All Forum Posts by: Paul Z.

@Bryan check your inbox! Sorry for the late reply.

@Chris I will take a look at the thread. Thank you! I have a pretty good idea what you're leading to and I have a feeling it has to do with "equitable interest" and the existence of a "purchase contract" between the seller and myself.

Thanks TJ! That's my def plan ASAP!

P.S. Biggerpockets should really code the "@" feature for IPads and cell phones!!!! Lol

@Ned Carey that's exactly what I assumed as well. Thank u for your feedback.

@Steven Hamilton I would very much appreciate that recommendation. If you would like I can contact you directly please let me know otherwise please feel free to send it to me. My email is in my signature.

Thank you both again!!!

Sounds good! Hopefully he responds!

Hello everyone. I've been searching the boards for 2 hours trying to find a clear answer to my question and have come up with nothing so I apologize if this question is something I could have found elsewhere (by all means post the link to where I can find the answer to my question below):

I'm having some confusion as to how a Wholesale deal can be closed in Illinois. I've heard conflicting information and just about everyone I talk to regarding the matter either looks at me funny or seems to think it's not possible. My question is,

When you do a wholesale deal are you:

Having an attorney write up all the contracts who then submits them to the seller for signatures, and then take the contract to the title company to handle escrow, title search, and closing?

or

Are you simply sending your contract (that has been reviewed by an attorney) to the seller to sign and then taking the signed contract to the title company who then handles escrow, title search, and closing? (Eliminating the need for an attorney all together)

I've been talking to a lot of real-estate attorneys in Illinois lately and I'd say 90% of them either sound like they have no idea what I'm talking about or feel that what I'm doing is not possible.

Thank you for your comments!

Just so I'm on the same page are we saying that it's ok to advertise as you'd like but when questioned we should have the home under a contract that is assignable so that we may find a buyer and sell our interest for a profit?

Have u tried contacting some local real estate agents and networking with them? Id recommend looking for the "new guy" who is looking to grow. The agent should have the kind of contracts you need as well as many other resources that are valuable.

Thanks guys! I really appreciate the advice and feedback!

Jerry Puckett Thanks Jerry! Excellent advice and definitely clears up some of the static in my head.