All Forum Posts by: Brian Feltz

Chase Brister I actually put in an "Assignment Clause" on mine. Ill use something like a 30 day assignment period to find a buyer or decide to buy myself. But, this only works if you are not trying to hide your wholesaling strategy. If you are trying to hide your strategy then use either a financing clause or an inspection clause. Me, I suggest being completely open with the seller and use the assignment clause.

Laurence Bealer No. I did actually have an agent bring a buyer through once, but the buyer wasnt interested in the area. I told the agent if had anyone else interested to let me know.

Laurence Bealer Yes sir. Craiglist, Kijiji, Postlets and bandit signs.

Well, I talked with the seller and he was comfortable extending our contract. He felt I was doing a good job of trying to sell his property!

This morning I put out 13 bandit signs. Mostly for more leads but a handful to sell the duplex. Hopefully they stay up longer than a few hours. :) I definitely prefer the signs on stakes versus stapling them to poles since the majority of the poles in my farm area are either metal or cast concrete!

Well, my "buyer" backed out this afternoon. He talked to his attorney and decided that the closing date was too soon, the deposit was too much and he wanted an inspection. I told him I could push the closing date out, reduce the deposit to $1000 and let him have an inspection. Basically I was willing to work with him to close the deal. He just said no and I should find another buyer. Yeah, obviously not a real cash buyer like he originally stated. Ugh! Oh well... I may not have increased my bank account, but I increased my knowledge and experience. We learn the most from our failures.

I recently received a signed assignment agreement. I am a wholesaler and am assigning a duplex. The end buyer and I discussed what the seller was paying for (title search and insurance) and what he would be paying (closing costs) and then negotiated the price I was asking. It is at that point I should have showed him the original contract. Being my first deal I was unsure and the end buyer never asked to see it. After signing the assignment agreement he started getting nervous, asking when he was going to be filling out a purchase contract with the seller. He obviously didnt understand everything I had explained to him or was not listening. That is when I sent him a copy of the original contract, stating all the terms I had disclosed to him. Then he REALLY got nervous and said he was unaware I already had a contract with the seller... um, I explained an assignment to him and he signed the assignment agreement. I think all this couldve been avoided if I would have gave him a copy of the original contract after we finished negotiating our price and he was ready to sign. As I sit, I have the title all ran on the property and the end buyer still has not deposited money into escrow and may possibly back out of the deal. Im guessing that leaves me with paying for the title search that was already done?!

Orlando Centeno I do plan on moving to the state contract. When this deal came along I still didnt completely understand the state form versus the 2 pager I have. My next deal and future deals will be with the official Wisconsin contracts.

I am debating on asking for an extension or, just canceling the contract and giving the seller the information of the buyer I had and maybe they can work something out. I said I would sell the property in 21 days, if that doesnt happen, I do not want to continue tying up the property. I would rather walk away, and tell the seller here is the buyer I was working with but was not able to get things wrapped up in the time I promised I would.
I want to be known as honest and reliable and fair. My reputation is more of a concern to me than the money I could make off this deal.
I will have a conversation with the seller and let him decide if he wants to extend or cancel and try to close it up himself. BUT, I still have until Friday! :)

So, I made 6 calls at lunch. Left 4 messages, 1 number was disconnected and 1 number just rang, no voicemail setup. Hopefully one of those LLCs will be interested in adding to their portfolio. Im not stopping until my contract time is up or a buyer puts money into escrow!

Steve Babiak Well, along with the fact that I had a contract in place with the seller I also informed him this was an all cash deal and he stated several times, yes, I pay in cash. Who knows.

I just did some more research finding LLCs that own properties near mine, then searching the LLCs on ther state website to get the name of the owner of the LLC and then more research to find a phone number attached to those individuals. So I guess I am making a bunch of calls at lunch time! Hahaha! I have this contract until Friday!