Need Help With This Situation

[Christina Reklaitis]

Hi Everyone,

My name is Christina. I am new to this real estate investing business and I would love some help/advice from you. I have come across a home that a seller is selling for 70K. The house is in great shape, all it needs is around 15k for repairs. Its ARV will be 130k. He wants his lawyer to do the title search for us and he said his lawyer will start the whole process for us. My partner and I wanted to turn this into a wholesale deal not a rehab. My question is, at what point can I turn this into a wholesale deal? Or do I have to do this as a rehab since his lawyer is handling everything?

Thanks for your time!

[Nick C.]

It's going to be a little tricky with the lawyer on the front end. If you want to wholesale it you still can. Your best bet is to resell it now, use your own title company on the back side. Either use your funds or set up some transactional funding to close on the front side, and then have your back side title company close with your buyer on the same day. It's easier if you use 1 title company for both transactions, but it's not impossible to use different ones.