All Forum Posts by: Michael Mora

I have a quick question about Escrow & Title when wholesaling. I am new to RE investing and I am going to give wholesaling a shot. I am a Broker but doing this on the side.

My question is when you get a home under contract and you dont have a buyer do you open up escrow immediately or put in the contract that escrow will open after a certain amount of days or weeks so you have a chance to locate a buyer to assign the contract too . I do not want to come out off pocket $500+ to open up an escrow plus more money for title insurance only to find out I cannot find a buyer and escrow & title needs to be paid whether I close or not. Tell me what you guys do?? Any contract recommendations would be nice too. I am a broker but do not want to use my standard realtor forms.

I appreciate all the help thank you all!

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I am looking for good reading material or a program that explains the ins and outs of being a wholesale real estate investor. Any advice or recommendations would be great. Thank you!

-Mike

Hello everyone. I wanted to first say thank you for all this great info on the forum. I have learned a good deal about wholesale RE in just one day.

Now to my questions.

1. I have a Brokers license and reside in California. I was wondering if it is legal to write the purchase contract with the buyers brokerage commission being paid back to my company at the close of escrow which is also a licensed real estate brokerage through the DRE. In essence writing the contract and assigning the contract where I would be representing the new end buyer as the agent/broker to claim a second payday commission.

My only concern is the liability I put on my company and license by having my license involved. If one of the sellers wants to come sue me after the sale because they feel they were not paid full market value and given false info so they made a contract under duress I could be in court quickly. What are your thoughts?

2. Should I just write my deals with my name or do I really need to form an LLC? Just my name would be the easiest way. I do not really want to fork out the money to buy an LLC until I see some results.

3. The purchase contract, addendum and assignment I will be using are standard winforms/zipforms california association of realtors forms created by attorneys. I would not include any of my companies information or my licensing info. I will disclose that the buyer is a licensed broker and I will leave the representation areas blank as if there are no brokers involved. Is it ok to do this with these contracts? What contracts do you recommend?

4. Last question I know this in lengthy sorry. What programs or books do you recommend that really explain everything about wholesaling from start to finish. The holy grail of wholesaling what would you recommend?

I appreciate all of your help and look forward to reading everything and hopefully contributing. Thank you in advance.

-Mike