All Forum Posts by: Joshua Horn

I was wondering if anyone can tell me a simplified process of how this works? I have excellent credit with money saved up and someone mentioned about buying a house and so forth but we didn't get into it much but after doing a little research and realized idk what or where to begin, can someone tell me is this person correct in any sense? Or can someone tell me what the process is and what kind of options I have? He mentioned a loan about putting 3% down if that help? Thanks in advance!

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So if I get this house I am looking at under contract and the owner lives there, how do I go about doing a showing with an end buyer? What if the end buyer starts asking questions about me showing someone the house when I told them I'm buying it? Let me know how this should all play out if someone can. Thanks

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For wholesaling, can I use a title company that's not in the same county as the subject property? In PA (if it matters)

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So the guy I'm learning to wholesale from told me to call around my area for a title company and ask if they are investor friendly and if they do double closings, etc. So if I find one that does everything I need it to for assigning a contract to an end buyer, what happens if the end buyer WILL NOT use mine because whatever reason and is dead set on using his, so the question is what if that happens and his title company don't allow me to assign my contract to him?

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Originally posted by @Joe Villeneuve:

Originally posted by @Joshua Horn:

Originally posted by @Joe Villeneuve:

Make the offer in an LLC...then sell the LLC. Same buyer...same seller..just a different owner of the buyer (LLC)

Yea I heard of that way, just to use that route when I'm making more then 10k or it's a property from a realtor, right?

That's the only way I do it.

Is there anyway you can help me fill in some blanks with my LLC to end buyer contract by any chance?

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Originally posted by @Joe Villeneuve:

Make the offer in an LLC...then sell the LLC. Same buyer...same seller..just a different owner of the buyer (LLC)

Yea I heard of that way, just to use that route when I'm making more then 10k or it's a property from a realtor, right?

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Originally posted by @Doug Pretorius:

@Joshua Horn There are 2 ways to do it.

1. Assignment

With an assignment you sign the purchase contract with your seller and then sign an assignment contract with your buyer. Take both of those to your title company or the buyers title company to close the transaction. The buyer should pay you at least a deposit upfront and the remainder at closing.

One step I do that many people probably do not is I have the seller sign acknowledgement of the assignment contract as well. This both makes them aware of what my assignment fee is and releases me from liability if the buyer doesn't perform. You can assign a contract without notifying the seller, but you are still liable for the obligations of the contract.

2. Double closing

With a double close you sign a purchase contract with your seller and another purchase contract with your buyer. Preferably take both to the same title company to make it easier, although the buyer can use anyone they want. In this case you buy the property with your own cash or some sort of transactional financing, and simultaneously sell it to your buyer.

Thanks Doug for the good response. That's what I needed to know just take them to the title company after they're signed. What's a good amount to ask the end buyer for a deposit?

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Originally posted by @Joe Villeneuve:

1 - You get an accepted offer with your name as :<your name> and as/or assigns.

2 - You sell the Purchase Agreement to someone else (the assignment) by using an addendum stating you are assigning the P.A. to them.

3 - You get paid your assignment fee when both parties sign the addendum

4 - The NEW buyer, based on the "assignment" closes. You're gone.

or, there's a better way...

What's the better way?

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I feel like this is an easy question, just looking for an easy straight forward question. (Scenario): I find a seller, he agrees to sell his house to me at a good price, I plan to assign the contract to an end buyer. After I have the house under contract, do I take that contract to the title company? Or do I wait to get an end buyer to sign a contract to buy it then take both to the title company? Or does the end buyer talk to the title company on his own and then they call me and I bring in the contracts? Can someone give me an insight to what happens once everyone signed the right contracts, how it all goes down?

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Originally posted by @Shawn Kostoff:

@Joshua Horn

At the end of the day if your end buyer is going to walk away from a deal or try to go behind your back then that is not the type of person you want to do business with. Establish relationships with people who are in this business for the long term and they shouldn't care if you make $200 or $20,000 so long as the numbers make sense for them.

When I wholesale a contract I typically have my end buyer pay me outside of closing. I collect 10% - 20% of the assignment fee when we sign the assignment contract and then I collect the balance the day of closing. I haven't done a ton of deals, but I have not run into any problems on the deals I have done so far.

Ok cool I get what you're saying Shawn. I wouldn't want to do business with anyone like that so right on. thanks

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All Forum Posts by: Joshua Horn

Joshua Horn has started 8 posts and replied 16 times.

Post: NEWBIE question?. Loan for a house to turn into rental?

Post: Wholesaling showing end buyer

Post: Title company question??

Post: Title company question for wholesaling?

Post: Newbie with an easy question?

Post: Newbie with an easy question?

Post: Newbie with an easy question?

Post: Newbie with an easy question?

Post: Newbie with an easy question?

Post: NEWBIE. At closing with wholesaling, do the buyer and seller....