All Forum Posts by: Jesse LeBlanc

Good Afternoon @Demarco Brown, first of all CONGRATS on landing that deal my man.  I hope you're keeping your marketing consistent and focusing on keeping your pipeline full and making your sellers happy with you referring more folks over to you! :)

As for Transactional Funding, I can cover all of your costs on the AB side. That includes your purchase and closing costs less any EMD you already submitted. Then I will supply the same closing company with a loan payoff letter, that will include the full amount I wired plus the fee which will be paid off from your proceeds on the BC side so you don't have to worry about bringing anything to the table except your EMD if you did send that in.

 If I were you, I would reach out to some of your other wholesalers in the area to see who they like to use and can refer.  You can also check out your local Facebook groups to see who other investors and wholesalers like to use so you'll get a solid referral.  No sense in reinventing the wheel testing out closing attorney's or title companies when someone else has already done so for you. :)

I would also HIGHLY suggest that you start targeting your buyers first so you know what you're looking for and making your job as the wholesaler MUCH easier!  Right now if you don't know how to wholesale, you have NO IDEA how much an investor will buy it for and the last thing you want to do is get it under contract for whatever the seller wants to sell it for and you have zero intentions of buying it yourself then in panic mode to find a buyer and if you don't find a buyer you just piss them off and make yourself and all other wholesalers look bad.  

So I suggest finding buyers first, build solid relationships with them, then target potential properties that fit their buy box.  Share the properties you find with them to let them tell you what they'll pay, then ALL you have to do is get the seller below that price to create your profit.  Overtime you will learn the market and what your buyers will pay and eventually you can get things under contract already knowing you have legit buyers and you know about what they will pay.

Best of luck out there. :)

@Jason Usher there is nothing wrong with asking those questions. If they're assigning you the contract, you MUST see the original contract along with your assignment, so you're going to see the original purchase price anyway. But also don't go in with the expectation that they will share all of that with you.  IF they don't, you're just going to upset yourself and it's not necessary.  I mean the more you have a stronger and better relationship with a wholesaler, of course, they will more likely share that info with you. 

But there are too many investors who will try to take advantage of a wholesaler and or another wholesaler acting as a buyer/investor that wholesalers also have to watch out for.  Now i'm not saying all wholesalers are like that or will do that, but it's something you as the investor/buyer also should respect while building the solid relationships.

You already have the right mindset that a wholesaler would respect, so I don't think you'll have any issues asking these questions to someone, but also don't let that at all cause you to change your mind about a property or your price.  Until a wholesaler really knows their market and has solid buyers, they should be asking their buyers what they will pay for a house ever before negotiating with a seller.  So The wholesalers comes to you with a property, you see it and tell them you'd pay $100,000 for example.  then you go back with your relationship with the seller and your ONLY job now is to get the price below $100,000 and that is how you make your profit, keep the seller happy and your buyer happy.

@Edwin Epperson he doesn't need Transactional Funding, you sell the house to your end buyer in a double close. He's looking to keep the property then list the property on the market after a few repairs. So he's in need of a standard rehab loan which some folks now call it "Wholetail" so buying to control a wholesale property followed by as quickly as possible (some do the same day) list it on the MLS to fetch the highest price and increase ones spread.

Good Morning @Andre Garbo, I can send you a referral to my friend and Private Money Lender who now increased his personal cash and now offering his funds to the public.  I usually have a lot of people come to me for Transactional Funding for double closings but then I have many of them want to "wholetail" or do a very very small list of repairs then list the property pretty quickly.  I usually send those folks to my friend.  Here in Atlanta, but he does service TN.

@Erik Littlefield Since you should already have your buyer lined up when getting this AB side under contract, just have your end buyer put up the EMD especially if you're assigning the contract.

Even if you're double closing, if your BC side is non refundable, then you can talk with your closing company and or show the end buyers EMD deposit to your seller.   

Check in with Finance Of America @Mardica Henderson

But usually if you're doing a cash out refi it's pretty common to see 3 but usually 6 months of seasoning.  In the future, I HIGHLY suggest you use Private Money, then you can just do a rate and term refinance as quickly as you want and if you bought the property at the right price and created enough equity from both the purchase and rehab, then you can do a rate and term refi, 100% payoff your PML and leave ZERO of your own cash in the deal acquiring rentals with nothing out of pocket.  This is what I do for all of my rentals.

Even though I have the cash, I use my cash for other lending and investments, then borrow other peoples money so I'm not waiting for the seasoning with my lenders. I know that doesn't solve the issue you're in right now, so depending on how far you are into your 6 months, i'd continue seeking out other lenders in the meantime but also focus more attention on acquiring private lenders (people you know, like and trust).  Then while you're waiting to get this other property seasoned and cashed out, you aren't delayed in finding another rental.

Congrats on landing a solid deal.  Keep that pipeline of leads full!!

I concur 100% @Daniel Paloscio

@Marjo Naci you nailed it!!   If you assign you'll save money vs double closing.  It's also best to have open communication with the seller so they know what you're doing so there won't be any issue at closing from the seller since they'll already know you're assigning the contract to your end buyer.

IF for any reason you choose not to assign, then you will have to double close. In this scenario you would sign the Purchase and Sale Agreement with your seller and you as the buyer, then another with you as the seller and your investor as the end buyer. Send everything over to your closing company that was listed on the contract and let them start pulling title and get the ball rolling. MAKE SURE EMD is sent if your contracts state it.

Congrats on this deal too BTW!!  :)  I hope you have a wonderful week ahead, best of luck.