All Forum Posts by: Anthony Davis

@ Myron M

Simplicity.

It sounds as though you and your co-wholesaler have kept things simple so far. 

I am not clear on what you meant when you said seller wanted out of the deal, because you are asking about the contract, closing, and getting paid. Because of this, I will assume that the seller(s) are still in the deal.

To minimize and eliminate confusion, 1) The contract you used is a contract that can be utilized. 2) I prefer to use a Real Estate Attorney to close on assignment contracts, because they know the law. Complexity can arise very fast when title companies are used, because the people closing the contract may not have the experience needed.

3) Make sure that both you and your co-wholesaler have your names on the contract directly with the seller(s) with "and/or assigns" at the top of the first page only. (The seller(s) must be aware of this.) If your names are not on the contract that the seller(s) have signed, you and your co-wholesaler will have to create/word a contract stating that the other wholesaler will get "X" amount of dollars if an end-buyer closes on (insert subject property address). Both wholesalers must sign and date this contract. It does not need to be notarized, but that would be like a witness for both of you. Then, the contract with the seller(s) AND the contract between the two wholesalers must go to the closing attorney, because these documents tell how to distribute the funds and how much to distribute.

Utilize very clear thoughts with very specific language to minimize confusion when writing your own contract. TIP: Real Estate Attorneys can answer your question concerning your contracts. The end-buyer is paying for the attorney, not you two, so utilize this source. 

I hope this helps in some way.

This has been an @information nugget.

May Your Efforts Be Rewarded,

Anthony Davis

@Makeila Logan Lafate

I am not in your area; however, I have an @information nugget for you.

Look into Kent Clothier re offerings.

Contact @Lendinghome to see if they fit into one of your investing models.

Because the Realtors who you speak of  are not representing you, you can research the properties through public records, gather owner information, then make your offer directly to the owners. (If you are not an agent yourself.)

Also, utilize real estate websites to locate deals in your target areas. Get familiar with the filter, sort, and save features. 

May Your Efforts Be Rewarded!

This has been an information nugget.

Anthony Davis

@Jasmin S.

Good morning,

The latter in #1 is true on my iPad. The latter in #2 is correct for me as well, although I notice the number does change-The red bubble just doesn't go away on my iPad.

I am always checking my email, so I stay logged in on my BP account. When I receive an email alert, I just click on the topic link most of the time to be directed straight to post. Sometimes, I'll click on the name link in my email alert. These are awesome features!

This has been an @information nugget.

I hope this helps.....make it a great one!

Anthony Davis

@Han Gu

Welcome aboard!

Great game plan for your future. You will soon find out that with your budget and target area you could easily buy low-end starter homes, fix, and flip to accelerate your game plan. 

Of course, this after you have found your team members there.

Be sure to set up an alert to include your city, state target area; and maybe along with    discounted, light rehab to begin with.

This has been an @information nugget.

May Your Efforts Be Rewarded!

Anthony Davis

@Ryan Hardaway

We are here to network, learn, and to be of help in some way, so your posts are appreciated.

Ryan, do all that you can do that is free when it comes to investing.

1) Read about re wholesaling online, at your local bookstore in the re section, on YouTube podcasts, and any other place that you can think of. ( You will get some knowledge, along with different perspectives to "stir your ideas.")

2) Decide why you want to invest in real estate. (These answers will come in handy when things get tough for you, and you think about giving up.)

3) Leads are all around you-get creative! Look for For Sale By Owner signs in your local area, then call the numbers on the signs to get basic condition of the property, owners name, and why they are considering selling the home. "Ask them if they were in your shoes and looking to buy their property, what are some of the things that they feel need updating-or what would they want to update?" Be sure to get their asking price, even though you are going to be looking at the condition of the property along with the owners circumstances. Search fsbo and your city, state to get a list of leads. Practice calling and getting information, until you are comfortable- you do not need to put an offer in on these properties, unless you want to. This exercise is to get you familiar with obtaining information. ( Note: Being uncomfortable is normal with any endeavor - so stay with it.)

4) Find a local attorney who specializes in real estate transactions. Call and ask to speak with the attorney-this saves on time. Tell attorney you were looking for an attorney who specializes in re transactions and their name came up on your search list. Tell attorney you will need their expertise on Closings as well as their real estate knowledge of contracts. (Write down any questions, statements before your call to create smooth conversation).

5) Note: As a wholesaler, learn to fill out your state's re contracts. See if they are available online or at your local office store. ALWAYS PUT "and/or assigns" after your name at the top of the contract. (Your local re attorney can tell you about laws in your state governing this.) You will be utilizing a Purchase Agreement contract, Sale and Purchase Agreement, or Offer To Purchase Agreement.

This is enough information to get you stepping forward. Keep learning. We will never know all there is to know. Get re professionals on your investing team- look for an investor- friendly Realtor in your area. Let them know what your game plan is-and what your needs are.

The amount of deals that you can expect are up to you. The amount of deals that you close on is up to you, because they will be based on your workload, your investing team, and your seller and buyer leads-all developed by YOU.

This is your information nugget for today.

May Your Efforts Be Rewarded,

Anthony Davis

@Omar Scott

Welcome!

I'm in North Carolina_born and raised here!

Be sure to navigate on this platform, and check out the Bigger Pockets videos

on YouTube.

See You Around!

Anthony Davis

@Greg Hammond

DO NOT use a title company with a signed contract that is to be assigned, because of legal issues. Further, always seek and use a Real Estate Attorney (Attorney who specializes in real estate transactions).

Awesome job completing the first steps in the process!!!

Your attorney only needs a completely executed contract to finish all the details for you. There is no cost to be paid by you. After all parties have signed, insert closing attorney info, then hand it over to attorney for title, recording, delivery, and finalization.

You Are On Your Way!

Anthony Davis

@Danita Alefaio

If you are new to investing, you should read a little more on this site to find answers to initial questions; participate in scheduled webinars here, look for podcasts on YouTube; and continue to ask questions here.

I am certain that you will see that you do not need to start with a business plan; but rather, written goals, why you want to invest in real estate, what property type you would like to start with, what price point, exit strategies, and how much profit do you want to make on each deal.

When you are able to complete the tasks in paragraph #2, you will magically be ready to start. You will only need to devise a strategy to begin investing.

May Your Efforts Be Rewarded,

Anthony Davis

@Krista Campbell 

Subject to is included along with stipulations within a contract.......it is not the title of a contract.

For example, within a contract could be the phrase, "subject to financing"; "subject to partner(s) approval"; "subject to buyer's inspection"; and "subject to (whatever your stipulation).

One could say that "subject to" phrases are exit strategies to "help" the person making the offer get out of the contract if the contract is unable to be closed. On the other hand the seller, and other parties could have input with contractural clauses if the contract is drawn up through a collective effort, because each party has a stipulation.

The important thing to remember in your investing efforts is to always use an experienced real estate attorney. Let them guide you! Ask the attorney what could be included based on your unique situation.

I hope this helped.

All The Best,

Anthony Davis

@Graham Rushing

Try asking these folks for what you need.

Anthony Davis