All Forum Posts by: Account Closed

From what I know the 70% - rehab costs covers holding costs. If you want to be safe you can even use 60%. Being safe is better then ruining your reputation.  

I agree 100% with @Ned Carey 

Give it time, expect many unmotivated sellers, and test with different wording/layout with your marketing. You can't expect immediate results, every market is different. See what works best for YOUR market and what you are trying to accomplish with your business. 

@Christopher Williams Business cards and direct mail. Business cards can be had for not that much money and you can sprinkle them everywhere you want to target. It might or might not give you immediate results but it never hurts to get your business out there. Direct mail gets you to home owners directly. For the money, you can't go wrong.  

@Michael Slabitcher 

Yes I understand the deposit from the end buyer, but I thought you would give an earnest money deposit when you signed your contract with the seller. I'm guessing with your deals you don't, and you let the buyer open escrow? 

Thanks for the response btw. It's appreciated. 

@Michael Slabitcher 

What would you do in regards to an earnest money deposit, and your contracts. Send them to your buyer, or your buyers title company?

@Karen Margrave 

So in this case you could open escrow in your title company and have the buyer and seller close at the buyers title company?

Any other insight? 

@Russell Ponce 

 Thanks for the response. If I open escrow would my buyer need to use my title company for closing?

Hello all,

I am a wholesaler and am starting my first direct mail campaign within the next couple of days. Eager to get this going, the time is now. Anyways I have some questions that I've tried looking up but couldn't specifically find answers to. I am on Long Island, where they require real estate attorney's for both sides of any real estate transaction. So I just want to be able to wrap my head completely around how title companies/attorneys will work. 

1. Do I need my own title company/attorney in order to wholesale at all, and receive my assignment fee? Or is it possible to deal solely with my buyers for the assignment fee and what they do with their title company/attorney? Contingencies that I will have include "subject to passing free and clear title search" and "subject to buyer's inspection and approval". Could this mean once I have a property under contract I could send my buyers my assignment contract, and once they send me a signed contract send them over the signed P&S agreement have them open escrow and do the title search with their people? Or is opening escrow my responsibility once I have a signed P&S agreement.

2. The reason I ask the above is because I know there is a big time investor in my area who is very experienced. Would opening escrow with my title company/attorney require this experienced investor and the seller to close at this title company? Or could they use their title company for the closing, and work together with the title company/attorney that I opened escrow with. 

3. How many days would be safe enough after signing to find a buyer? How do I word the amount of time needed to find a buyer and allow them to approve if necessary in my contract? If I can't find a buyer how would I word that the contract is subject to closing in XX days, or else contract expires. Would that require me losing whatever emd I included?

Probably a couple of duh questions here, but I'd rather have the knowledge then be too afraid to ask. I am by no means against using my own attorney/title company at all, these are simply questions to help me understand the processes better. I know having an attorney look over my contracts can only help me. 

Thank you all for the help. It is always appreciated.

Whats up @Chris Kearney Also on Long Island in the beginning stages of becoming a wholesaler. I'm on the border of Suffolk and Nassau. Good luck!