All Forum Posts by: Keith S.

Thanks for the feedback! I appreciate it. I have been successful wholesaling by myself, but was just entertaining the thought of co-wholesaling. Its not something I need to do, but I have been approached by several other wholesalers at a recent REI meeting who want to work with me and I was entertaining the idea since that would be access to an additional income source that I would not have had access to on my own. But I have learned to not actively seek after joint venture deals. I have heard that a lot of people have been burnt and never paid by unethical partners. So you're right, it is definitely better to just find your own deals and market only to investors. I was just curious of the logistics of a joint venture deal in the event I have to go that route.

I have been wholesaling individually, but now want to start partnering with other wholesalers where they handle finding the motivated sellers and I will be negotiating with and supplying the buyer. My question is in this type of situation when you go to closing, will all 4 of us need to be present? I would imagine this could scare away sellers, but I could be wrong. I am hoping that both wholesalers do not need to be present. Can someone please help me with this question. Thank you in advance!

I am looking to partner with other wholesale investors in the Maryland area. I am interested in networking with other like minded investors where we can help each other and both make money. If you have a motivated seller, I can help close the deal as I have a strong network of buyers, thus leading to a mutually beneficial partnership. Some times two heads are better than one. Iron sharpens iron. If interested please let me know. 

Hi Jon, Yes. That information helps a lot! Thanks! I will incorporate the Assignment and Authorization to Market clauses, but I will revise it so it is less wordy as you suggested. That was a good idea.  By the way, if you have a special circumstance negotiation in place with the seller regarding perhaps splitting a tax lien to make a deal work, is that something you would incorporate into the Purchase Agreement or is that something that the title company would work into their contract when you go to closing?

This question is for other seasoned Wholesale Investors. I have just seen a version of a Purchase Agreement posted on Bigger Pockets (Used for wholesale real estate transactions) that included some verbiage that I have not been using in my contracts. I wanted to see who is using this, or who isn't and is it required.

AUTHORIZATION TO MARKET. Seller here by grants the Buyer and their respective heirs, executors,administrators,personal and legal representatives,successors and permitted assigns all of the necessary rights to list for, sale,market,negotiate and enter into a contract to sell or lease the property to a third party on behalf of the Seller and before Buyer takes title.Buyer intends to promptly resell property or a profit

Additionally, I came across this clause below as well. I was informed awhile back by a mentor that as long as the contract includes and or assigns after the Buyer's name that would be sufficient, and no additional clauses pertaining to assignment was necessary. I would be curious to know who is or isn't  using this clause below and if it is legally necessary. 

ASSIGNMENT.This Agreement shall bind and inure to the benefit of Seller and Buyer and their respective heirs,executors,administrators,personal and legal representatives,successors and permitted assigns.Buyer may assign Buyer's rights and responsibilities under this Agreement without the consent of Seller.

Lastly, I have been recently informed to include a clause that removes me the (wholesale) Buyer all liability of liens, taxes etc. that may be on the property, but it was to my understanding that the original seller would be responsible for that and those items would be paid first and taken out of the Seller's proceeds at closing, so a specific contract clause pertaining to this would be irrelevant. I would appreciate any feedback regarding this too.  I just want to make sure I am transacting business appropriately. Thanks!

Thanks for the feedback JR T!

Thanks  Brian! That was helpful information. I actually watched your video some time ago on the 5 things wholesalers must know. That was good information too. Since I am in Maryland as well, I plan on giving you a call soon. I have a template Purchase and Sales Agreement that I received from another investor, but as you said in your video, I believe it is a good idea to have it looked over by an attorney to ensure it contains the correct state specific information. By the way, does the And or Assigned clause come right after where I would sign on the agreement? And do I need to write And or Assigned right when I find the Seller and we agree for him/her to sell their house? Or can I right that on their later after I find a Buyer or at closing? Also as a wholesaler am I required to be at the closing in Maryland?

I have a few questions for the seasoned wholesalers. I am new to Wholesaling and wanted to know on the Purchase and Sale Agreement do you usually write down your personal name, or the name of your business? And does it matter either way? Also does any one know if there is any type of license to do business required to wholesale properties in any state? I personally reside in Maryland, but am interested in wholesaling outside of my state as well. 

Thanks Andrew! That was helpful information. I will definitely check out call rail. 

I am new to the Bigger Pockets forum and am just getting started in Wholesaling.  I had a few questions that I was hoping maybe a seasoned Wholesaler could help me with.  Any feedback would be greatly appreciated.Thanks!

1.) Do you recommend contacting other investors from their we buy houses signs as a means to find buyers?

2.) When attempting to wholesale, does the seller have to own their home free and clear for the deals to work?

3.) Is there an out clause or verbiage that you recommend using in your purchase agreement that will allow you to get out of the contract so that you don't get stuck with the property in the event you cannot secure a buyer?

4.) When marketing as a wholesaler, do you use separate contact numbers or voicemails for buyers and sellers?