Wholesaling in Attorney States such as Illinois??

[Kyle Weimer]

Hello, I'm hoping to talk to or get some feedback from some successful Chicago Wholesalers/Investors. Im really wanting to talk about back to back closings and the use of Attorneys in these states. Seems like a waste of money since they work with title companies anyway.

Ive been getting mixed messages from Realtors and need to talk to actual deal makers. Ive got properties under contract and obviously need to save money on closing costs, etc..

Thanks guys.

[Chris Piper]

Plan on attorney fees and closing fees in your formula before you make an offer, and it shouldn't affect you at all. Here is how I figure my numbers before making an offer:

EXAMPLE

3/2 for sale@$50K

ARV $100K

X70%= $70K

-$20K Rehab= $50K

- $3K Closing Fees(Incl. Lawyers)= $47K

-$10K Profit= $37K

-$1K Interest= $36K

-$3K Negotiating Room on Sale Price= $33K

MAX PURCHASE PRICE= $33k

SELL PRICE $50K