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Updated over 10 years ago,

User Stats

3
Posts
0
Votes
George Bumpus
  • Wholesaler
  • Little Rock, AR
0
Votes |
3
Posts

Getting an assignment fee from wholesaling a land contract??

George Bumpus
  • Wholesaler
  • Little Rock, AR
Posted

Hello everybody.  I am trying to figure out the best way to legally receive money from a deal I'm trying to work. I am NOT a licensed realtor. This is a wholesale deal and I was obviously looking for a cash buyer. A gentlemen called me and asked me if my seller would consider terms. The deal is... I have this property under contract for 10k, I am asking 12,500. The interested buyer wants to put 1,000 down and pay $250 a month for 3 and 1/2 years. His math is wrong and that would actually be 2,000 down. I planned to just assign this contract and make the spread, but I am confused as to how I can legally receive the funds for putting this together if it's accepted by the seller that I have the contract from. I have wholesaled several deals but I've never dealt with terms and financing if that's the right way to put it. Any advice would be greatly appreciated. 

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