Michigan Wholesaling Question

[Aaron Yates]

Hi everyone. I currently concentrate on Rentals but am thinking again of getting into wholesaling for capital.

The issue I ran into last year when looking into it was with the new Michigan laws as well as title companies not allowing double closings unless the full purchase price is brought to the table by me first as the wholesaler.

I understand and somewhat agree with the new laws in regards to disclosure with the home owner and the intentions of a wholesaler. But the people I have been in touch with in regards to closings either won't do them, the underwriter won't do it, or full purchase price must be brought to the table at the first closing then the end buyer brings their money to their closing with the wholesaler.

This then accrues two closing costs in this scenario according to the one title company I was able to find who would do a double closing.

Any help would be appreciated. I would like to move forward but don't have the right connections or have just been talking to the wrong people.

Thank you in advance.