All Forum Posts by: Haim Mamane Palman

Jason, I have used Jason Lovelace with Precision Home Inspections.

http://www.precisionhomeinspectionsforyou.com/

He is very thorough and professional and did a great job.

I don't have anything to do with the inspections and I don't benefit from this referral. This is just a referral and a good person to have on your team.

Good luck

@Dean Leftus. Thank you, good to know.

@keith Osborne. You are right, transactional funding is another tool wholesalers should have on their toolbox. I personally have not used it yet.

@Steven Johnson. Thank you for your comment. I am up front with the sellers and they know that I may not be the one that will be the end buyer and they know that I'm in it to make a profit. When you make a huge profit, that can be an issue for the sellers and sometimes to the buyers too.

Double closing and Private HUD statements are just two tools to deal with this issue. Other wholesalers told me that they would do Assignment of contract on any that the profit is lower than 10k, and double closing on any deal with a profit higher than 10k.

my buyers won't care and they know how much I make. The concern is more with the seller side.

thanks for the tip Cameron. I will ask my attorney if they can do it for me.

Haim

Winston - thanks for your advise. My closing attorney has no issues to do double closing. I will ask them about the limited power of attorney.

Steven- I heard about the "LLC method" but never felt comfortable with it. I don't want to open LLC for everyt deal that I do and it takes time to it with the Secratary of State. In wholesaling, time is of the essence. Do you this system?

Thanks

Try

http://batchgeo.com/

Hi Matt,

I did exactly what you are trying to accomplish. I live in San Francisco, CA and purchased two REO properties that needed light remodel in Memphis, TN.

It's been challenging to say the least. Mainly because that I didn't hire the right GC for the job. You have to have a GC that you can trust which as you can imagine is VERY tough to find.

My suggestions:

- Try to find a partner on the ground to help you manage the project. The partner should not have only something to gain but also something to lose if things go sideways (i.e. "skin in the game"). Local real estate agent or partner GC can be good options.

- Network with local investors and ask them for GC referrals. Verify the GC license and insurance and ask them to provide a sample of Scope of Work for similar projects

- structure your contract with the GC that the payments are contingent upon successful completion of milestones to be inspected by a third party such as a home inspector.

Overall, it was not the most pleasant experience, I did a lot of mistakes for sure but I learned so much and I don't regret it.

I do out-of state wholesaling (I live in San Francisco and wholesale in Memphis). So far I was able to do deals with Assignment of Contract with no problem. The problem with that is that the seller see how much I make which can be an issue if I make more than 5k for being a "transaction coordinator".

Do any of the wholesalers out there have experience doing double closing from out-of-state and when you don't need to be present at closing.

Example:

- Close B-C side with end buyer that know how much you are going to make and know that you are going to close on the A-B side with his funds (contract contingent upon successful closing of the A-B side to protect the end buyer)

- funds from end buyer available to close on A-B side.

- everything is done with the same investor-friendly title company

- all documents/contracts will be electronically signed and e-notarized so you don't need to be present at closing.

I think that it's possible and I'm going to give it a shot but if anyone has experience or advise to share, I'd appreciate it.