All Forum Posts by: Jon Frame

Hey Jon,

Do you know anyone who would provide flash cash? I know and have dealt with hard money lenders. If credit is an issue I know some people who could use it to do a double closing. I'm sure if the numbers are right and you know the deal will close hard money lenders may do it. I was just wondering if there is anyone who specializes in doing those type of loans.

Thanks,

Jon Frame

Hello All,

I am an experienced wholesaler of over 2 years. I am now looking to partner in certain areas of Pennsylvania. Together we can utilize my buyer's list and networks. Whether you have properties under contract now or are a newbie, we could possibly work together. My buyer's pay cash when contract is assigned not at the close. Please call or email for more details......Looking forward to do some business with you.

Areas in Pennsylvania:
York
Reading
Allentown
Harrisburg
Scranton
Wilkes Barre
Philadelphia

Thank you........

Jon Frame
[email protected]
610-392-4305

Ram,

To take the property off the market we have to sign a Sales Agreement (contract), that way the seller cannot sell this property under us after we have spent our time marketing it and whatever other services we provide with the deal. I always line up contractor's with estimates of rehab, property manager's, etc...So we do have to have some legal, binding interest in the property. When you sign the contract, you sign your name with and/or assigns next to it, as long as the seller agrees with that they are allowing you to assign that contract to another buyer of that piece of paper and whatever goes along with it. That being said, you are legally responsible to purchase that property if you cannot sell the contract. The worse case scenario is that you lose your deposit that you used to tie up the contract and you upset the seller and any other parties involved. This is why it is critical to make sure your numbers are solid. As wholesalers we are providing a win/win situation for all involved and by doing that we maintain our reputation as well. We don't want to be known as backing out of deals over and over.

There are other ways of wholesaling without putting under contract, but that would be another topic.

Jon Frame

Hello Ram,
I am an experienced wholesaler in Pa for over 2 years. It is a very simple answer and my Realtor still reminds me from time to time.
We as wholesalers do not sell Real Estate, we sell contracts. That's it....period. We have to go through the process as if we are the ones buying the property tying it up under contract with our name, and/or assigns, then we have the legal right to assign the contract not the property. It is then up to the buyer to follow through and purchase the property at the close. I hope that clears up the issue for you.....

Jon Frame

Hi Tim,
I have one posted....check it out...thanks...
Jon
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As far as my Job is concerned, I felt the same way, I will make this the best thing that ever happened.
My typical deal is between 25-40k with about 4-8k in rehab and an ARV of about 60-65k. I am with a very good REI group with a lot of serious cash buyers. Learn as much as you can, there is a lot of good info here and all over the web. Keep plugging away with it.

Robin....thanks I will.....Hey Look my 10th Post.....

You know that's what my Realtor keeps pounding in my head, we don't sell property we sell paper, that's why a Realtor has a license to sell property, you don't need a license to sell a piece of paper ( contract).
Your absolutely right Richard it doesn't make sense, but unfortunately it is now law in Pa., although no one is enforcing it. :wink:

I have wholesaled over 25 properties in the past year and they were all through the MLS and through my Realtor. I have always got a property under contract and just assigned it to my buyer and got paid before closing. I have now started working with other area wholesalers that use the bandit signs to get their deals usually FSBO. My question is : What is the best way to do paperwork to ensure I get paid and make it easiest for my buyer ?
Ex: They have a property under contract for $20k, the numbers still work if I sell it to one of my buyers for $25k. The wholesalers said that I would have to wait until close, which is fine, and write in an addendum on the contract for the title company to write me a check for $5k. Does that sound like the best way to do this ? I want to make this as smooth as possible for my buyer, any ideas ? ........
Thank you......Jon

Welcome aboard, I am new to this forum as well. I have been wholesaling for just over 2 years and I love helping new people starting out. Where from Pa. are you from? Shoot me an e-mail if you need and help with anything, if your from the Reading, Lehigh Valley , or Philly area I have a lot of local contact info that you could use.....

Jon Frame