All Forum Posts by: Rocky Griffin

You should also understand that according to Oklahoma law, Wholesaling is illegal unless you have the means and intent to actually purchase the property even if you are unable to reassigned. However, contingency should still be written into your contract.

I used one that I had created on law depot. I felt uncomfortable not knowing exactly how binding/legal it actually was. My next one will be written or approved by a practicing Oklahoma real estate attorney. It’s the only way that I would feel comfortable.

Welcome! I love in Edmond and invest within Oklahoma’s boundaries. I am far from an experienced investor when compared to many of the members here. However, if you would like to discuss real estate and throw around ideas I would be happy to help.

You just have to jump in. My first wholesale was last month and it was a total nightmare aside from the seller. The buyer was a hard headed hateful/spiteful woman without anything positive to say. The closing company let her convince them that she had already payed 50% of my fees. Which I did take earnest money from her but applied it to her closing cost as written in the contract. Unfortunately she was able to muscle and back them down despite a signed and notarized contract. This was absolutely my fault for not being present, however I just wanted the deal done and not have to see/handle that woman again. So I lost 50% of my profits on my first deal. Personally I was ok with that as I learned MANY Valuable lessons and got to walk through my first deal. I'm confident that doing is the only true was of learning.

This is definitely a question for your LOCAL CPA. To me this sounds like a form of money laundering. Tread lightly until you are for certain.

I'm not sure I follow your question. Are you asking what you should pay for a property if the projected rents are $600/month?

Welcome! Where in Oklahoma do you currently own property?

My suggestion is to have funds available to close the deal even if you are unable to find a buyer. I understand this is not always possible but it is the only way to protect yourself, and will prevent you from being accused of shady practices. This does not mean that your are forced to then purchase the property as typical contingencies would still allow you to back out of the deal. I encourage to to be upfront with the seller and be sure the contract to purchase also mentions your intention of assigning your rights to another buyer.

Awesome deal! Congrats

Welcome! No shame in not having mentor. Remember this, that at some point everyone here knew nothing about real estate. We all have to learn as we go. That is the wonderful part about bigger pockets. So many investors with a knowledge base that fills the entire spectrum.