SoFlo Wholesaling Deals

[Patrick Bavaro]

Hi BP! 

I am writing with exciting news as I am closing in on my first wholesale deal. Currently, I've been back and forth in contact with the leader for several weeks and really feel I've built some rapport with him. Long story short, there is a house across the street from the one I am looking to sign that was purchased and demoed for rebuilding @ 130k (got to love the expense of Broward Co real estate), and I am looking to sign the deal for 120k and then double close/assign for $130k. ARV for homes in the area and size range (its a 2/1 with 950 sq ft) are going for about $175k.

Anyways, I haven't had the chance to ever write up a contract but the title company I worked with during my personal house closing has let me know they are comfortable with double closing and suggested utilizing the "as-is" FarBar Contract from the State for the deal, in which has an assignment clause. The title company also suggested utilizing the Miami Dade/Broward Regional Provisions box which entails the seller covering the title search. Is the title search something the seller usually does in a wholesale deal? Anyone have experience with use of this contract for wholesaling? Recommendations? 

Thanks for your help and time in advance!!! 

[Ray A Delfi]

@Patrick Bavaro your selling price (130k) is 76% of the ARV does it need repairs? You'll have a hard time off loading the property to another investor with these numbers. Most investors follow the 70% rule tell us more about the deal.

Kudos on going to the research on how to contract the deal and they also provided you with the proper document they needed to close. A lot of people don’t do that and it’s just a simple phone call or visit to the title company or realestate attorney’s office.