All Forum Posts by: Alex Jefferson

Hello,
I've been on here for a little while now and I really haven't seen people talk about wholesaling homes valued at say 299k but selling them wholesale for like $225k.
Say you purchase the home from the seller for 200k and then you assign it for $220k. (would you try to squeeze more than 20g's out of the deal?) Is it some sort of unwritten rule that wholesalers should not focus on the more expensive homes?

Wow so I was over thinking this big time huh? My main thing was I didn't want to have to get involved with negotiating with the banks and what not. I'm trying to make the wholesaling process as simple as possible. I want to have a step by step process I go through with every deal. The way you put it Andrew makes it seem so simple lol. Thanks my friend.

I'm sorry I made 2 of the same topics. Please delete one of them.

Hey everybody, I hope your having a good start of the new year so far. If not I'm sure it will get better for you.

I have a question in regards to placing a home under contract. Say you place a home under contract but the owner still owes money on the home to the bank? For example, say you place a home under contract that's worth 300K for 160K but the owner owes say 100K to the bank. How would you go about placing that home under contract? Would I have to negotiate with the bank they owe the money to? Is it even worth pursuing?

How has everybody here handled these type of situations? What amount is to much for us to walk away from the deal? This is my last question (hurdle) before I actually start my marketing plan next week.

As always thanks for the help.

Hey everybody, I hope your having a good start of the new year so far. If not I'm sure it will get better for you.

I have a question in regards to placing a home under contract. Say you place a home under contract but the owner still owes money on the home to the bank? For example, say you place a home under contract that's worth 300K for 160K but the owner owes say 100K to the bank. How would you go about placing that home under contract? Would I have to negotiate with the bank they owe the money to? Is it even worth pursuing?

How has everybody here handled these type of situations? What amount is to much for us to walk away from the deal? This is my last question (hurdle) before I actually start my marketing plan next week.

As always thanks for the help.

Wow that's great. If you could post something similar for Westchester County NY it would be extremely helpful :)

Hello everybody, I have found a property that I believe I can place under contract. My question is what are the proper forms I can use to get started? Is there just 1 form I need to assign a property? Would anybody happen to know where I would be able to find this form?
This is the form I want to use to place the home under contract and to assign it to a buyer. I want to get the home under contract and then bring it to a lawyer. In NY we need a lawyer to write the contracts up but per Delondon Dear (who has been a great source of information here on BP) getting a lawyer to write up a contract may be kind of expensive.

Thanks a bunch!!!

Wow thanks man. My question is how would I get the paperwork done if we need a lawyer for the contract to be written up? In NY (Westchester/NYC) the only people that can write contracts are lawyers. Thanks for this info!

If their trying to get out of their home, they should have no reason to be upset about you assigning the contract. All they should care about is getting out of their home and getting their money. Don't ever get caught up on one deal if the owner is acting a little shaky. If their giving you any type of trouble then move on. It's all about how many deals you have on the table and trying to close each and every one of them.
Good luck Donnell!!

Thanks, I see what you mean but what if I find a great deal on a property and I can't place it under contract because I don't have a lawyer? That's my ultimate fear lol.