Co-Wholesaling with Another Wholesaler Out of State

[Alexander Robinson III]

Greetings all.

I have another wholesaler out of state who has a deal and wants to co-wholesale it with me. I am going to ask the other wholesaler to send me proof of them having the property under contract.

But I am not sure which contract to use in this case. Also, should I send a contract to the other wholesaler already signed for them to sign and send back?

After I have the agreement signed, how should I handle the closing with escrow? Do I need a copy of the contract, plus the agreement between the other wholesaler and I so escrow can pay accordingly?

I really just want to have this right before I sign or agree to do anything and want to know the proper contract to use for this process.

Thanks in advance. :-0)

[Tyrus Shivers]

@Alexander Robinson III

If I have this right. The other person has the property and you have the buyer correct?

1. I would have them send me the contract to ensure they have the property under contract and also to know the terms.

2. I would then have a JV agreement drafted by an attorney detailing how each of you get paid and the term and conditions for a breach.

3. I would then have them sign it and return it before I sign it. You could sign it first depends on you. I like to use dotloop for electronic signatures to make it easier.

4. After everything is signed I would then escrow it with the attorney or title co.

5. Then you bring in the buyer.

6. Not sure if you are doing an assignment or double close, but this is where you can paid, and I assume have your closer wire the money to the other wholesaler.

If that is the way you are setting it up, I would do it this way. There are probably several ways you can take care of this.