All Forum Posts by: Sean Gallagher

@Joe Abbascia so the original buyer would be myself correct? Would I put prosperous properties there or my name.

Oh my goodness!! so this wasn't a wholesale deal you were just looking to purchase the property outright in your business name and sign on behalf of the business? They didn't understand this? That would worry me!!

Thanks a lot Jerry. Found a really good write up also for those interested

Examples:

Incorrect Signature block:
Agreed this day, June 10th, 2006, by:
John Smith

Correct Signature block: Agreed this day, June 10th, 2006, by:
John Smith, Manager of John's Landscaping Service, LLC

http://www.llc-made-easy.com/sign-a-contract.html

Ok thanks, no. I tried to contract 3 different re attorneys regaurding my P & S agreement and none of them got back to me. So you were instructed to sign with your name as a member then the LLC.

so something like this?

Assignor: Sean Gallagher; Prosperous Properties, LLC

ok well thanks for lifting my spirits! And thats exactly what I see wholesaling as, an entry into RE investing. I have the credit just not the capital.

1) At the very bottom where I would sign as the assignor should I sign my name as the registered agent of Prosperous Properties, LLC or should I just put my company name Prosperous Properties, LLC.

2) In a portion of my contract I have this,

For value received, Prosperous Properties, LLC (Assignor) transfers and assigns to ______________________________ (Assignee) the purchase contract on _______________________________________________ City of _______________, State of __________________ Zip _______________ dated on _______________ between ____________________, as the original seller, and __________________, as the original buyer.

Where it says "between _________, as the original seller." Should this be the home owner I put under contract or my name? Little confused there, personally I dont think it needs to be in the assignment contract but im not 100%. Just making sure I have this right.

And thats pretty much it. Thanks for your time!

Sean

Good post Nick ^ Have to start somewhere right. Especially for building capital to attack larger ventures in the future.

Its kind of disheartening to see what some have to say about wholesaling. For the past 3 weeks all of my free time has gone towards wholesaling research, listening to a mentor, crunching numbers, doing all of my homework, I've known about it for awhile but want to learn the most I cant before giving it a shot. I don't want to feel like i'm wasting my time here, I've seen the deals go through so I do have hope. The way I see it is if you have your estimations right and know what you're doing, you'll have a solid buyers list that will be interested in the deals you have to offer. I guess if a rehabber has a bad experience with one wholesaler, it gives a bad name to wholesaling and they never go that route again. Hopefully I'm not pissing in the wind here but we'll find out.

As a wholesaler what do you mean 1000 dollar down payment, for what? EMD? Pretty sure it doesn't have to be that big for a binding contract. I'd use the money for marketing, getting leads, fax, office supplies, gas, you could use it to pay a bird dog, $ per lead

Hey Kelvin, any updates for us? I'm also excited to hear how you're making out on these. Is this your first wholesale? Scoring 4 at once, you go man keep them coming & gl on closing

Sounds like you didn't have a buyers list before putting the property under contract. Which would have helped greatly.