Hello BP! I am fairly new to Real Estate investing and would really like some advice from people in my area (if there are any).
Currently I have a fix and flip project (my first real estate investment) and while I'm waiting for it to be finished I'd like to take a shot at wholesaling. I have found a motivated seller and have agreed on a price. We do not have a contract signed yet though because I am having a hard time finding a title company that will handle assignments. Walked into one title company and they practically laughed at me and argued that it was illegal in Illinois or it simply wouldn't work. After reading through some discussions on here from members from the Chicago area I know for a fact it isn't illegal and this title company just doesn't understand the process. I spoke with a closing agent and explained it to her and she didn't see a problem with it but the general manager was the one who gave me a hard time.
Anyways, I would like to know if anyone from the Kankakee County area knows of a title company that handles wholesaling assignments. If not, has anyone ran into this problem before? Is there a way to sit down and explain this to them? It's frustrating because the deal is good and I'll have no problem finding a buyer. I mainly want to use this first wholesale as a learning experience, I couldn't care less if I didn't make anything on it. But if no one handles assignments, what should I do? And no, I don't have the funds or credit to purchase the property myself so that's out of the question. Seller also doesn't want to sell on terms.
The plan is to wholesale properties while my fix and flip projects are underway. This way I'm brining in cash when my properties are just sitting. Ultimately I want to have my first apartment complex by the end of this year and just build from there.
I welcome constructive criticism, but please leave out your opinions of wholesaling assignments.
Thanks! I hope to learn a lot from you guys/gals and I'm excited to be apart of this community!
