All Forum Posts by: Andrii Sazhnev

Hey, I am interested in starting wholesaling in IL and found out that there is a law "preventing" wholesalers from doing business without a broker's license. Now I did some research and everyone has their explanations for what the law means. Some say the wholesaler needs a broker's license to do wholesale more than 1 deal every 12 months, and there is no way around it, and others say you can work with a licensed broker, and have them represent you, the wholesaler, in every deal you do. Please shed some light on this topic, especially if you currently are wholesaling in Illinois. Any help would be much appreciated!

1 Vote

Chicago, Illinois

Quote from @Bill B.:

Written In a “not to beat you up tone”

If I’m buying from someone that says they need 2 weeks to get out (I’m don’t like it because of possibly hidden damage or damage done moving out, but have done it several times.) my addendum would look like this.

We’re going to hold $20,000 (or more) for possibly hidden damage or damage done moving out. Yes it’s a lot, but you’ll get it in 2 weeks anyway, right? I understand your plan is to be out in 2 weeks and we both know things happen so just in case They do and you need more time I,m going to put two options in for an extra week at $1,000 each. That gives you a full month. After that something major must have happened but I still need the space so let’s call it $1,500/week for the next 4. We both agree there’s no chance you’ll still be here in 2 months right? After that you’re really going to want to find somewhere else because we’ll be at $2,000/week.

Then you just send a written reminder a few days before each “extension” kicks in out of their prepaid reserves and hope you don’t get to where you don’t have enough to cover discovered damage.

I'm in a situation where I'm about to purchase a flip and the elderly lady living in there needs a week to move out after closing. The purchase Agreement contract has been sent out. Where can I find this addendum contract? I'm new to this.

0 Votes

Los Angeles County, California

I am in the process of buying out next flip, and the homeowner (an elderly woman who lives by herself) need to move from the property afrter closing, because she will use the money from closing for her next house/ rent. I havent had this happen to me before, so I wanted to ask you guys, what the correct next steps I should take. My idea was to have a contract made by an attorney, agreeing to a specific time period in which she would have to leave the property, she's saying she should need about a week to move. Any input will be greatly appreciated!

0 Votes

All Forum Posts by: Andrii Sazhnev

Andrii Sazhnev has started 2 posts and replied 3 times.

Post: Can you wholesale in IL without a brokers license?

Post: Seller Won't Vacate After Sale

Post: Owner wantes to move out after closing. What is my best action?