Flex options, signatures, and virtual wholesaling

[Cory Baker]

Okay, my knowledge is broad with a few holes.

I've been trying to knock down my first wholesale deal for about a year, even teamed up with a major company seeking out deals, knocking on doors, NOD's, and on my own, using Craigslist, Bandit Signs, business cards, calling, texting, e-mailing, and even tried to get a partner or two to assist.

                                                Study, study, do, assess, lick wounds

                                                Study, study, do, assess, lick wounds

Study, study, do, assess, attend REIA's

                                                Study, do, do, study, strategize, network

                                               Fail, Fail, Fail, maybe one more course, Fail 

                                               Study, Study, do, assess, hang in BiggerPockets

                                               Work, Study, Study, Do...

 Thought I was close. Enhnhnt!!! (Buzzer sound!)
And the would be partners...have all walked away. I'm sure no gurus can relate. They've made more money from me than I have as an investor. (Double Ugh)

I need a quick and dirty (inexpensive, legal) way to sign docs. online.

I recently met with a Fix and Flip investor who is new to the wholesaling concept. I talked to him about a flex option where I ,for an agreed upon sum, get an Option to Purchase with an expiration of 10 days and if he gets a higher bid during that time, we cancel the option. If he gets it done in 4 days I get half my Option Consideration refunded.

Well, he sent out an e-mail recently for a property that needs very little work and is in a good neighborhood.

I ran the scenario by him similar to above and he had a buyer fall out. So, he said we could do this. I sent the moneygram via PayPal to his e-mail. The flex option contract I downloaded from reitips, and edited it to suit the situation. The stall came when I tried to sign and fax and the fax machine/scanner wouldn't do either. 

There has to be a better acceptable way to do an e-signature. Earlier, this year when I tried this, and had to get it recorded, clerk at the Maricopa County Recorder's office in Mesa, AZ told me I needed "live signatures". That was a little odd to me as in 2007 and 2008 when I was an "active" real estate agent, we were able to use facsimiles into the contracts. Anyway, back in January, I only had "live signatures" on the Receipt of Option Consideration. I was told I could record that and use my Option Contract as supporting documentation.   

There HAS TO BE A BETTER WAY! 

Anyway, I sent the money, this time and sent the Option Form and the Receipt to the wholesaler.  I accomplished this by going to the nearby Alpha Graphics Copy and Fax Store and they scanned my paperwork and sent it to the e-mail.

We've had sporadic communication throughout the day and I'm eager to virtually Co-Wholesale my option contract. I sent my signed copy some six hours ago. At, 7 and then 10 PM I sent messages.

I'm promised that I will receive the signed contract and receipt by tomorrow.

Time is of the essence.

I've worked on and waited about a year...maybe I need to trust, and be patient.

Maybe, this time, this struggle, this challenge is part of a great story unfolding.

(Meanwhile, I spend time at a friend's, and live in a warehouse.) 

Cory Baker

Wholesaler

Lead Research