All Forum Posts by: Raymond Lee

I don't have an official buyer under contract yet.

The seller informed he can prove title is clear and there is no mortgage - that's why he advertised it as such in the first place. I figured if I could show this to one of my interested parties, they may consider skipping the title search as well.

However I have decided better safe than sorry, so I will be looking for a title co.

Thank you for the massive response everyone, you may have just pushed me out of the way of an oncoming bullet.

Actually it was the title company that told me it would take 2 weeks.

The seller is reputable so that's why I trusted him and considered skipping in the first place.

I will deliberate and skip or I suppose I'll look for another title co.

Thanks for the quick and detailed response!

Here's my situation:

I am attempting a wholesale deal from a highly motivated seller to a rehabber. Looking to close ASAP, possibly next week.

The seller has assured me there are no title/mortgage/lien issues. So does that mean I can forego title search/investigation because apparently it takes about 2 weeks to perform (as we're looking to close asap).

Can I just skip past a title company?

I'm thinking of just going with a real estate closer attorney to collect and distribute funds and to make sure our deal goes through.

Sorry if this doesn't make any sense or if any of my terminology is off - I'm still new.

Here's an in depth example,

I am currently on my first investment deal without my own money.

I am attempting to wholesale a rehab property via assignment. I am in contract with the seller for 20k. Thing is, I don't have 20k to shell out to him (he knows I am a wholesaler with no money - he just wants me to help him get the property sold).

I am in negotiations with end buyers who I will assign the contract to. I'm hearing 25-30k buying price. So I am going to pass on my original contract of 20k along to the end buyer with an assignment contract and charge an assignment fee of 5-10k. 20k goes to the seller and I collect the assignment fee as my profit. I didn't realize how simple it was until I actually started making moves.

It's not finalized yet, but hoping to close within the coming weeks.

That's one way, I know there are other ways just not the exact details. Keep on browsing and good luck.

Hey BP,

The name is Ray, 24 years old and I am a startup wholesaler from Queens/Manhattan, NY. Looking for financial freedom, independence, yada yada, network with like-minded individuals and help others make deals and $$$!

I decided to take the plunge and go after my first deal (looking to assign a rehab property from a motivated seller) just this past weekend. So far not too bad - not as terrifying as I thought it would be. Will update on outcome.

Thanks for reading and good luck to everyone!