All Forum Posts by: Elliot Smith

 If you want to shoot me info I would love to look at. PM me. 

I agree that there should be regulations. However in Washington you have a great 1.78% excise tax anytime you transfer title so it would wipe a ton of profit away to double close. I think the issue is when new wholesalers tie up property for way too much and have no abilitly to close is the issue, they don't realize that they are affecting someones life. However I have told sellers in multiple occasions that they should list the home (I take a realtor with me on most appointments) alot of time they would rather go with me. People always want to assume that $ is people's #1 priority and its not. 

 Jay you forgot Tri-Cities :). We moved here about 3 months ago and have 3 flips going and we haven't tried that hard. We bought 40 house in Vancouver last year and are still running that business and are on track to buy 10 in the first 45 days of the year. So that market is still good as well. 

Thanks Tarl! Looking forward to talking abd meeting more people! 

You need an assignment contract that will state to the end buyer what you are making. The seller will only see the seller side HUD. Don't double close in WA unless you want to pay excise tax twice. Also you can use the search funtion to find alot of answers to your questions.

This is a question you need to ask yourself. Either option looks good to me. Do you want cash flow (which this has fantastic cadh flow) or a quick $40k. Personally I would keep the cash flow but deals like that dont happen in my neck of the woods..

This is what gives wholesaling a bad name. If you need to learn try to be a bird dog and work with someone. The "out" clauses are bs in my opinion if there is nothing wrong with the house or title.

Why are you worried about equity skimming? If the seller wants to sell their home they can do that. No one is holding a gun to their head. Now if they are in foreclosure that is another can of worms that you need to be careful of.

You can double close you just pay 2 sets of excise tax.

 Key mistake that needs to change "Wait for calls" why would you wait around. Do lead gen.

Best of luck.