including handler, condensor for labor, manufacturer warranty on material, new appliances manufacturer warranty
How do I get insurance and who manages my property?
We work with a 3rd party property management team and insurance company that handle our personal and our clients’ properties.