All Forum Posts by: Jimmy C.

Dont feel that way. You tried, but you can only change people that want to be changed.

THey will probably be better off in the end.

I have sold a property with a quit claim before. We showed the buyer our title insurance, and paperwork from our full closing from when we had purchased.

He paid to record the deed at the courthouse, and now he owns the property.

It can work.

If you're licensed then you already know the answer.

Sure it would make it easier. The title company should be easy to find with a quick Google search or the yellow pages if you're a dinosaur.

Check the sticky here in the wholesaling section on how to build a buyers list.

So far about 2 out of every 10 deals of ours will sell to my buyers list. The rest sell as a result of our marketing of each property.

Are you planning to wholesale it? Or are you going to close and do the rehab?

Since this is in the wholesaling section, I assume you are wholesaling. My thoughts are that your offer needs to be significantly lower than ask price. That is in order to create your spread and still keep the deal attractive to the end buyer.

I use an S corp. At the end of the year a K1 flows through to my personal tax return with a profit or loss.

I am not well educated on LLC vs Corp, but I read somewhere a while back that the buy and hold guys use LLC's more often than us wholesalers.

While it shouldnt matter how much you are making to your end buyer, it does. When they see a very large assignment fee, they start to realize there is a lot of room to re-negotiate.

Double closing will eliminate that problem. You dont have to tell them what you are into it for. If they ask, just say I am making something because I gotta eat too! Then just tell them the price you will sell it to them for. Thats the only price that matters when you dont have to disclose the assignment fee.

You need a title search at least. It should cost you less than $100

Once that is back, ask the title company who performed it who all needs to sign the deed to you. Make sure all of those people and you are in front of a notary together when the deed is signed.

We have also seen banks allow the changing of the buyers name on the contract after the deal was negotiated.

In our case the wholesaler changed the name to ours and we paid him a small fee outside closing.

If you plan to deal with private sellers, just assign the contract. Pretty much any title company can do that for you. Although I would still check a few, because some of them are not fun to work with.