All Forum Posts by: Jason O.

I went to a rei meeting. There was a lawyer there. I emailed his office if I can get contracts for assignments, disclosures, etc.

His paralegal says he doesn't do assignments and has his own contracts but does have a partnership program on doing short sales.

I have to look for a distressed property. They'll be teaching me and training me, handle all negotiations with on my file with bank/lender with me being the main contact with the home owner. They'll negotiate the lowest price from the seller and find a buyer with the highest prices. I just have to keep the home owner happy and informed.

split is 66% to 33%. It sounds like a bird dogging gig. I understand why they would want to negotiate b/c I'm new. But how will I know how much is being made?

I would need my own LLC which I'm going to do anyway.

What do you think people?

If anyone is generous enough to let me have one, I'd appreciate it. Also, I'll need investor disclosures.

Where can I get assignment and double close contracts? Do I get this from a lawyer in my state? I'm in NJ.

Thank you, J Scott for your help.

Bill, so as long as the title company knows/approves of any assignments. It's fine. The title company I spoke with said he stayed away from assignments with banks. But I said to him, if I let the bank would that be ok? He didn't say no. He quieted down and mumbled like it was ok.

He was pushing that assigning was ok with REO or sheriff sales, at least that's what I thought I heard. All this info is coming 100 mph.

Thank you for all your help. Where can I find a resource or organization on what not to do in REI?

Now, the reason why wholesaling is ok. I'm only selling my rights to buy (option contract) the property to an end buyer.

J Scott, I appreciate all the help. Thank you for clearing up that assigning a contract and double closing are methods of wholesaling.

With regards to fraud, what things shouldn't I do that will be fraudulent?
Will an investor disclosure (explaining what I'm doing) to both seller and end buyer be enough to keep it being fraudulent? What can I say to make it clear to all parties as to keep myself protected from fraud?

J Scott, I appreciate it.
Good news. I figured out why it's important to have a cash buyer. It's b/c lenders don't like to see it's being bought/sold so quickly. That's why a double closing is needed.

But, wholesaling with cash buyer, you still need a title company, right? Won't most title companies do assignments with cash end buyers?

La Joyce, I spoke to the people at the Rutherford Title company. Thank you. He's great. He gave me information on the right way to do things with double closing like using transactional funding. He did frown upon assigning contracts with banks involved but I didn't ask about cash buyers. I mean it only makes sense. He said disclosures are important to both parties

Ok. I just spoke to a title company guy. NOW, I see why it's important to have cash buyers! On financed lender deals, banks want as much money as they can. So if you're double closing or assigning on financed deal, it's going to be harder; unless, of course, the bank says it's ok when you disclose it.

Title guy told me you can get into trouble with fraud if the banks find out you didn't disclose that you were buying and selling. At this point, I realize: that's why it's important to have a cash buyer and a motivated seller (that's not a bank).

He also said he deals in buying and selling, not double closing, The best thing to do is use transactional funding when buying and selling. It looks like a clean transfer.