All Forum Posts by: Nathan Paisley

Bill, if you were here right now I would hug you! Don't get any ideas I'm married ;)
Thank you everyone!!!

I'm sure this information will not only help me but for all the noobs out there looking for answers! Cheers!

Nathan

Yes, a simultaneous close is what I presented to my title co. And they said it was ok. Thank you Steve and John for taking the time to help me. Hopefully bill can fill in the blanks.

Thanks nathan

John have you completed a double close wholesale deal???

I am absolutely not being deceptive. Both parties know I'm not doing this for free. I know you have problems with wholesalers because you think we're acting as brokers but that's for another day.

What's the reason for a double close? Why do people choose this route? I might just assign both deals but I would rather not. I need more input from someone doing this regularly.

Thanks Nathan

I def. think it's shady! Last week I had my first encounter with this. He was a wholesaler/bird dog. He called me up and asked me to do a flex option and I agreed but I said don't go over what I'm asking and I needed X to complete the deal.

Situations like clay's happen all the time and usually stem from lazy/newbie/desperate people. Most people like that prob don't last that long in any business.

Thanks John,

I deal with cash and or hml only, not retail buyers. I understand the closing costs on both transactions. This is where I'm confused... I'm doing a double close because I don't want the seller or buyer to see the fee I'm going to receive. I've read and heard I can have the title co. Write up a separate settlement sheet not seen by the other two parties so nobody freaks out about my fee.

I hear and read about this all the time. It supposedly isn't all that uncommon in RE. John have you ever completed a double closing on a wholesale transaction?

I am using a purchase and sale and a agreement to assign for sale and purchase contracts stating the buyer (me) wishes to assign its rights,interests, and obligations in the purchase and sales agreement. So I'm not technically buying it I'm selling (assigning) my rights to sell for a fee. Where does my fee go so both parties don't see my fee?

Thanks Nathan

Thanks for the quick response John.

I will not be buying this property. The title company understands that my buyer will be funding the transaction C to A. My question is can the title company write up a separate settlement sheet with my fee on it? The underwriters shouldn't have an issue with this because all the numbers show up in the end right? This way nobody gets their feathers ruffled. Is this how it's typically done?

So I have 2 properties under contract sellers and buyers. My question is on closing... I want to do an assignment on the one no big deal. But I want to do a simultaneous closing on the other because of my profit margin. How do I tell the title company that I don't want it on the HUD? I heard I can have them just write up a separate settlement sheet with my fee on it and that sheet isn't presented to either seller or buyer. Am I correct with this assumption?

These are my first 2 deals ever so any help would be appreciated!

Thanks Nathan

Thanks Kyle J. I'm gonna make a post about the entire deal and my journey to get to this point over the last 8 months once this closes.

Just to show hard work pays off.

Update: Apparently my buyer didn't care because he is signing my contract today! I didn't say anything about the murder but he did ask what happened. He asked why the carpets were pulled up and blood stains on the trim haha. So I told him. He was like "wow" but because I was selling it at an amazing discount he obviously didn't care.

This is my first deal and I'm gonna make 3/4 of my total income from last year! WOWZER! It's taking me months of trial and error but good lord wholesaling is the real deal! Hard work does pay off!

Quick update... Just left the house and agreed on a price of 50% below market value! Haha I freakin couldn't believe it. So he's taking my contract to his attorney and I should have confirmation ASAP. He was getting offers for 20-30k more a few months ago but he's sick of dealing with so finally agreed at my price! So if a few rehabbers knew of the murders and weren't worried before I'm sure they won't be worried today. :)

I'll keep ya posted.