All Forum Posts by: Delondon Dear

Good work. I hope its a deal for you also. Let us know how this turns out.

So what you are saying is that you don't have a contract written up. You can find plenty of "Option to Purchase" contracts for free on line. I would still recommend that you take this to your lawyer to over look it.

Its a one page document so it should not take him that long to bless it.

If he has to write this up for you that could be expensive. If you already have one, you just accumulate a consultation fee, which can be deducted from the next closing that you bring him.

Most guys won't even charge a fee to just look at a piece of paper. Like I said just call around, see who can do your closings, and ask them if you could pop in and show them the document that you plan on using.

Until you actually put out some bandit signs, make a few offers and get some deals under contract, you won't actually know how long it will take. Some brand new guys have enough drive to have a deal on the table in 3-4 days. Don't have to worry about the buyers list, they already got that in order. You can start building that in your sleep.

It does take some time but its not as time consuming as you think.

When you consider buying, keeping track of contractors, investing large sums of your money, and finding a buyer for your rehab, that would take longer in my opinion. Plus the risk involved with your money....

There is no comparison when you talk about wholesaling vs. flipping.

No risk vs. a whole lot of risk. But its your choice. You can have a deal as fast as you want one in wholesaling, but its really up to you.

The only reason why you should use your IRA is if you are trying to buy homes to flip on your own. You say that you are thinking about buying bank owned property with your IRA right?

I was just letting you know to keep the 2 separate because you really can wholesale homes with no money out of your pocket. (Besides the marketing you will be doing.)

You are in Milwaukee??? And cant find deals??? You are doing something seriously wrong. The city is huge and growing. You may want to slap up some bandit signs around the city and see what bites.

Are you trying to wholesale, or rehab. It sounds like you are trying to rehab homes. Let us know which you are trying to do. Sounds like you are on the fence. If the house needs repairs or not, if your buyers want the house they will buy it regardless.

Ember,

Keep your money in the bank. You really don't need to dabble in IRAs etc.. in the business of wholesaling. Read a bit more and you will see why.

So in California you have to give every seller 100 bucks to get a house under contract? I doubt that. Maybe to get listed homes under contract. Ask a lawyer for sure. Plenty of guys I know are wholesaling houses in CA with out this craziness. But again find a lawyer that understands the process of a simultaneous closing and you should be ready to go.

Just take the paper work into a lawyers office to see if they will close it. Make that your task for today. Don't let this be a road block for you. Its really not that hard. These lawyers want your business just as bad as you want a deal closed.

I agree with Alex, they are not worried about nothing about getting the cash in hand so they can move on with their lives. If they ask, you can just say that you and your partners are going in and buying the house, or you will be marketing this to your buyers. But to be honest, you usually don't have that as a problem explaining to them how you will be buying it in this business.