All Forum Posts by: John Clark

Hey guys,

I got a couple of quick questions and would love to get some imput.  So... 

1.) What creative solutions can you think of to bypass selling a property you've had ownership of for less than 24 hours without failing to meet the ownership sesoning requirements of certain loan types. (outside of selling to a cash buyer.)  I'm thinking the answer has somthing to do with how the property is aquired to begin with.  So it should be known what I'd like to do is purchase "subject to" then re-sell.  But I'm willing to modify how I aquire depending on what suggestions are made. 

2.) What lenders do you currently know of in Ohio (or nationwide) that have no/24hr ownership seasoning requirements in order to sell B to C.  

Thanks in advance for any imput you guys have on this subject!

 Thanks for the information and support. Would it be OK to contact you for funding then?  I can find deals a dime a dozen(great marketing skills). But the reason I wanted to wholesale(assign) is because I didn't have the resources to purchase the property outright. If this sounds like something you'd be interested in please let me know and thank you for your response weather it be ye or neh.

@Alli Issa Please contact an RE attorney in regards to wholesaling in Ohio.  I've just come across information that is concerning to say the least. Please read https://www.biggerpockets.com/forums/93/topics/184743-getting-busted-in-ohio-for-wholesaling-and-praticing-re-without-a-license

Thank you @Chris Martin, that just saved me several thousand dollars is court penalty fees.  Learning from other peoples mistakes is great! lol. Thanks for the time you took to find my answer.

the only suggestions that come to mind are as follows:

-consider the use of a hard money lender

-consider assigning your equitable interest in the purchase contract to another investor who has the cash to close for a fee. (Aka wholesaling, which some lenders and tittle companies are against. Just depends who they are)

Also if you put earnest money down and agreed with the seller in the purchase contract that is was "non-refundable" earnest money then yes you will loose that money if you "back out" of the deal. Unless there is some creative way I'm unaware of to get your earnest money back which I doubt.

There are rist associated with the suggestions above so consult with a RE attorney familiar with those scenarios in your area and do your own homework as well.

I'm no expert but hope to have pointed you in the right direction.

I'm in Columbus Ohio so if you live in and have completed wholesale deals in Ohio your insight on this subject would be greatly appreciated.

I'm in need of a short and sweet list of documents from start to finish to complete a residential real estate wholesale deal. No fluff just facts please.  (provide link to docs if possible)

Also the order in which these documents should be used if it's not self explanatory.  I've gotten properties under contract before but didn't close because I did not use the best process...it simply didn't flow as it should have because my system is flawed.(basically I'm a novice, I'll admit it lol)

Responses from outside the state of Ohio are also welcomed and appreciated as well. Thanks you all.