All Forum Posts by: Lance Wakefield

You should be paying an attorney for this advice, not getting it from random people on the internet. That being said take what you get here and still consult an attorney. As far as wholesaling goes you shouldn't need disposable LLC's you really don't even need an LLC you can do it in your own name. Really all you're doing is selling a contract if your assigning it. But please don't take my advice just consult a real estate attorney.

I will admit right now I did not read this whole post. I feel like you're focusing on the wrong thing. You're concerned about your property being listed by something else. When really you have handed title of this property to someone else and have not received funds and claim to have closed on it. THIS IS A MAJOR PROBLEM!!!! You need to get in contact with your title company and get those funds ASAP. This should have never closed with out funding. 

BRRRR

Buy rehab rent refinance repeat

If there is already a tenant in the tenant you simply wait until the lease is over and move them to another unit or let them go on their way. 

Rehab doesn't have to happen day 1 if the property is cash flowing. 

The idea behind the strategy is to get into the property below market value. 

I hope this run down helps. 

Everyone in DFW and the country is having the same problem. Deals are at a premium right now. They are out they but they take a lot of work to find or you pay a lot of money to have someone find them for you (wholesaler). What criteria are you focusing on? 

I put 5k in escrow with them on Jan 10 at their frisco office. I had to go there personally and it seemed like things were a little off. It appeared as those they were either just moving in or getting ready to move out. I am just curious what happens to my 5k. I guess I will do some digging and see if she's sitting on a beach somewhere sipping margaritas on my dime haha. 

Do I need to make another escrow payment to the seller? Or who's responsibility is it to fill that 5k gap? Seller chose title company. 

As the buyer you can waive inspections. 

I would caution you that if you're worried about paying for the closing costs on 6 deals maybe you are biting off more than you can chew.  I would make sure you have the reserves to pay for maintenance vacancy and rehab on all these properties before you make any moves. Run your numbers then find a hand full of people on bigger pockets to check your numbers. 

Sounds like a pretty good deal but I am pretty sure deals like this are supposed to be posted on the market place

@Paul StPierre

Just squat in the house and soon you'll have squaters rights. If you do so I do demand pictures. 

I would just go to your broker directly and talk to him about what you want to accomplish. A broker would be stupid to kick you to curb if you're and active investor. My wife has no hourly requirements and we only deal with her brokerage on deals with sell through the MLS. Once she hits her cap then there is nothing that goes to the broker obviously.

@James Louthan

I would just go talk to him and ask him if he would sell

Dont worry about financing until he says he will sale and you have a price worked out. You can't finance it if you don't know the price. 

Dont worry about #3 until 1 and 2 are figured out

I would ask him if he wants to sell and then if not when he might be ready to sell. Pretty straight forward good luck