All Forum Posts by: Arnoldas Serksnys

Update, i am back from my lawyer, and after discussing with her, i came up with the question - Why do people buy houses and make themselves as the owners? Why can't you just find the seller and sell his house to a buyer as a middle man, without purchasing the property? Do like many real estate agencies do?  

"A lot of people on BP tell you to put in all of the weasel clauses so you can just get out of the contract. But, it is people like that who end of giving real wholesalers a bad rap."

I agree 100% on this with you @John Hixon. "Treat others as you want to be treated" - my moto, in personal life and business. Thank for all the tips and knowledge shared you all, gonna go now and start searching sellers and buyers. I will keep it posted about my process. 

@John Hixon, thank you for the reply! So briefly, the system goes like this:

1. Find the seller.

2. Sign the contract (including all the clauses you need to protect your interests).

3. Find the buyer. 

5. Take the same down payment as you payed for the house.

6. Close the deal by selling the house to the buyer by assignment.

7. Get the money and search for a new deal.

P.s. Happy holiday

@Spring Ledbetter Hello, and thank you! 

So, if i lock the seller to deal only with me in the period of contract, it means he can't take any offers in that period. What if he gets an offer in the period of our contract which is higher than mine? And then he decides to back off the deal. Do i lose my deposit? Or should there be a clause which states let's say "if the seller decides to cancel the deal or not to sell on the agreed price he must pay $XXX to me". I think this clause would chase the sellers away, don't you think? Thank you!

Arnold    

@Rick Pozos Thank you for sharing your experience! If you don't mind answering one question:

You said that the seller doesn't mind that you assign it, ok i get it, but what about the buyer? The thing that comes in my mind is - won't the buyer try to "skip" you as soon as he find out the address? I mean why should he pay you 10k more, when he can go straight to the seller?  Or is there an exception, maybe, in the contract between you and the seller, that he can't sell the property to someone else in the period that you are dealing with him? 

Sorry guys, if these questions  seem foolish to you, but i'm just trying to take out all the questions out so that i can have a clear view. THANK YOU all!!

Arnold    

@Mikki Kline wholesaling is something that you should definitely try in my opinion! As a beginner this is one of the best strategies ( as i have read).

@John Hixon That was very helpful ! Really, insanely quality info i am getting here in BP. I mentioned $3000 because i read in a tutorial, that if you put a deposit to high, you may lose some potential buyers, i don't know if that's true.  

One thing you have mentioned is about the option to cancel the deal, i didn't know it was allowed to add it to the assignment, is it on the same time frame as the whole closing deal? Let's say i use 30 days for closing, so it means i can cancel it in 30 days also? Or is this just something that me and the seller decide between the two of us? Thank you !

Arnold

@John Hixon Thank you for a very clear reply!! That's great. One more question if you don't mind:

What time limit for closure do you put for seller and buyer? The same or you sign longer with seller and shorter with buyer? Also, is 3000 as deposit your fixed amount or you make % depending on ARV? Because 3000 for 70 000 deal seems kinda much.. I am just wondering :) Thank you in advance!!

Arnold

Hello, i am quite new in REI, and i am interested in Wholesaling and L/O. I read books about wholesaling and L/O, articles, blogs, but i couldn't find the info about particular place of the whole deal - The document closing. When i find a good deal and i start the contract, i pay the deposit, and then i have a time frame to transfer the funds and close the deal, but in this case i don't use my own money for buying the house, then i am selling the house straight away to the buyer that i found. So my question is:

When, where and how should i include myself in the deal? I mean, should i show in the assignment for the seller that i am planning to sell this property to another person? Or should i do a simultaneous close? 

As far as i know, the simultaneous close requires my own funding, because i must close the deal with the seller first and then i can sell it to the buyer. But if i don't have the funding, only the deposit? I found info that i can do the assignment of contract between the seller and the buyer and put myself in the middle as the middle man. But how should i show it? I mean how should i prepare the assignment? Because if i tell the seller that i am the middle man and i am planning to sell this house to somebody else won't he think that he can do this by himself with no middle man included? Same with buyer, will he agree to pay the middle man, when he can try to arrange everything himself instead and save 5-10k. Has anyone dealt with this? I appreciate your time and share. Thank you.

Arnold