All Forum Posts by: Christopher Bohar

Good afternoon,

Ideally, I understand it is best to wholesale a property that is free and clear but what about properties that have a mortgage on them? What is the lowest amount of equity you would consider when purchasing a property? Would it be the sellers responsibility to pay off that mortgage before the ultimate end buyer takes deed of the property or is that something the buyer could take care of, perhaps 50/50 on both ends?

And how would the bank be involved in a wholesale transaction if they have a vested interest on the property? I'm trying to look for properties that are free and clear for my frirt deal but am leaving as many options on the table as possible. Thanks! -Christopher

Hello everyone,

My third question in two days on BP. With wholesaling and wanting to do a double close, I understand I use the same purchase/sale agreement with the seller as I do with my end buyer. Does anybody have a good sale/purchase agreement for use here in Pennsylvania that I could use? I know if using a Realtor they have their own in this state but I am not taking that route to avoid their costs. I have an attorney, transactional funding company, and a title company already lined up and ready to go. Again, the help is greatly appreciated and invaluable. Thanks! -Christopher

I've had a nagging question regarding double closings as I am just starting out in the wholesaling side of real estate and would like to know something before I start out. As far as double closings are concerned (I am in PA by the way), is it necessary to use a transactional lender to close the deal? I found one in New Jersey that I was talking to who charges a minimum of $2,000 regardless of how small the transaction size or 1.75 percent past a certain transaction amount. In other words, could my end buyer simply bring their money to the title company and I could close the A-B transaction with the funds and cut out the need for transactional funding or do I need to close the A-B first with another source of funds even if the end buyer brings all the money to the table? If anyone understands the rules here in Pennsylvania, that would be great. I understand the higher costs of doing a double closing as opposed to simply assigning a contract and will factor that into my offers but would appreciate the feedback. Thank you :) -Christopher

Thanks for the info guys. As I said I do plan on getting my license starting in May so I'm not too far off from being where I need to begin properly. I don't intend to do anything illegally. But as far as buyer and seller agreements for wholesaling are concerned, what kind do any of you use and if so, can you provide them to me? I know the rules can vary greatly by state to state and I intend to add certain provisions to be reviewed by an attorney but I am curious to see what a good agreement for both a seller and an end buyer encompasses. Thanks again for the help. It is greatly appreciated.

Hello all,

This is my first post on BP. I am getting ready to go hunting for my first wholesale deal here in eastern Pennsylvania. After doing much research, I've been hearing time and again that (besides having a real estate license) the best way to legally wholesale properties without coming under legal scrutiny is through double closings. I have already located a title company that is investor friendly and has no problem doing these transactions and already found a transactional lender who can help me. Transactional funding would be my only option as I would not have the money to purchase from the seller outright with my own cash (on a really tight budget with this). So therein my question arises. I have to market the property and find a buyer first and then secure their contract BEFORE I can obviously do a double close. This clearly seems to violate the law then. Attorneys are saying get the double contract done and you will be alright but I am in the catch-22 of having to find the buyer first as the transactional loan is only for a day or two. So my question boils down to the wholesalers doing double closings. The double closing sounds great but how do you go about marketing your property in a legal manner if you do not have an RE license? (I plan on getting one, btw). I really need to start making money ASAP though as I am in heavy debt. Thanks for any and all help! -Christopher