All Forum Posts by: Ken King

Oh thats something I have been looking for. 

Send me the details at [email protected]

Thanks for the that @Lumi Ispas 

I will contact them now.

Hey BP Folks!

Wanted to know if anyone knew of a investor friendly title company around the Chicago 
area that can do simultaneously closing? Have a deal that requires that. 

Let me know. Thank you in advance!

I had this recently...in another state. The attorney advise the inherent seller to not show the house until there was a "firm deposit" on the property. The reason why he asked that is because he didn't understand what wholesaling was, but knew that it wasn't illegal to do. 

His concern was that he didn't want me to blast it to my list and have 10s of people walking through the house. Also this was a recent death in the family and the seller was very young, being represented by the Attorney.

The first thing that I did was try to re-ensure the Attorney that we are on the same team and want the same resolution.  I didn't have this under contract but it had not been marketed to. I actually (by posting on CL) got in contact with this attorney that, in his words, wanted to avoid realtors. He said that as if he had a bad relationship with them. 

What I did was explain to my buyer that this is the situation. It was a good deal and that I would also be on the contract, as well as my buyer. The buyer literally went to see the house, and made a decision to buy it (tentatively). I then schedule a meeting with my buyer, myself, and the attorney over the phone. We came to an agreement that would allow me to sell to my buyer, have him put a 10% deposit 1 day after a personal inspection with him and the seller, and then he would conduct the closing. The deposit went to escrow.

After that it became easy. I got my money. My buyer got a deal at 55% of ARV. The seller and Attorney got their money.

I had 3 SFH in GA. What zip codes are you buying in GA?

At any rate using a double close will be ideal if you don't feel that comfortable with the spread in the first place, and you have a hunch that the buyer may back out based on that. 

If you know the deal and the numbers still add up if you make $20k on assignment, then most buyers won't have a problem with it. It's just really the deal that you are putting together. 

I was actually partially raised in Camden County and wholesaled properties in Camden, Gloucester, Salem, Burlington, Atlantic county.  Its not that hard to do...but when I did it 
was pre 2008, so the CMV wouldn't be the same. 

I would find an investor friendly RE broker and try to see if they can bird dog you some off market inventory. 

@Barton Wallace Thats very similar to my rule as well. I keep it to $20k and under for assignment. However in the last year I have been using double close as my primary way of closing on a deal. I feel that its much more cleaner and easier than just assigning it. 

Another thing to consider is the deal itself and the buyer. For example if you have a deal for $50K, ARV $140K, Rehab is $15K, and you add on $20k for yourself, you may think that the deal is solid at under 60% off ARV - rehab BUT....what if you have a buyer that you don't have a relationship with and he sees that assignment for $20K and the rehab is only $15K?

Now you have a buyer that has to think about the logic of that deal. I pay the person who contracted the offer $5K more than what I have to put in to fix it up? That's how deals get crushed at the time of closing. As wholesalers I think we can agree that it takes less effort to contract a property than to rehab said property. Doesn't make much sense to get more out of the deal than how much it needs to be fixed up....even if the numbers are still solid.

 Thanks Jon...Will do!

Thanks Andy for that warm greeting. I'm sure I going to meet a lot of deal makers on here.