All Forum Posts by: Patrice Baker

The contract stands for the Florida association of Realtors . You have to be a licensed person to use that contract. But you can have an attorney draft a contract that reflects it.

you won't legally be able to use the farbar unless you're a licensed agent.

The Florida FARBAR As Is contract is a 12 page contract, and it can be used by anyone who has a copy of it (licensed or not). 

Yet you definitely could consult with an attorney and have them draft a contract for your acquisitions.

Hi @Patrice Baker and welcome to Bigger Pockets. BP is a great place to go for real estate investing. It has everything you need from free online videos and courses to free educational courses. You came to the right place and I wish you all the best. 

If I can help ever, let me know. I sold over 180 REO's in a year as an REO listing Agent for the Banks. I've just recently started investing myself, but we've completed several full rehab flips and several "whole-tail" flips, and a couple wholesale as well. Happy to help!

@Patrice Baker - what @Curt Davis is saying is correct. If the situation you're discussing required a $5k EMD, then you would need to essentially come up with the $5k EMD yourself and have your end-investor (B-C Buyer) cover the $5k EMD (at a minimum dollar-for-dollar).

Yet I think your question was a bit different.

The answer is yes, you can sell an LLC to someone in order for them to "assume" your contract position on a bank-owned property.

Furthermore, the answer is yes, you would have to create a new LLC every time you did that.

The real question for me becomes - why would anyone want to do it that way?  With the added expense of having to create a new LLC every time you're wholesaling something - that could get expensive quickly, no?

I've seen this type of action taken more-often in the sale of a Land Trust property, where we sell our position as beneficiary to the Land Trust.  This is done more than the LLC flipping that you're discussing I think.

For us, we typically would do an A to B then a B to C closing on any REO we're acquiring to flip/wholesale, as opposed to an assignment fee (because banks aren't accepting assignable contracts).

Hope that helps some how :) LOL