Wholesaler/Investor · Flanders, NJ · Member since 2015 · 24 posts · 2 votes
Hello BiggerPockets!
I am a new wholesaler based in New Jersey. I have my attorney in New Jersey, and I have been trying to learn about the law here in NJ. I sat with my attorney, and she helped me create set of contracts for NEW JERSEY...
However, I stumbled upon a property in Tobyhanna, Pennsylvania. I have a contractor coming to look at the property tomorrow for a rehab assessment, and I am unsure of who to see next, to generate a sales contract and assignment contract. I called 2 attorneys in PA and they have no clue what wholesaling was. Anyone know of title companies/attorneys that handle assignments? Are there no wholesalers in Pennsylvania? Haha!
@Errol WatsonI can fund your double close as we fund nationwide. I am also based out of NJ. I can also give you a list of PA title companies with whom we've worked on previous double closes (i.e. investor friendly). They may be able to help you with investor-friendly attorneys. Feel free to lookup my profile and email us or call us for this info.
Butler, PA · Member since 2016 · 17 posts · 5 votes
10y
From my understanding you can't assign contracts in the state of Pennsylvania. Your going to have to double close. So your going to need funding for your section of the transaction.
You might be able to find a couple of funders on here. Or just google a few and look for reviews. The main thing from funding is there is a fee associated with that. So find a funding company that your comfortable with and recalculate your numbers to include the fee and see if it's still a deal for you and your end buyer.
Good luck. I'm also in Pennsylvania, not too far from Pittsburgh. Feel free to reach out to me.
@Errol WatsonI can fund your double close as we fund nationwide. I am also based out of NJ. I can also give you a list of PA title companies with whom we've worked on previous double closes (i.e. investor friendly). They may be able to help you with investor-friendly attorneys. Feel free to lookup my profile and email us or call us for this info.
Butler, PA · Member since 2016 · 17 posts · 5 votes
10y
Second post Duane so I'm not 100% sure how to use forum functions lol sorry. But I would love some information from you about which closers you use. I've had a deal fall through because of this...
Feel free to PM me or if I find out how to do it I can PM you.
Investor · Barrington, NJ · Member since 2013 · 83 posts · 9 votes
10y
@John Ingram@Errol Watson not sure on the legal issues with wholesaling contracts in Pennsylvania, as there are risks involved if you are involved in the sale of real estate without a license. However, I can tell you that I just did an assignment in Philadelphia a week ago, and the title company knew exactly what to do. With that being said, the key is finding a title company that is investor friendly.
Wholesaler/Investor · Flanders, NJ · Member since 2015 · 24 posts · 2 votes
10y
Thanks for the feed back everyone! I appreciate that none of the responses were "I'm not an attorney; speak to an attorney"!
I have been making a slew of phone calls to try to find investor friendly RE lawyers. This will be my first deal. I market in New Jersey, but naturally, the first deal I came across is out of state, go figure, haha!
If I have to do transactional funding @Duane Ortega , I may not have enough spread to do it. I'll give you a call on Monday morning.
And @Benjamin Ellis , you are spot on; I need to find an attorney or title company who does assignments on a regular basis.
Email us for title agents in PA. I can't post my email. Please click on my picture or name, it should lead you to my profile which has my email and office phone number.
Sure, call us anytime. Would love to hear from you. We have a few folks answering the phones and emails. Ask for Stefanie or me for details about your closing questions.