Newbie in Manteca California(Contracts & Memorandums)

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Newbie in Manteca California(Contracts & Memorandums)

Fernando Ruiz
Modesto, CA · Member since 2016 · 17 posts · 2 votes

Im new to investing in manteca california and my question is when doing a wholesale deal do i simply need to have the owners sign a contract, and after asign the property to whom ever im wholesaling it to? Or do i need to have a memorandum of agreement signed and recorded with the County Recorder's Office also?

Thanks in advance

Fernando Ruiz

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  • Dylan VargasPro Member
    Rental Property Investor · Chico, CA · Member since 2016 · 625 posts · 336 votes
    10y

    Welcome aboard @Fernando Ruiz. I am new also. Have the purchase agreement signed. There is also a  part of the contract that should state you are going to or have the authorization to assign the contract. Therefore you are being upfront about the assigning or the possibility of assigning the contract. 

    0Reply
  • Sydney Hall
    Home Stager · San Luis Obispo, CA · Member since 2016 · 312 posts · 49 votes
    10y

    hi fernando, welcome! newbie here too. just wished to introduce myself. formerly from washington, dc, i'm just getting started in the staging arena in california and i'm looking to make some connections as well. thanks and sincerely, sydney

    0Reply
  • Sunny Vig
    Lender · Corona, CA · Member since 2016 · 47 posts · 10 votes
    10y

    Welcome to BP

    0Reply
  • Bhekizwe M.
    Bulawayo, Zimbabwe · Member since 2015 · 1k+ posts · 253 votes
    10y

    Welcome to Biggerpockets @Fernando Ruiz

    First is to have your assignable contract.then to protect yourself that is where recording is necessary especially when you believe there is alot of equity

    0Reply
  • Kellee Dankiewicz
    Residential Real Estate Broker · Manteca, CA · Member since 2015 · 45 posts · 8 votes
    10y

    Welcome to Biggerpockets @Fernando Ruiz

    I am also in Manteca

    0Reply
  • Fernando Ruiz
    OP
    Modesto, CA · Member since 2016 · 17 posts · 2 votes
    10y

    @bhekizwe m. How can i get my hands on a "memorandum of agreement form"? Or what should it say? Because that paper is the one i will be recording correct?

    0Reply
  • Fernando Ruiz
    OP
    Modesto, CA · Member since 2016 · 17 posts · 2 votes
    10y
    Originally posted by @Fernando Ruiz:

    @Bhekizwe M. How can i get my hands on a "memorandum of agreement form"? Or what should it say? Because that paper is the one i will be recording correct?

    0Reply
  • Art G.
    Wholesaler · Ojai, CA · Member since 2016 · 107 posts · 74 votes
    10y

    Tried to send one but it isnt going through :(

    0Reply
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