Wholesaling Property To Myself

[Tye Harris]

I have a 3 family/Triplex and the owner transferred the deed to me. Now that I own the property I can wholesale it or  fix and flip. 

Since I will own the property my questions is:

1. Have anyone executed the strategy where they wholesaled the property to themselves using hard money to fix and flip

2. Can this strategy be done with no money out of pocket by using the wholesale fee to close on the hard money and if so... 

3. How did you structure the purchase and closing?

I appreciate any feedback

[Christopher Phillips]

@Tye Harris

Wholesaling is taking a "contract" to buy a property and assigning that contract to someone else for a markup. You now own the property, so you can't wholesale it.

You can't "buy" something you already own. You can't get a hard money loan (not anymore) for personal property.

You have the property now, so you can get a home equity line of credit, but is based on your ability to pay the loan.

If you want to quickly flip the property, you can find a hard money loan to do the repairs, but those are short term loans between 6-8 months, sometimes longer. So, you really need to plan on selling it after the rehab.

Hard money loans want the property in an LLC, not in your personal name, so you would need to create an LLC and transfer the property if you decide to go that route.

The other option, find an investor that will take it off your hands "as-is."