wholesaling ?'s - Posted by norman

Real Estate Investing
1

Posted by Chris on June 02, 2005 at 24:27:50:

Yes i tend to have a nack for telling people the truth. If you cant handle the truth how can you handle REI? Its all business

2

wholesaling ?'s - Posted by norman

Posted by norman on June 01, 2005 at 22:39:29:

Hello everyone this is the best forum I’ve been to yet and as a young wholesaler I have a few questions.Ok alot…

Does it matter what kind of contract you use to make your offer to the seller? ex. option…

When you get the seller to actually accept your offer what kind of contract do you do with the investor?

Does the wholesaler usually do the the title report and insurance?

If you have a property selling for 75k and market value is from 130K-160K why not just sell to the investor for 85K? Giving the property wasn’t a complete wreck.

Where can I find out about the paper side of doing wholesale deals… I understand the math side and the due diligence side but I’m a little shaky on the paper?

Do you need a escrow everytime if your just assigning the prop. to an investor?

I know I have alot of questions but I have the exact deal I wrote about up top on my hands right now and its my first deal. Any help on any of the questions would be greatly appreciated!!!

3

Re: wholesaling ?'s - Posted by PJ

Posted by PJ on June 02, 2005 at 01:38:23:

Use a standard contract to make offer to seller, make sure contract is assignable.

Once you find your BUYER, you simply write up an “ASSIGNMENT FORM” showing you’re assigning the CONTRACT over to the BUYER.

You collect earnest money deposit from BUYER now and rest of your assignment fee at closing.

I always let my BUYER PAY for the title insurance/report but I use my own attorney for closings so I can order the report while waiting for the buyer…

As chris said, you MUST find a good book or course on wholesaling properties… you still have a LOT to learn

4

Re: wholesaling ?'s - Posted by Chris

Posted by Chris on June 01, 2005 at 23:11:13:

all your questions could be answered easily if you read a little more on this site or others. Heck go to borders for an hour and pick up a book. Dont try to take easy way out by asking such questions :wink:

5

Re: wholesaling ?'s - Posted by norman

Posted by norman on June 01, 2005 at 23:25:29:

Thanks Chris your a real motivator!!!