All Forum Posts by: Jesse LeBlanc

@Mir Mubashir Mahmood you can always double close vs assign.  If you have your buyer first, you're not marketing/brokering the deal.  You legally become the owner, then sell your own property.

I think we had a long thread a year ago https://www.biggerpockets.com/...

I was trying to see if we've worked with a closing company nearby, if I can locate a good one, i'll come back on here and send you a referral.  Hopefully someone else can reply sooner for you. :)

Quote from @Sergio Garcia:

Hi I’m an investor and I’m looking for a good tittle company in the areas of riverside, San Bernardino or high desert areas such as apple valley ,Victorville,adelanto ca. I want them to know about double closing and contract agreements. Probates etc. if anyone knows a good one please let me know.

Hey there @Sergio Garcia We've had to work with quite a few escrow companies out there.  It can definitely be a headache at times!  One we've recent liked working with is VIPlatinum Escrow.  Nima or Juana.

Here is there info 

Juana Gonzalez

Senior Escrow Officer | President

VIPlatinum Escrow, Inc. | 96DBO-154541

Office Address:

300 Spectrum Center Drive

Suite 468

Irvine, CA 92618

Direct: (562) 659 - 4431

 juana @ viplatinumescrow . com

@Rickina Velte until you know your market, the values, rehab costs etc of your buyers, then it's just EASIEST to supply your buyer, maybe just a handful of LEGIT buyers, the pictures or a walk through video or even better, access to the property for them to walk it and give their price.  Of course listed deals make this another hurdle to do this and easier when off market deals, but you become the negotiator at that time.  They give you a price based on their exit strategy, their rehab costs, their holding cost.  ALL of the things that you DO NOT know, hints getting their price makes life easier.  All you have to do is take pics, video or give them access, once they tell you their price, then all you have to do is negotiate a lower price with the seller.

REMEMBER that the buyers price USUALLY isn't their highest price out of the gate.  It COULD be, but that's part of building that relationship with the buyer to know if they could come up a little, usually depends on how bad they want the deal and if they want you to keep working for them, they won't be low balling you every time or they know you'll start bringing someone else deals who isn't trying to take advantage of them so that you can still put food on your table.

Go read the book "If you can't wholesale after this, i've got nothing for you" by my good friend Todd Fleming. It will be far more clear and easier to understand the easiest way to wholesale and the LEGIT transparent way to do it also the ethical way to do it.

Quote from @Austin Pitts:

1. You can absolutely wholesale deals from the MLS. We do all the time. That being said we are completely transparent and let the listing agent what our intentions are. This may sound like you are creating a hurtle for yourself, but in the end honesty is always appreciated and allows for a much smoother transaction. - My advice though is to make sure your numbers are tight and make sure you can successfully dispo the deal!

2. There are deals all over the MLS. We have bought 3 just this month and wholesaled them same day. Granted, everything we sold was discounted and under the list price. With strong communication and negotiation on your end you can and should absolutely be scouring the MLS.

3. You can assign the contracts, just make sure you know your local laws/regulations and contract them accordingly. 

I couldn't agree more on exactly what Austin said. One thing I'd like to add is that it's GREAT to already have your buyer in mind FIRST! Know their buy criteria, get their purchase price first (on any future deal, MLS or direct to seller) this way by the time you get a property under contract, you have NO PROBLEMS satisfying your contract with the seller (and agent), then you can assign or double close making EVERYONE happy. :) This will help you to remain more credible in your market vs being like so many other wholesalers which give LEGIT wholesalers a bad name. KEEP IT SIMPLE, if you have your buyers price then the ONLY thing you need to do is make sure your purchase price to the seller is below that! You DO NOT need to know repair costs or ARV's etc. @Rickina Velte

@Rickina Velte STOP LISTENING TO THE NEGATIVE FOLKS Yes, you can wholesale from the MLS, it's just a little harder with a few more hurdles than being direct to seller.

You likely will have FAR MORE rejections when trying to buy from the MLS dealing with an agent, HOWEVER, I see all the time properties that are really over priced, no one submits offers and finally the seller excepts your offer because they've not had anything OR you caught the at the right time and the seller is highly motivated.  

@Killy W. START with reading the book "If You Can't Wholesale After This I've Got Nothing For You" by my good friend Todd Fleming.  This will help you to start out wholesaling the right way, less stressful and always the right mindset to make sure you're taking care of the seller vs just focused on getting every property locked up, pissing off sellers and giving wholesaling a bad name like so many others.

Having your buyer first vs the deal first will make your wholesale career so much easier when starting out.  Once you know your market and your buyers, then you'll soon be able to know the ropes better and get properties locked up before having a buyer in mind because you already know the market and what your buyers will pay, thus not having to back out of the contract and upset your seller or create a bad name for yourself. :)

@David Rey Post to let everyone know what part of CA you're in, and then folks will also share some title companies that work well with wholesalers.  I do a lot of Transactional Loans for wholesales, although CA is our biggest headache, we still work with quite a few different closing companies there.  But we often have wholesalers come to us with a closing company that refuses to double close or they wait days between closings, then others do it same day NP.

If you assign the contract (best way to save you money) then it's already disclosed that your contract is assignable.

The closing company you spoke with 100% assumed you were an agent and didn't want to be liable for telling you the wrong thing, but failed to ask you the right question and making assumptions.

Quote from @Myra Cortez:

Are there any Companies you guys recommend that can do transactional funding (extended to 30 days)  ?  Property is located in Northern California. Thank you! 

I’m actually doing 2 Transactional Lending deals in CA this week.  However, what you’re looking for is going to be a normal short term loan but not transactional since you’re not double closing.  I have a private lender that does “wholetail loans” and allows up to 3 months. The purpose is meant to buy then relist. But he won’t lend in CA. If I can think of anyone else ill send them your way.

@Lala Mala You can still assign.  Obviously the more transparent you are from the start with your sellers, the less problems you'll have at closing.  They know they are selling for a discount, and they know you're a for profit business.  

However, some folks never disclose this or are transparent and worry about their fee.  $20,000 fee on a $20,000 house might be different from a 20,000 fee on a 1M property but at the end of the day if it's solving the sellers problem and they are happy with the purchase price and everyone knew what everyone was doing, there should be no problem.

Yes, you can still double close, you'll just have to pay for your own closing costs.  Depending on who you're working with and what state, it might only be 750-1500 in costs generally.  Then depending on where your deal is, the closing company you use and the scenario you face, you may or may not have to bring your own funds or use a Transactional Lender like me to fund the AB side.  

So weight all of your options, don't stress over it, keep everyone happy and keep it moving.  don't over think it.

Good Afternoon @Kirsten Martinez If you ever have a client that needs the full amount vs just the EMD, let me know. Love to help. I lend nationwide (although I'm about to stop in CA I think) and do quite a few transactional loans each week. :)