All Forum Posts by: Daniel Paloscio

If you are looking to assign the contract you may find that most realtors will get upset and tell the sellers and it can be a bit messy. You can either be honest with them up front and work together with them or you can elect to have 2 closings. If you have 2 back to back closings then no one on the sellers side, including the agent will know that you are wholesaling the deal. You will need to ask the title company not to disclose that info or work with a different title company on the 2nd closing. 

@Josh Taylor It's pretty common for realtors here in FL to double side transactions and get both commissions. What they do is sign a disclosure with buyer and seller to act as a transaction broker vs repping one side or the other. Whenever I make offers on on MLS deals I always call the realtor myself, offer at my discounted price, then let the agent know that I am willing to use them as my agent in the deal so that they can double side. It really helps align your interests with the realtor and get an advocate in your corner fighting for your offer to be accepted.

You can find free proof of funds/loan approval letters online if you google "Proof of Funds DoubleClose"

Hey @Drew K. I'm happy to send those over to you if you want to shoot me a PM. I am actually based out of Tampa, FL and have FL specific agreements as well.

Hey @Max Prezio I just responded to your message but wanted to make sure I responded in here too. 

So novations are very similar to an assignment agreement where the person that takes the novation actually steps into your shoes and closes the deal with the seller. Without going too far down the rabbit hole, where novations differ is once the novation is executed it becomes the new contract, direct between the end buyer and the seller. 

The podcast at the link below explains how they work and how to use them to list properties under contract on the mls  

https://motivated-leads.libsyn...

@Christian Perez We close lots of deals for wholesalers in GA and find ourselves working with the following closing agents frequently. They all understand the investing/wholesaling side of closing and are awesome to work with. We've also closed at Chalker & Chalker as @Anjahlia Dooley mentioned and thought they were great too. 

If you want to shoot me a PM I'd be happy to share contact info with you or make an intro.

Good luck!

Hi @David Sotomayor you could go with a real estate attorney that has experience in contract law or you could go with a contract attorney with experience in real estate. I noticed that you are local to Tampa. I am also based out of Tampa and live in Hyde Park. I've got a great real estate attorney that writes up the document packages on all of my hard money loans and closes all of my RE buy/sells. Frank Lafalce is his name and his firm is Anthony & Partners. Their office is downtown. I'm happy to make an intro for you or share his contact info with you if you want to shoot me a pm. 

@Nickolaus Garcia that really depends on the state that you are wholesaling in. In most states though you just want to get a good Purchase and Sale agreement as well as a good assignment agreement. If you want to send me a PM I'd be happy to send you the assignment agreement I use on wholesale deals which will work in most states, then help you get the best PSA for your state. 

@Andrew Broxterman I've got an assignment agreement that I'd be happy to shoot over to you if you want to PM me. 

Yes, but the benefits may be marginal and not worth the costs if you do not own a lot of assets. If you own significant assets you'll want to work with an asset protection attorney, tax attorney and accountant in tandem. If you are just setting up a basic LLC to do a few deals a year in, or wholesale or flip, then you can probably just file yourself with your secretary of state.