All Forum Posts by: Ryan Johnson

Hello can someone thoroughly walk me through the process of how to transfer llc membership rights? I've made an llc and it has the property under contract. Where or how do I go about transferring/selling the membership rights to my end buyer? Does anyone have any contract templates they can provide or anything? I cannot find information on this anywhere. 

@Jay Hinrichs 

Yes so far, just about every lender I've spoken with has a minimum of 6 months. Some even have a 12 month minimum. I just want to pay for the money for the days out and pay the lender back as soon as possible. 

Hello everyone,

I am looking for a flexible hard money lender to fund a wholetail project. It's a short term project. 60 days or less. Because of this, it doesn't really fit within the parameters of what a traditional hard money lender provides. For this reason I'm looking for a more creative type of funding. Can someone recommend a creative hard money lender in NJ or one that provides funding nationwide? The seller is looking to close January 30th or sooner.

@Ryan Whitcher

Hey Ryan,

I never straight up market a property I don't have under contract. I'll give the beds/ baths, sqft range and the zip code and tell them it is a deal that is coming up. I give them asking, arv, and repair numbers also. That way they have an idea of what to expect.

The problem with his lawyer is that we won't deal with me. He is very dismissive and borderline condescending when I spoke to him on the phone. He says he will only deal with my lawyer. However, my lawyer has called him multiple times, as well as emails him but has never received a response. He can only leave messages. The landlord insists on using his lawyer even though he is extremely unprofessional. So at this point, I'm kind of stuck.

Hello All,

I am stuck between a rock and a hard place for my first wholesale deal. I put up bandit signs and received my first call from the tenant of a landlord who is about 75 years old. We began our talks in October and things have dragged on until now. 

I walked through the property in October with a family friend of mine who is a realtor and also brought along a GC. He said the property would appraise for about 227,000, possibly higher, and comps in the area will support that. The owner was looking for 160k but I talked him down to 135k. I blasted the property to my buyer's list for 153k. House only needs cosmetic work inside which the GC quoted me 8 - 11k for. 

The property is in his daughter's name who lives in Georgia. The property is in New Jersey. For some reason it has been an extreme problem working with this gentleman and his lawyer. He wanted my lawyer to send the contract to his, which I did but it takes the sellers lawyer ages to do anything. In the meantime, I cannot give all the interested buyer's the address because I don't have it under contract yet and don't want to be undercut after dealing with this running around for months.

Should I just try to secure some kind of extended transactional funding to just buy the property in order to finally wholesale it? I have a very strong buyer's list in the area and they've been hungry for deals since the beginning of the new year. I know I can move it in 2 weeks tops. 

Hello all, recently I've had a lot of people contact me interested in co-wholesaling their property to my buyers. I'm new to co-wholesaling and would like to protect myself on all fronts. I've heard many terrible stories about people co-wholesaling with others and then being completely cut from the deal. Does anyone know or have a template for joint venture contracts specifically tailored to co-wholesaling?