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Updated about 8 years ago on . Most recent reply

User Stats

130
Posts
105
Votes
Kristopher Gomez
  • Flipper/Rehabber
  • Riverside, CA
105
Votes |
130
Posts

Wholesale advise needed

Kristopher Gomez
  • Flipper/Rehabber
  • Riverside, CA
Posted

Hi guys I need some quick advise. So I started my marketing campaign a week ago and BOOM just like that I got a property under contract! I'm excited !! Lol. Ok so here's the situation... before it was actually under contract I sent some pics to a cash buyer I know.. he was interested immediately and told me to let him know when I get it locked up. As of today it's under contract so what do I do next?? He wants to come see it next week do plan on trying to do paper work that day? My plan is to assign so do I tell him what I got it at and what kind of assignment fee I want? Assuming he wants the property after he sees it what is the next step and process????? heres the numbers 

ARV 355k the house needs MINIMAL work littlerly just paint and clean up

I got it under contract at 283k 

My buyer is interested at 295k 

Do I assign or should I do double close? I have the money to fund if It if need be? 

Sorry for the rookie questions I littlerly just jumped right into this business and figured I'd figure things out as they happen lol Any advise is much appreciated 

Most Popular Reply

Account Closed
  • Investor
  • Orlando, FL
780
Votes |
1,351
Posts
Account Closed
  • Investor
  • Orlando, FL
Replied

My philosophy is if the amount I'm going to make on a wholesale deal is more than $10,000, which this is, then I do a double close. Yes it will cost you a little more but the buyer will know what you got it under contract for. I do this because I want to be able to use the buyer in some future deals. Also I use a title company that uses my buyers funds to pay for my purchase. That way I don't have to come up with any cash at close. 

Also if the amount is less than $10,000 then I just do an assignment. I get them to sign an assignment agreement for the amount I want and the buyer closes directly with the seller. I make sure the buyers title company gets a copy of the assignment to make sure I get paid. 

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