All Forum Posts by: Diego Figueroa

 Thanks Tom. The seller knows this is selling for a deep discount since it's an extremely motivated seller that wants to get rid of the property asap, but needs the money from the sale to move out and would like extra time to move into some place else. 

I'm also trying to wholesale this property to someone else, so I'm trying to find the best way to do this so everyone's happy and things go smoothly. 

 Thank you Philip. I mentioned signing a month-to-month lease after closing but the seller doesn't want to spend any more money, since we're already buying the property up for about 130k below its market value. The best case scenario is that she's able to have an extra 30 days after closing to move everything out and rent a place to move to. 

Hey guys, so I'm trying to figure out a way to make this deal work smoothly with the seller. The seller wants to close fast, within two weeks, but would like 30 days after closing to move everything out.

So we would close at the end of October, but full possession would be given, say, December 1st.

Can I simply rewrite the Possession clause in my Purchase Agreement to say "Possession of the property and occupancy (tenants excepted), with all keys and garage door openers, will be delivered to the Buyer 30 days after title transfers. Leases and security deposit will transfer to the Buyer with title." 

From: "Possession of the property and occupancy (tenants excepted), with all keys and garage door openers, will be delivered to the Buyer when title transfers. Leases and security deposit will transfer to the Buyer with title."

How can I work around this so that the seller is able to have an extra month after closing to move to a different place to live?

Any help or advice would be greatly appreciated!

Hey BP!

I'm setting up a Purchase Agreement for a home with a seller that wants to stay another 30 days after closing, and rent the home back for that period, as a "move out period". It's my first time negotiating with a seller that wanted to stay in the house another 30 days after closing. Should I just extend the Closing Date to whenever they're ready to deliver Possession? Or should I try to set up a lease after closing for that month?

I'm a bit lost so I'd really appreciate any help, 

Thank you guys in advance! 

My first wholesale was in Ohio, used a Title Company that was familiar with the process and closed within 3 weeks. You shouldn't have a problem, I think it's too easy to overanalyze this. It's not illegal to assign your purchase agreement in exchange for an assignment fee in virtually any state. What IS illegal is lying and pretending to be a Broker to get a wholesale deal done, when you're not licensed. I know to some people, wholesaling looks a lot like what a broker does, but it literally and technically is not the same thing at all. You need to be transparent and include your disclosures in both the Purchase Agreement and Assignment contract; have a lawyer look them over if you need to. 

ARV is 116k. Don't have a solid estimate for rehab but there's not much work needed other than light cosmetics and some flooring.

Hey BP!

I'm helping another wholesaler find an endbuyer for a property in Kentucky; so we're looking to split the profits of the deal, similar to splitting an assignment fee.

The property's under contract for $39,900; but we're trying to sell it for $58k. How can I go about setting this deal up properly to split the profits of  Double-Close?

I've heard you can do a Joint-Venture agreement for assignments but I don't know if you can do it the same way with Double closings.

Any help or advice would be very appreciated! 

Cheers

@Ariel Lee I'm a wholesaler in Southern California. Your best bets are Bandit Signs/Craigslist/Cold Calling. If you have 1000 in Marketing, I recommend allocating it to Big Data collection, and hiring VA's to Cold Call with you. With 1000 bucks a month you should be able to land at least 1-2 deals per month if you have a good team around you.

I sent you a Connection Request, I'd love to network and hopefully JV on a deal or two!

Welcome to the game!

It's not. Just double check your contracts with a lawyer or with your Escrow Company, and don't hide anything from anyone. 

This is kind of depressing to hear being from California and getting into the Real Estate Business. I really like living in this state but if Taxation and Regulations are getting in my way, I will simply leave. I feel like this presents a very annoying handicap to the market that's unnecessary; and if it becomes more than a handicap and truly slows down the market to an unreasonable point, people will just switch markets. 

It's bad for California, but hey, we can make another California :) One with less smog.